JACKSON — Eaton Corp. , parent of Eaton Aerospace, whose plant in Jackson employs more than 500 people, had a strong third quarter.
The Cleveland, Ohio, power management company reported earnings per share of $1.57 for the quarter, an increase of 38 percent from net income per share of $1.14 in the third quarter of 2009. Sales in the quarter climbed to $3.6 billion, 18 percent above the same period in 2009. Net income rose to $268 million compared to $193 million in 2009, an increase of 39 percent.
Eaton Aerospace’s Jackson plant is one of the largest aerospace hydraulic pump manufacturing centers in the world. Eaton and its subsidiaries in Mississippi have an annual payroll of $36 million, the company says.
Eaton’s Aerospace Group posted third quarter sales of $390 million, a decrease of 1 percent from the third quarter of 2009, but an increase in markets of 3 percent. Operating profits in the third quarter reached $60 million.
Eaton Chairman Alexander Cutler said the commercial aerospace aftermarket has started to rebound, with both U.S. and non-U.S. markets showing modest growth.