Eaton 4Q YTY Net Profit Stronger than Expected

Sandy Cutler, Eaton's chairman and CEO, said the company's fourth-quarter net income YTY was stronger than anticipated. Net income was $211 million compared to $163 million in 2008, an increase of 29 percent. Sales in the quarter were $3.1 billion, 10 percent below the same period in 2008. For the full year 2009, sales were $11.9 billion, 23 percent less than 2008. Net income was $383 million, a decrease of 64 percent over 2008,

"We had a strong fourth quarter, with earnings considerably higher than our guidance at the start of the quarter due principally to improved operating performance,” he said. “As we anticipated, our markets improved very modestly in the fourth quarter, reflecting a continuation of the slow global economic recovery.

He sees modest growth in 2010. "We estimate our markets for all of 2010 will grow 5 percent, and we expect to outgrow our end markets in 2010 by approximately $300 million," said Cutler. "We also expect approximately $450 million of growth from foreign exchange. In total, we anticipate our revenues in 2010 will likely grow by 11 percent compared to 2009. Details

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