Eaton Net Income Plunges 39% Issues Guidance (ETN)

Mon. October 19, 2009; Posted: 07:18 AM

Oct 19, 2009 (SmarTrend(R) News Watch via COMTEX) -- ETN | Quote | Chart | News | PowerRating -- 10/19/2009-Eaton (NYSE:ETN) reported Q3 EPS of $1.21, topping consensus estimates of 92 cents. Revenues in the quarter fell 26% year-over-year to $3.03 billion, and came in short of consensus estimates of $3.13 billion.

"As we look at our end markets, we expect the economic recovery we are beginning to experience in our early cycle markets will continue," said Alexander M. Cutler, Eaton Chairman and Chief Executive Officer. "For the full year, we still believe our end markets will decline by 21 to 22 percent."

"We anticipate fourth quarter net income per share will be between $1.00 and $1.10 and operating earnings per share, which exclude charges to integrate our recent acquisitions, will be between $1.15 and $1.25," said Cutler. "Accordingly, for the full year, we anticipate that net income per share will be between $2.05 and $2.15, and operating earnings per share will be between $2.40 and $2.50." Analysts, on average, were forecasting Q4 EPS of $1.06 on revenues of $3.09 billion. For the full-year, analysts were projecting EPS of $1.99 on revenues of $11.90 billion.

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on Eaton Corp (ETN) click here. Eaton Corp (ETN) has Short Term PowerRatings of 4. Details on Eaton Corp (ETN) Short Term PowerRatings is available at This Link.

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