Eaton ’s April 28, 2011 announced its first quarter 2011 net income per share of 0.83 US dollars, compared with the same period in 2010 increased by 80%. Sales for the quarter were $3.8 billion, an increase of 23% compared to the same period last year. The company's total profit for the quarter was $287 million, up 85% from the same period last year.
Net income for both periods of 2010 and 2011 includes costs associated with acquisition consolidation. Excluding this part of the fee, operating profit per share for the year of 2011 was US$0.84, an increase of 75% over the same period in 2010. Operating income was US$289 million, an increase of 80% over the same period in 2010.
Alexander M. Cutler, Eaton’s chairman and chief executive officer, said: “Eaton’s first-quarter performance was very strong in 2011. Earnings per share exceeded the quarterly earnings index after February. End-market growth is very clear. , an increase of 14% over the same period of last year. Sales increased by 23%, including 19% due to natural growth, 2% due to acquisitions, and 2% due to exchange rate changes."
“The company’s growth in Americas Electrics business, hydraulics business, and vehicle business far exceeds expectations. In 2011, we will continue to increase our company’s growth expectations in these three markets.†Ke Renjie said, “As a result, we anticipate this year’s Eaton’s global terminal market. It will increase by 10%."
Ke Renjie went on to say, “We expect net income per share for the second quarter of 2011 to be in the range of $0.89 to $0.95. Excluding acquisition integration costs, operating earnings per share will be between $0.9 and $0.96. Given our first quarter, With strong performance and better expectations for the full-year market, we will adjust our 2011 full-year earnings per share earnings index from $0.15 to $3.66 to $3.96, while operating earnings per share will be adjusted to $3.7. To between 4 dollars."
Performance of each business group
In the first quarter of 2011, the company’s sales in America’s electrical business market was US$964 million, which represented a 20% increase over the same period in 2010, including a 15% increase in core sales, 4% growth due to acquisitions, and 1% Growth due to exchange rate changes. Operating profit for the quarter was $132 million. Excluding the $3 million in acquisition integration costs, operating profit for the quarter was $1.35, up 27% from the same period in 2010.
“Eaton’s Americas Electric Market grew by 14% this quarter and the industrial market has also achieved steady growth. We firmly believe that the non-residential construction market will also begin to rebound within the year.†Ke Renjie said, “Compared with the same period in 2010, the American Electrical Market The pre-sale volume has increased by 21%. Therefore, we will adjust the growth forecast for this market in 2011 from 6% to 7%."
Sales of electrical business in other regions of the world rose by 22% year-on-year to US$743 million, and sales in the market grew by 9% year-on-year. The operating profit for the quarter was US$70 million, while the operating profit for the same period last year was only US$42 million. In addition, the pre-sale amount increased by 9% compared with the same period of last year.
Ke Renjie said: "This quarter, we reached a deal to acquire ACTOM's low-voltage electrical business, which will strengthen our position in the growing South African market."
The company's hydraulic group's market continued to grow at a rapid rate. Compared with the same period of last year, sales rose by 40% to US$685 million. Compared with the same period in 2010, global hydraulic market sales rose by 27%. Operating profit increased by 96% year-on-year to US$106 million.
“The hydraulic market continued to rebound in the 'V' shape from a sharply declining market in 2008 to 2009. Global market pre-sales jumped 39%, setting a new single-season record. It is expected that this year, we The growth of the global hydraulic market will increase from the projected 16% to 18%.†Ke Renjie went on to say, “This quarter's operating profit rate reached 15.5%, the highest record ever. We are very pleased with this. I believe this year. The operating margin of the hydraulic business will remain at this level."
"On the first day of the quarter, we completed the acquisition of the Tuthill joint company. The acquisition further expands our portfolio of hydraulic and pneumatic quick-coupling coupling solutions." Korenjee said, "In March we were also leading Germany. Hydraulic filtration equipment and instrument company DeNorman Technology Group has signed an acquisition agreement, which will greatly expand our product portfolio in filtration products and strengthen our position in emerging markets."
The Aerospace Group’s sales amounted to US$389 million, an increase of 3% over the same period of last year; market sales increased by 2% over the same period of last year; operating profit was only US$45 million, which was 8% lower than the same period of last year.
Ke Renjie said: "This quarter due to the scope of changes, plans to postpone the implementation of new customers and the resulting increase in the cost of the impact of the Aerospace Group's profitability, is expected to improve in the second half of this year."
“We are very pleased to form a joint venture with Shanghai Aircraft Manufacturing Co., Ltd., a subsidiary of COMAC, to provide products for the manufacture of the new COMAC C919 single-aisle passenger aircraft.†Ke Renjie said, “The joint venture will be Focus on the design and manufacture of aircraft fuel and hydraulic piping systems."
Vehicle Group's sales for the quarter were US$576 million, an increase of 27% over the same period of 2010; market sales increased by 20%; operating profit increased by 96% year-on-year to US$90 million.
“This quarter saw a rapid growth in sales in the American vehicle market, which was a 36% increase from the same period in 2010 and an increase of 16% compared to the fourth quarter of 2010. Market sales in other parts of the world rose by 9%,†said Ke Renjie. “We are very pleased that this quarter's operating margin has increased by 15.6%. We believe that the profit margin will be further improved, given that the North American Free Trade Agreement Group 8 market will continue to expand this year.â€
Auto Group’s sales for the quarter were US$446 million, an increase of 19% over the same period in 2010; global automotive market sales rose by 13%; operating profit rose by 19% from the same period last year to US$50 million.
Ke Renjie said: "The company's global automotive market sales showed strong growth during the quarter, in which sales in the Americas increased by 17%, and markets in other regions rose by 12%."
Eaton Corporation is a diversified power management company with sales of $13.7 billion in 2010. In 2011, the company has been established for 100 years. Eaton is a global leader in many industries, including power quality, transmission and distribution and control systems; hydraulic power components, systems and services required for industrial equipment and mobile construction machinery; and fuel for commercial and military aerospace applications. Hydraulic and pneumatic systems; and power and transmission systems that help trucks and cars improve performance, fuel economy and safety. Eaton has about 70,000 employees and its products are sold in more than 150 countries and regions. For further information please visit the company website.
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