From Financial Wire

CLEVELAND -- If the car goes the way of the buggy whip, Eaton Corp. will be ready. The 94-year old company is no General Electric, but has rightfully diversified to provide shareholders continued growth.

Eaton makes everything from pumps and valves to wireless home monitoring systems and golf grip. The company was started by Joseph Eaton in 1911, manufacturing and selling truck axles.

Today, Eaton recorded third quarter profits 17 percent, or roughly $199 million, above last year. The company's electrical and fluid power division generated $3.1 billion versus a combined $3.6 billion by the company's truck and car parts division. Analysts reportedly expect Eaton's total sales to reach $11 billion this year with an annual free cash flow of around $700 million. Eaton is targeting 10 percent annual growth according to a published statement by company CEO Sandy Cutler. Eaton shares closed at $63.72 on Friday, well below its 52-week high of $72.69.

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