Eaton lower on large net profit drop

Eaton (NYSE:ETN) reported a sharp decrease in Q2 net income, which fell to $171M , or $0.36 per share, from $494M, or $1.04 per share, a year earlier.

Sales rose 3% Y/Y to $5.77B from $5.60B.

Bookings breakdown: electrical products +6%, aerospace +9%.

The company lowered the top end FY 2014 guidance for operating earnings per share to between $4.50-$4.70 from $4.50-$4.90. The new $4.60 midpoint represents a reduction of 10 cents, or 2%, from its prior guidance, reflecting the impact of lower margins in its electrical systems and services segment.

ETN -2.3% premarket

Q2 earnings

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