April 15, 1999
Eaton earns $84 million on sales of $1.66 billion
CLEVELAND, OHIO....Eaton Corporation (NYSE:ETN) today announced that first quarter 1999 earnings per share were $1.17, down 18 percent from last year's first quarter record $1.42 per fully diluted share. Net income for the first quarter was $84 million compared to last year's $105 million. Sales were $1.66 billion compared to $1.69 billion last year.
Three months ended March 31
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(Millions except for per share data) 1999 1998
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Net sales $1,661 1,687
Income before income taxes 123 155
Net income 84 105
Net income per Common Share
Assuming dilution $ 1.17 1.42
Basic 1.18 1.45
Average number of Common Shares outstanding
Assuming dilution 72.2 73.7
Basic 71.2 72.0
Cash dividends paid per Common Share $ 0.44 0.44
(Millions) 1999 1998
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ASSETS
Current assets
Cash $ 20 $ 80
Short-term investments 20 42
Accounts receivable 1,018 885
Inventories 714 707
Deferred income taxes & other current
assets 290 268
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2,062 1,982
Property, plant & equipment 1,781 1,837
Excess of cost over net assets
of businesses acquired 1,015 1,025
Deferred income taxes & other assets 806 821
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$5,664 $5,665
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LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Short-term debt & current portion
of long-term debt $ 398 $ 333
Accounts payable & other current
liabilities 1,181 1,183
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1,579 1,516
Long-term debt 1,188 1,191
Postretirement benefits other than pensions 561 557
Other liabilities 318 344
Shareholders' equity 2,018 2,057
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$5,664 $5,665
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