NEW YORK (Reuters) - U.S. manufacturer Eaton Corp
The maker of electrical and hydraulic systems reported its net earnings fell 5 percent to $345 million, or $1.02 per share, compared with $365 million, or $1.07 per share, a year ago.
Excluding acquisition charges, operating earnings of $1.07 were 2 cent below average analyst estimates, according to Thomson Reuters I/B/E/S.
Sales fell 4 percent to $3.95 billion.
Profit was up in Eaton's U.S. and international electrical businesses, helped by construction activity, but fell in Eaton's aerospace, auto and truck segments and Eaton cut its forecast of truck production in North America.
Cleveland-based Eaton said Chinese and European economies were "subdued" and U.S. industrial markets slowed partly because of worries about the coming "fiscal cliff," when government spending cuts could tip the economy back into recession. Some customers are delaying purchases of hydraulics used in construction machinery, especially in the United States and China.
The company's $11.8 billion purchase of electrical products maker Cooper Industries