Manufacturer Eaton posts Q1 profit ahead of street view

April 29 Tue Apr 29, 2014 6:53am EDT

April 29 (Reuters) - Eaton Corp, the diversified maker of electrical and hydraulic systems, posted a 16 percent rise in first-quarter net income on Tuesday, despite a negative impact from rough winter weather in North America.

The company backed its full-year profit forecast but projected second quarter earnings that appeared to be lower than Wall Street's estimate.

First-quarter net income rose to $439 million, or 92 cents per share, from $378 million, or 79 cents per share, a year ago.

Excluding one-time items, earnings of $1.01 per share topped the average analyst estimate by a penny, according to Thomson Reuters I/B/E/S. (Reporting by Lewis Krauskopf, Editing by Franklin Paul)

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