Diversified industrial manufacturer Eaton Corporation plc (ETN) reported that its first-quarter net income attributable to ordinary shareholders increased to $378 million from $311 million in the same quarter last year. However, net income per ordinary share declined to $0.79 from $0.91 in the prior year quarter.
Operating earnings for the first quarter of 2013, excluding charges of $22 million to integrate recent acquisitions, were $400 million, an increase of 28 percent over 2012.
Operating earnings per share, which exclude charges of $0.05 per share to integrate recent acquisitions, were $0.84 for the first quarter of 2013. This result was a decrease of 9 percent from the first quarter of 2012, reflecting the shares issued as part of the acquisition of Cooper Industries and the purchase price accounting charges resulting from the transaction. Analysts polled by Thomson Reuters expected the company to report earnings of $0.79 per share for the quarter. Analysts' estimates typically exclude special items.
Sales in the first quarter of 2013 were $5.31 billion, 34 percent higher than last year's $3.96 billion. Seventeen analysts had consensus revenue estimate of $5.43 billion for the quarter.
The company anticipates operating earnings per share for the second quarter of 2013, which exclude an estimated $25 million of charges to integrate recent acquisitions, to be between $1.05 and $1.15. Analysts expect the company to report earnings of $1.12 per share for the second-quarter.
The company maintained its guidance for full year 2013 operating earnings per share of between $4.05 and $4.45. Analysts expect the company to report earnings of $4.35 per share for fiscal 2013.
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