Eaton Posts Solid Q1 Earnings, Beats EPS Estimate By $0.03
April 20, 2011
Eaton Corporation (NYSE:ETN) reported Q1 EPS of $0.83, beating the consensus estimate for $0.80 per share. Revenue for the quarter was up 22.6% year-over-year to $3.80 billion, above the consensus estimate for $3.64 billion.Alexander M. Cutler, Eaton chairman and chief executive officer, said, "We had a strong first quarter, with earnings per share above the high end of our increased earnings guidance provided at the end of February. Our markets enjoyed strong growth during the first quarter, increasing 14 percent compared to the first quarter of 2010. The sales growth in the first quarter of 23 percent consisted of 19 percent organic growth, 2 percent from acquisitions, and 2 percent from higher foreign exchange rates."