(Reuters) - U.S. manufacturer Eaton Corp (ETN.N) said fourth-quarter net profit fell more than Wall Street expected, reflecting lower demand for its electrical and hydraulic systems used in cars, trucks and aircraft.
The company said on Tuesday that earnings dropped to $179 million, or 46 cents per share, from $362 million, or $1.07 per share, a year earlier.
Factoring out costs related to its acquisition of Cooper Industries, Eaton earned 82 cents a share, below analysts’ average target of 93 cents per share, according to Thomson Reuters I/B/E/S.
Its shares fell 2 percent to $55.25 in premarket trading.
Revenue rose 7 percent to $4.33 billion from $4.03 billion a year earlier, but stripping out acquisitions and exchange-rate fluctuations it was down 6 percent.
The company expects 2013 earnings to grow by about 8 percent to a range of $4.05 to $4.45 per share.
Reporting by Scott Malone; Editing by Lisa Von Ahn and Jeffrey Benkoe