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Eaton Reports Fourth Quarter Net Income Of $0.46 Per Share

Financial Results

The company’s comparative financial results for the three months and year ended December 31, 2012 are available on the company’s website, www.eaton.com.
       

 
     

 
 
 

EATON CORPORATION plc

CONSOLIDATED STATEMENTS OF INCOME
 

Three months ended

December 31

Year endedDecember 31
(In millions except for per share data) 2012 2011 2012 2011
Net sales $ 4,333 $ 4,033

$
16,311 $ 16,049
 
Cost of products sold 3,132 2,817

 

11,448
11,261
Selling and administrative expense 815 707 2,894 2,738
Research and development expense 126 101 439 417
Interest expense-net 108 26 208 118
Other expense (income)-net 64 (8) 71 (38)
Income before income taxes 88 390 1,251 1,553
Income tax (benefit) expense (92) 29 31 201
Net income 180 361 1,220 1,352
Adjustment for net (income) loss for noncontrolling interests (1) 1 (3) (2)
Net income attributable to Eaton common shareholders $ 179 $ 362 $ 1,217 $ 1,350
 
Net income per common share
Diluted $ 0.46 $ 1.07 $ 3.46 $ 3.93

Basic

0.47

1.08

3.54

3.98
 
Weighted-average number of common shares outstanding
Diluted 384.4 338.1 350.9 342.8
Basic 381.3 334.2 347.8 338.3
 

Reconciliation of net income attributable to Eaton common shareholders to operating earnings
Net income attributable to Eaton common shareholders $ 179 $ 362 $ 1,217 $ 1,350
Excluding acquisition integration charges and transaction costs (after-tax) 137 4   167 10
Operating earnings $ 316 $ 366 $ 1,384 $ 1,360
 
Net income per common share - diluted $ 0.46 $ 1.07 $ 3.46 $ 3.93

Excluding per share impact of acquisition integration charges and transaction costs (after-tax)
0.36 0.01 0.48   0.03
Operating earnings per common share $ 0.82 $ 1.08 $ 3.94

$

3.96
 

See accompanying notes.
 
       

 
   

 
 

EATON CORPORATION plc
   

BUSINESS SEGMENT INFORMATION
 

Three months endedDecember 31

Year endedDecember 31
(In millions) 2012 2011 2012 2011
Net sales
Electrical Americas $ 1,154 $ 1,121 $ 4,517 $ 4,192
Electrical Rest of World 711 699 2,731 2,984
Cooper 470 470
Hydraulics 693 705 2,960 2,835
Aerospace 434 430 1,719 1,648
Truck 504 680 2,309 2,644
Automotive 367 398 1,605 1,746
Total net sales $ 4,333 $ 4,033 $ 16,311 $ 16,049
 
Segment operating profit
Electrical Americas $ 190 $ 173 $ 749 $ 605
Electrical Rest of World 68 69 249 278
Cooper 66 66
Hydraulics 44 103 369 438
Aerospace 45 78 213 244
Truck 81 137 420 486
Automotive 17 42 150 209
Total segment operating profit 511 602 2,216 2,260
 
Corporate
Amortization of intangible assets (66) (47) (195) (190)
Interest expense-net (108) (26) (208) (118)
Pension and other postretirement benefits expense (41) (37) (162) (142)
Inventory step-up adjustment (38) (42) (5)
Other corporate expense-net (170) (102) (358) (252)
Income before income taxes 88 390 1,251 1,553
Income tax (benefit) expense (92) 29 31 201
Net income 180 361 1,220 1,352
Adjustment for net (income) loss for noncontrolling interests (1) 1 (3) (2)
Net income attributable to Eaton common shareholders $ 179 $ 362 $ 1,217 $ 1,350
 

See accompanying notes.
 
           
 
EATON CORPORATION plc
CONDENSED CONSOLIDATED BALANCE SHEETS
 
December 31,2012 December 31,2011
(In millions)
Assets
Current assets
Cash $ 577 $ 385
Short-term investments 527 699
Accounts receivable-net 3,510 2,444
Inventory 2,349 1,701
Other current assets 945 597
Total current assets 7,908 5,826
 
Property, plant and equipment-net 3,877 2,602
 
Other noncurrent assets
Goodwill 14,396 5,537
Other intangible assets 6,779 2,192
Deferred income taxes 1,261 1,134
Other assets 1,615 582
Total assets $ 35,836 $ 17,873
 
Liabilities and shareholders’ equity
Current liabilities
Short-term debt $ 757 $ 86
Current portion of long-term debt 314 321
Accounts payable 1,879 1,491
Accrued compensation 463 420
Other current liabilities 2,006 1,319
Total current liabilities 5,419 3,637
 
Noncurrent liabilities
Long-term debt 9,762 3,366
Pension liabilities 1,997 1,793
Other postretirement benefits liabilities 732 642
Deferred income taxes 2,024 442
Other noncurrent liabilities 774 501
Total noncurrent liabilities 15,289 6,744
 
Shareholders’ equity
Eaton shareholders’ equity 15,086 7,469
Noncontrolling interests 42 23
Total equity 15,128 7,492
Total liabilities and equity $ 35,836 $ 17,873
 

See accompanying notes.
 

EATON CORPORATION plc NOTES TO THE FOURTH QUARTER 2012 EARNINGS RELEASE

Amounts are in millions of dollars unless indicated otherwise (per share data assume dilution).

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