Latest from Mag

Plenty of executive appointments over the past two weeks. Here’s Electrical Marketing’s expanded coverage of personnel changes in the electrical market.
Dec. 21, 2012
Wire man John Pasqual and lighting rep Jack Melnick
Dec. 21, 2012
Image
Electrical product prices remained on their flat trend, showing no change from October and little change in almost all major product categories.
Dec. 21, 2012
Image
Privately-owned housing starts in November were at a seasonally adjusted annual rate of 861,000, 3% below the revised October estimate, but 21.6% above the Nov. 2011 rate.
Dec. 21, 2012
Dec. 21, 2012
Veteran reps form new agency in Raleigh; WinWholesale buys Lloyd Graves in Texas; United Electric Supply expands through acquisition; and more.
Dec. 21, 2012
W.W. Grainger Inc., Lake Forest, Ill., announced plans to purchase Techni-Tool Inc., Worcester, Pa., a 200-plus employee distributor supplying customers in the cable television...
Dec. 21, 2012
Kaman Industrial Technologies (KIT), the industrial distribution business Kaman Corp., Bloomfield, Conn., has built up in recent acquisitions of Minarik, Zeller Electric and others...
Dec. 21, 2012
New York Mayor Michael Bloomberg offered an update on the city’s plans to renovate its infrastructure to withstand future storms.
Dec. 7, 2012

Eaton Reports Solid Second-Quarter Sales

Eaton Corp., Cleveland, announced double-digit gains in sales in 2Q 2010. Sandy Cutler, Eaton chairman and CEO, said the 16-percent increase in global
July 23, 2010
2 min read

Eaton Corp., Cleveland, announced double-digit gains in sales in 2Q 2010. Sandy Cutler, Eaton chairman and CEO, said the 16-percent increase in global sales reflected the continued expansion in the company's markets around the world. “As we survey our end markets, the year is shaping up to be better than we had forecast in April,” he said. “We now anticipate our overall end markets will grow by eight percent versus our earlier forecast of six percent.”

Second quarter sales for the company's Electrical Americas segment were $894 million, up one percent compared to 2009. Operating profits for this division in the second quarter were $120 million. Excluding acquisition integration charges of $1 million during the quarter, operating profits were $121 million, down 17 percent from results in 2009.

“End markets for our Electrical Americas segment declined two percent during the second quarter,” said Cutler. “Our late-cycle non-residential markets declined about 17 percent in the quarter, while we saw continued growth in our early-cycle businesses and the start of recovery in our mid-cycle businesses.

“Our bookings in the Electrical Americas segment, adjusted for foreign exchange, increased 27 percent compared to the second quarter of 2009,” said Cutler. “We now anticipate markets in our Electrical Americas segment will decline just 1 percent for the full year, as the recovery in our early- and mid-cycle markets and the benefits from stimulus programs have offset the decline in the non-residential market.”

Eaton also announced that it had completed its acquisition of EMC Engineers, an energy engineering and services company based in Denver that delivers energy-efficiency solutions for a wide range of governmental and commercial customers, and that it won a contract to design and install a turnkey solar photovoltaic system at the New Mexico Veterans Affairs Health Care System. The scope of the $20 million contract includes designing and installing a 3.2MW photovoltaic system throughout the site.