NEW YORK (AP) — Diversified manufacturer Eaton Corp. said Monday its first-quarter net income jumped 22 percent, boosted by contributions from its acquisition of Cooper Industries.
The Dublin, Ireland-based company posted net income attributable to common shareholders of $378 million, or 79 cents per share, compared with $311 million, or 91 cents per share, in the same quarter of 2012.
The net income per share figure fell as a result of shares issued in connection with the company's acquisition of Cooper Industries. Excluding acquisition-related charges, the company posted an adjusted profit of 84 cents per share.
Revenue increased 34 percent to $5.31 billion from $3.96 billion in the year-ago period.
The earnings beat Wall Street predictions, while the revenue fell short. Analysts, on average, expected earnings of 77 cents per share on $5.41 billion in revenue, according to FactSet.
Eaton said acquisitions boosted the recent quarter's revenue by 40 percent, but were partially offset by a 5 percent decline in core sales and a 1 percent decline related to unfavorable currency exchange rates.
Excluding charges, the company said it expects to post a second-quarter profit of $1.05 to $1.15 per share, while analysts expect a profit of $1.12 per share.
For the full year, the company backed its profit prediction of $4.05 to $4.45 per share, while analysts expect $4.34 per share.
Eaton shares rose 20 cents to $58.85 in trading about 90 minutes ahead of the market opening.