Stock Update on Eaton : Reports Strong Q4, Expects 11% sales Growth in 2011

Eaton Corporation (NYSE:ETN) reported a stronger than expected fourth quarter results. For the period ended December 31, 2009, Eaton reported a growth of 28% in its net income, which rose to $211 million or $1.25 a share from $163 million, or 98 cents in the corresponding period of the previous year. However, Sales fell 10% to $3.13 billion from $3.49 billion.

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The sales decline in the fourth quarter of 10 percent consisted of a 15% decline in core sales offset by 5% growth due to foreign exchange. End markets in the fourth quarter declined by 15%.

Adjusted EPS rose to $1.35 from $1.08 in a year ago period. Analysts were expecting earnings of $1.23 on revenues of $3.07 billion.

“We estimate our markets for all of 2010 will grow 5 percent, and we expect to outgrow our end markets in 2010 by approximately $300 million,” said Cutler. “We also expect approximately $450 million of growth from foreign exchange. In total, we anticipate our revenues in 2010 will likely grow by 11 percent compared to 2009.

Shares of ETN are down 1% at $65.21.

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