CLEVELAND – Eaton Corp. has announced record net income per share of $1.07 for the third quarter of 2011, an increase of 37 percent over the 78 cents per share earned in the third quarter of 2010.
 
Sales in the third quarter were $4.12 billion, 15 percent above the third quarter of 2010. Net income in the third quarter was $365 million compared to $268 million in 2010.
 
Net income in both periods included charges for integration of acquisitions. Before these acquisition integration charges, operating earnings per share in the third quarter of 2011 were $1.08 compared to 79 cents per share in 2010, an increase of 37 percent. Operating earnings in the third quarter were $367 million compared to $272 million in 2010.
 
The Automotive segment posted third quarter sales of $442 million, up 13 percent over the third quarter of 2010. Global automotive markets were up 8 percent, with U.S. markets up 13 percent and non-U.S. markets up 6 percent. The segment reported operating profits of $62 million.
 
“Global automotive production in the third quarter of 2011 was unusually strong, and this strength, along with solid execution across our business, allowed us to earn very attractive margins,” said said Chairman and CEO Alexander Cutler.