Industrial manufacturer Eaton Corporation announced net income for the second quarter of 2008, climbing 24 percent above the second quarter of 2007 and a quarterly record. Sales in the quarter were $4.28 billion, 32 percent above the second quarter of 2007 and also a quarterly record. Net income was a record $333 million compared to $246 million in 2007, an increase of 35 percent.
Net income in both periods included charges for integration of acquisitions. Before these acquisition integration charges, operating earnings per share in the second quarter of 2008 were $2.10 compared to $1.70 per share in 2007, an increase of 24 percent, and operating earnings for the second quarter of 2008 were $344 million compared to $255 million in 2007, an increase of 35 percent.
Alexander M. Cutler, Eaton chairman and chief executive officer, said, “Our businesses performed extremely well in the second quarter, generating strong sales growth and record profits. We were able to achieve these results despite the nearly 40 percent rise in oil prices during the quarter, which caused significant turmoil in our transportation-related end markets. With 20 percent of our revenue from emerging countries and with continued strength in many of our product markets, we believe we are well-positioned to deal with the reduced growth outlook for the U.S. and European economies caused by higher fuel prices.
