CLEVELAND -- Eaton Corp. has announced net income per share of $1.87 for the third quarter of 2008, an increase of 9 percent over net income per share of $1.71 in the third quarter of 2007. Sales in the quarter were $4.1 billion, 25 percent above the same period in 2007. Net income was $315 million compared to $258 million in 2007, an increase of 22 percent.

 

Net income in both periods included charges related to the integration of acquisitions. Before these acquisition integration charges, operating earnings per share in the third quarter of 2008 were $1.95 versus $1.79 in 2007, an increase of 9 percent.

 

Eaton's Automotive segment posted third quarter sales of $446 million, down 14 percent from the third quarter of 2007. Automotive unit production in the third quarter declined 6 percent, with North American production down 17 percent and production outside the U.S. up 2 percent compared to the third quarter of 2007.