CLEVELAND (AP) -- Eaton says its fourth-quarter profit rose with the economy stabilizing and the manufacturing company believes business will grow this year.
The Cleveland company, which makes hydraulics and electrical equipment used in a range of industries, said Monday that earnings climbed 29 percent to $211 million, or $1.25 per share, compared with $163 million, or 98 cents per share, a year ago.
Removing acquisition charges, operating profit was $1.35 per share.
Some of those profits were derived from a slimmer work force and sales for the three months ended Dec. 31 slipped 10 percent to $3.13 billion.
Eaton Corp. expects 2010 adjusted earnings of $3.70 to $4 per share on revenue growth of 11 percent. It anticipates first-quarter adjusted profit of 75 cents to 85 cents per share.
