CLEVELAND (AP) — Diversified manufacturer Eaton Corp. says its third-quarter profit surged as global sales increased almost 18 percent over the same period last year when the entire industry was hammered by the recession.
Its results beat Wall Street expectations and it is raising its forecast for the year.
Its shares surged $2.84, or 3.4 percent, to $86.25 in pre-market trading.
The Cleveland-based company said Wednesday its net income rose to $268 million, or $1.57 per share, in the July-September period. That's up from $193 million, or $1.14 per share, a year ago.
It says revenue rose to $3.6 billion from $3 billion.
Excluding acquisition integration charges, operating earnings were $1.60 per share in the third quarter. That was well ahead of analysts' expectations for adjusted earnings of $1.38 a share on $3.4 billion in revenue.
