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News briefs from Oct. 11 – 25, 2009
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Search Results for: Eaton – Page 17
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Profit for the electrical manufacturer was down 26% from the prior year.
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Eaton CEO discusses economy at J.P. Morgan Diversified Industries Conference
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Industry execs discuss the outlook for M&A.
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Diversified industrial manufacturer Eaton Corp., Cleveland, OH, reported sales in the second quarter were $2.90 billion, 32% below the second quarter of 2008. Core sales were down 26%. Profit was $29 million compared to $333 million in 2008.
For the first six months, sales were $5.7 billion, down 26.5% from the first half of 2008. The company recorded a loss of $21 million for the period, compared to profit of $580 million the prior year period.
"As we survey our end markets, the year is shaping up to be considerably weaker than we had forecast in April," CEO Alexander M. Cutler said. "We now anticipate our overall end markets will decline by between 21 and 22% versus our earlier forecast of a decline between 15 and 16%."
Second quarter sales for the Electrical Americas segment …
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Diversified industrial manufacturer Eaton Corp., Cleveland, OH, first quarter were $2.8 billion, 20% below the same period in 2008. The company recorded a loss of $50 million for the quarter.
Our first quarter results reflect the impact of the severe downturn in many of our end markets and the expenses associated with personnel reductions made in the first quarter, CEO Alexander M. Cutler said. “Weaker than expected markets were partially offset by lower than originally anticipated severance expense. The lower severance expense was primarily due to the length of time it has taken to conclude severance plans in several countries.”
Sales for the Electrical Americas segment were $859 million, down 6% from 2008. Excluding acquisition …
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About this report: This is the MDM Public Distributor Report, provided on a quarterly basis to subscribers of Modern Distribution Management. The report is available online only.
Click here to download this report in pdf.
In distributors’ recent earnings calls with analysts, many said they were looking at cost reductions, better training, increasing private label, and considering strategic acquisitions in the next year. The focus will remain on sustaining profitability.
Refocusing on the Workforce
Drug distributor Owens & Minor has seen a work force opportunity arising from the economic turmoil: Build on existing resources. In the last quarter, the drug distributor …
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Diversified industrial manufacturer Eaton Corp., Eden Prairie, MN, has formed a new Eaton Industrial Hose Unit to boost the company’s presence in the industrial rubber and thermoplastic hose markets.
Industrial hose has been part of Eaton’s fluid conveyance product line for many years, said Eaton Vice President of Fluid Conveyance Jeff Finch, “but our customers want a more focused approach and we have responded with the creation of the Industrial Hose Unit."
Finch said that industrial hose customers have different expectations than hydraulic hose customers. “While hydraulic hose and accessories tend to be ordered for stock, by specific part numbers, industrial hose tends to be ordered by need and by specific application or size. …
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Diversified industrial manufacturer Eaton Corp., Cleveland, OH, reported sales in the fourth quarter of 2009 were $3.5 billion, up 3% from the same period in 2007. Profit was $163 million, a decrease of 36%.
Sales growth in the fourth quarter consisted of 13% percent growth from acquisitions, offset by a 6% decline from lower exchange rates and a 4% decline in organic growth. End markets in the fourth quarter declined by 6%.
For the full year 2008, the company reported sales of $15.4 billion, 18% above 2007. Profit increased 6% to $1.06 billion.
So far in 2009, our markets have continued to decline. We anticipate that our markets will decline through at least the second, and possibly the third, quarter, CEO Alexander M. Cutler …
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Wolseley plc, UK-based distributor of plumbing and heating products and building materials, reported it would not sell Stock Building Supply but instead extensively restructure the U.S. building materials distributor. More
84 Lumber has announced 20 more store closings, according to the Pittsburgh Tribune-Review. The building materials distributors closed nine stores a few weeks ago. The company now has 335 stores, down from 400. More
Cummins-Wagner Co., Inc., Annapolis Junction, MD, a distributor of industrial process equipment and HVAC equipment in the Mid-Atlantic region, has acquired Rochester, NY-based Siewert …
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