Eaton's Third Quarter Earnings Jump To $1.26 Per Share

Autoparts Report, Oct 18, 2002

Eaton Corp. said it had operating earnings per share of $1.26 for the third quarter of 2002, 91 percent above results one year earlier of $.66 per share. Sales in the quarter were $1.83 billion, 5 percent above last year. Net income before unusual items was $90 million compared to $47 million in 2001.

After all unusual items in both periods, net income in the third quarter of 2002 was more than double that in 2001, with 2002 net income of $93 million and earnings per share of $1.30, compared to $40 million and $.57 per share in 2001.

In comparison to 2001, third quarter 2002 results were favorably impacted by $.22 per share due to the adoption of Statement of Financial Accounting Standards No. 142, which discontinued the amortization of goodwill and certain intangible assets, and were unfavorably impacted by $.12 per share due to lower pension income.