CLEVELAND -- Diversified industrial manufacturer Eaton Corp. has announced net income per share of $2.03 for the second quarter of 2008, 24 percent above the second quarter of 2007 and a quarterly record. Sales in the quarter were $4.28 billion, 32 percent above the second quarter of 2007 and also a quarterly record. Net income was a record $333 million compared to $246 million in 2007, an increase of 35 percent.

Net income in both periods included charges for integration of acquisitions. Before these acquisition integration charges, operating earnings per share in the second quarter of 2008 were $2.10 compared to $1.70 per share in 2007, an increase of 24 percent, and operating earnings for the second quarter of 2008 were $344 million compared to $255 million in 2007, an increase of 35 percent.

The automotive segment posted second quarter sales of $554 million, down 2 percent from the second quarter of 2007. Global automotive markets were down 3 percent with U.S. markets down 16 percent and non-U.S. markets up 6 percent.

Operating profits were $51 million. Excluding acquisition integration charges of $1 million during the quarter, operating profits were $52 million, down 25 percent from 2007.

“The automotive market in the U.S. dropped markedly in the second quarter in response to the drastic increase in fuel prices,” said Cutler. “In addition, the strike at a major U.S. automotive supplier was not fully resolved until very late in the quarter, further reducing automotive production in the U.S. Given all of these headwinds, we are pleased at the strong performance in the quarter, reflecting our leading positions in technologies focused on improving fuel economy and reducing emissions.”

For more information about Eaton Corp., visit: www.eaton.com.