Date: January 11, 2008
Eaton Confirms Anticipated Results For Fourth Quarter
CLEVELAND … Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) confirmed today that its assessment of its overall end markets in the fourth quarter and of its own performance in the fourth quarter remain as described in its third quarter 2007 earnings release issued on October 15, 2007 and discussed in the conference call on the same date. While conditions in certain end markets have changed since the date of the forecast, the combination of changes in its various end markets results in Eaton’s assessment of its overall end markets remaining unchanged. Eaton’s significant international business has contributed to the stability of Eaton’s overall markets. It is worth noting that with the completion of the acquisitions of The Moeller Group and Phoenixtec Power Co. Ltd., both of which are expected to be completed in the first quarter of 2008, Eaton’s international business will increase materially.
Also, as reported in Eaton’s Form 8-K report of June 26, 2007, several of its officers and other executives have entered into trading plans pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934 related to the exercise of options which vest on January 17, 2008 and expire on January 27, 2008. The options were issued in January 1998. The trading plans will be executed on behalf of these individuals between January 17, 2008 and January 29, 2008, resulting in the exercise of options to purchase up to 146,959 Eaton shares and the possible sale of some or all of those shares. Similar options for an additional 243,804 shares are also expected to be exercised between January 17, 2008 and January 27, 2008 by Eaton retirees, with possible share sales. Please see the Form 8-K report for further details.
Eaton will announce fourth quarter 2007 earnings before the U.S. stock markets open on January 22, 2008. The earnings release will be followed by a conference call at 10 a.m. Eastern time on that same day, which will be available to interested listeners through a live audio webcast that can be accessed at www.eaton.com.
Eaton Corporation is a diversified industrial manufacturer with 2006 sales of $12.4 billion. Eaton is a global leader in electrical systems and components for power quality, distribution and control; fluid power systems and services for industrial, mobile and aircraft equipment; intelligent truck drivetrain systems for safety and fuel economy; and automotive engine air management systems, powertrain solutions and specialty controls for performance, fuel economy and safety. Eaton has 63,000 employees and sells products to customers in more than 140 countries.