Eaton cuts fourth quarter forecast
employmentcrossing
2008-12-17
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Eaton Corporation has again cut its fourth-quarter earnings forecast due to a large drop in demand and the stronger dollar. The conglomerate expects continued poor results in 2009 and more job cuts.
Shares of the manufacturer for the automotive, aerospace and electrical industries were off 7.6% at $40.50 in recent premarket trading, according to CNNMoney.com.
Eaton cut its fourth-quarter earnings target by 70 cents a share to $1 to $ 1.10; the forecast was also cut in October. The demand woes caused by the weaker-than-expected economies in Europe and the U.S. are expected to continue next year, the company.
Eaton has diversified from the automotive industry and into supplying electrical and hydraulic systems to the construction, agribusiness, energy and aerospace sectors.
Eaton Corporation has again cut its fourth-quarter earnings forecast due to a large drop in demand and the stronger dollar. The conglomerate expects continued poor results in 2009 and more job cuts.
Shares of the manufacturer for the automotive, aerospace and electrical industries were off 7.6% at $40.50 in recent premarket trading, according to CNNMoney.com.
Eaton cut its fourth-quarter earnings target by 70 cents a share to $1 to $ 1.10; the forecast was also cut in October. The demand woes caused by the weaker-than-expected economies in Europe and the U.S. are expected to continue next year, the company.
Eaton has diversified from the automotive industry and into supplying electrical and hydraulic systems to the construction, agribusiness, energy and aerospace sectors.
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