Eaton 3Q net income climbs after Cooper purchase

Eaton 3rd-qtr net income climbs after Cooper Industries deal, but company pares outlook

Associated Press

NEW YORK (AP) -- NEWS: Diversified manufacturer Eaton Corp. said Friday its net income jumped 48 percent in the third quarter, helped by its acquisition of Cooper Industries, but it trimmed its forecast for the year.

DETAILS: Eaton Corp. PLC said its electrical products revenue nearly doubled after its $11.5 billion purchase of the electrical components maker in November 2012. Revenue from its electrical systems and services revenue also climbed following the Cooper deal.

But Eaton said revenue growth from the second quarter was about $70 million lower than it expected because of slow economic growth.

NUMBERS: The Irish company's net income grew to $510 million, or $1.07 per share, in the July-September quarter, from $345 million, or $1.02 per share, in the same months the year before. Excluding special items Eaton said it earned $1.12 per share, which matched Wall Street's prediction.

Revenue rose 42 percent to $5.61 billion. Analysts had forecast $5.69 billion, according to FactSet.

FUTURE: The Irish company said it now expects net income of $4.05 to $4.15 per share in 2013. It had forecast a profit of $4.05 to $4.25 per share. Analysts expect $4.18 per share on average.

STOCK: Shares of Eaton Corp. rose $2.36, or 3.5 percent, to $70.86 in midday trading.

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