UPDATE: Eaton Posts Drop In Q3 Profit

Eaton

reported a drop in its third-quarter net income. Eaton's quarterly net income fell to $345 million, or $1.02 per share, from $365 million, or $1.07 per share, in the year-ago period. Its sales declined to $3.95 billion, from $4.12 billion. Its adjusted earnings came in at $1.07 per share. However, analysts were expecting a profit of $1.10 per share on revenue of $4.21 billion. Eaton shares closed at $45.12 on Friday.