Eaton Shares Up 7% On Strong Results (ETN)

Shares of Eaton Corporation ETN continue to rise steadily in afternoon trading, on the strength of the earnings results that the company released Wednesday morning before the stock market opened. Eaton Corporation (ETN) reported that its operating earnings came in at $1.36 per share, while the company's revenue rose 16% to $3.38 billion, up from $2.9 billion a year earlier. The results were much better than the operating earnings of $1.17 per share and revenue of $3.23 billion that Wall Street analysts expected. Chairman and chief executive officer Alexander M. Cutler said, “Our earnings in the second quarter substantially exceeded our expectations for the quarter, driven primarily by stronger end markets." By early afternoon, ETN was up 7.01% at $73.91 per share and volume of 2.18 million shares had already surpassed the average daily volume of 2.07 million shares. Analysts who follow ETN assign the stock a consensus price target of $82.30 per share. Cleveland, Ohio based Eaton Corporation is a power management company with its operations mainly in the United States, Canada, Latin America, Europe, and the Asia Pacific region. Read more from Benzinga's Company news.