This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Eaton Reports Fourth Quarter Net Income Of $0.46 Per Share

Stocks in this article: ETN

Diversified industrial manufacturer Eaton Corporation plc (NYSE:ETN) today announced net income per share of $0.46 for the fourth quarter of 2012, reflecting the impact of closing the acquisition of Cooper Industries plc on November 30, 2012. Net income included charges related to integrating recent acquisitions and transaction costs related to acquisitions. Excluding these charges, operating earnings per share in the fourth quarter of 2012 were $0.82 compared to $1.08 per share in the fourth quarter of 2011. Operating earnings per share in 2012 included restructuring actions of $(0.14) per share taken in the fourth quarter related to weaker than originally anticipated end market demand in the fourth quarter of 2012, weakness which is expected to continue into early 2013.

Sales in the quarter were $4.3 billion, 7 percent higher than the same period in 2011. Net income in the fourth quarter of 2012 was $179 million compared to $362 million in 2011, a decrease of 51 percent. Operating earnings, which exclude acquisition integration charges and acquisition transaction costs, were $316 million compared to $366 million in 2011, a decrease of 14 percent.

Alexander M. Cutler, Eaton chairman and chief executive officer, said, “We closed the acquisition of Cooper at the end of November and are off to a great start on the integration of Cooper into Eaton. As we had previously communicated, the closing of the Cooper transaction resulted in several unusual financial impacts to our fourth quarter results. Among these were $152 million of transaction costs reflected in our fourth quarter results. We also incurred $24 million of acquisition integration charges in the quarter.

“Sales growth in the fourth quarter of 7 percent consisted of a decline of 6 percent in core sales and a reduction of 1 percent from foreign exchange, offset by an increase of 14 percent from acquisitions. Of the 14 percent sales growth from acquisitions, Cooper represented 12 percent. End markets in the fourth quarter declined by 5 percent,” said Cutler.

1 of 12

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs