reported third-quarter earnings of $1.40 a share. The results beat the revised nine-analyst estimate of $1.34, but were down from year-ago earnings of $1.45 a share.
Last month, Eaton said its operating income would be flat at best, possibly down as much as 10% from last year's $1.45 a share. At the time, the consensus estimate was $1.58. The
First Call/Thomson Financial
survey was revised Oct. 10.
Eaton, which makes hydraulic products and fluid connectors for the vehicle, aerospace, construction and semiconductor industries, blamed the earnings decrease in part on the recall-related production cuts at
. Ford halted production for three weeks on its Explorer and Ranger trucks to divert tires because of the
tire recall. Eaton didn't specify how much the Ford shutdown would affect its results, but said the impact would be significant.