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.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info