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