ETN, GWW beat estimates, raise forecasts

ETN, manufacturer of electrical and power components, beat by 4 cents and raises 2008 guidance.

CLEVELAND--(BUSINESS WIRE)--Diversified industrial manufacturer Eaton Corporation today announced net income per share of $1.64 for the first quarter of 2008, an increase of 5 percent over net income per share of $1.56 in the first quarter of 2007. Sales in the quarter were $3.5 billion, 12 percent above the same period in 2007 and a record for the first quarter. Net income was $247 million, also a record for the first quarter.

“We anticipate net income per share for the second quarter of 2008 to be between $1.80 and $1.90. Operating earnings per share, which excludes charges to integrate our recent acquisitions, are expected to be between $1.90 and $2.00 in the second quarter of 2008. Due to the strong first quarter results, we are raising our full-year guidance by $.05 per share, to net income per share of $7.30 to $7.80 and operating earnings per share of $7.80 to $8.30.”

GWW, a supplier of facilities maintenance products, beat first quarter earnings estimates by 7 cents and guides higher for 2008.

"We are off to a strong start," said Chairman and Chief Executive Officer, Richard L. Keyser. "We are encouraged by the market share gains achieved in a slowing economy. And because of our aggressive stock repurchase efforts in the first quarter, we are raising our forecasted earnings per share range to $5.80 to $6.10. This compares to our previously announced range of $5.65 to $6.00."