CLEVELAND: Diversified manufacturer Eaton Corp. said Tuesday its fourth-quarter net income fell by half, pulled down by acquisition expenses and lower demand from customers.
Eaton earned $179 million, or 46 cents per share, for the October-December period, down from $362 million, or $1.07 per share, a year earlier. Excluding charges related to the company’s acquisition of Cooper Industries plc, which closed during the recent quarter, the company said it posted an adjusted profit of 82 cents per share.
Revenue rose 7 percent to $4.33 billion from $4 billion, as contributions from Cooper offset lower demand from existing customers. Analysts, on average, expected a profit of 92 cents per share on $4.18 billion in revenue.
For 2012, Eaton earned $1.22 billion, or $3.46 per share, up from $1.35 billion, or $3.93 per share, in 2011.
Revenue rose to $16.3 billion from $16 billion.