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Eaton Trims Sales Outlook as Earnings Soar
Eaton Corp. reports its adjusted net income in the second quarter more than tripled to $535 million.
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Eaton Corp. reports its adjusted net income in the second quarter more than tripled to $535 million. But the strong dollar contributed to a 7% drop in net sales to $5.4 billion.
A 1% decline in organic sales growth for the period has prompted the Dublin, Ireland-based company to reduce its full-year sales forecast to 0%-1% from its previous guidance of a 3% expansion.
CEO Sandy Cutler says Eaton will launch a new cost-cutting campaign that includes a request that mid-level salaried employees take an unpaid week off in the third quarter. The company will take a $120 million restructuring charge in the second half.
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