WASHINGTON (dpa-AFX) - Eaton Corp. (ETN), which makes power transmission components, Wednesday reported a rise in the third-quarter earnings, helped by 3 percent growth in the electrical products segment. Earnings also topped analysts estimate, while sales fell short.
Looking ahead, the company tightened its annual operating earnings guidance.
Net earnings were $602 million or $1.26 per share, up from $510 million or $1.07 per share a year earlier.
Operating earnings, which excluded acquisition integration charges, were $1.29 per share. Twenty analysts, on average, polled by Thomson-Reuters expected the company to earn $1.23 per share. Analysts' estimates typically exclude one-time items.
Net sales increased to $5.73 billion, from $5.61 billion last year, but were shy of the $5.8 billion Wall Street expected.
For the fourth quarter, the company expects operating earnings of $1.15 - $1.25 per share.
Eaton tightened its annual operating earnings outlook to $4.55 - $4.65 per share, from the prior guidance range of $4.50 - $4.70 per share.
Analysts expect fourth-quarter earnings of $1.18 and annual earnings of $4.54.
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