Eaton Reports Drop In Third Quarter 2001.(Brief Article)(Statistical Data Included)

Eaton Corp. said it earned 66 cents per share for the third quarter of 2001, 38 percent below comparable results one year earlier. Sales in the quarter were $1.75 billion, 13 percent below last year. Net income before unusual items was $47 million versus last year's $77 million.

During the quarter, the company recognized pre-tax charges of $33 million related to the restructuring of its operations. It also realized a gain of $23 million from the sale of non-core businesses. After all unusual items in both periods, third quarter net income was $40 million compared to $69 million one year ago.

For the first nine months of 2001, operating earnings per share were $2.64 on sales of $5.60 billion. Comparable earnings last year were $4.23 per share, on sales of $6.36 billion.

Print Get the Mag Weekly Updates