DUBLIN — Eaton Corporation today announced that net income and operating earnings per share were
$1.07 for the second quarter of 2016.
Operating earnings per share were down 8 percent from the second quarter of 2015. Sales in the second quarter of 2016 were $5.1 billion, 5 percent lower than the same period in 2015.
Hydraulics segment sales were $589 million, down 8 percent from the second quarter of 2015. Organic sales in the quarter declined 7 percent and currency translation was negative 1 percent. Operating profits in the second quarter were $59 million, down 21 percent from the second quarter of 2015.
Eaton laid off 42 employees at the Hutchinson hydraulics facility in April which made up about 30 percent of its current workforce. In 2006 the company laid off 150 workers after they threatened to close the plant entirely. A large incentive program by several government entities prevented the shutdown, though the workforce was cut in half.