Eaton Corporation (ETN)
Q4 2009 Earnings Call Transcript
January 25, 2010 10:00 a.m. ET

Executives

William Hartman - Investor Relations
Alexander M. Cutler - Chairman, President and Chief Executive Officer
Richard H. Fearon - Vice Chairman and Chief Financial and Planning Officer

Analysts

Eli Lustgarten - Longbow Research
David Raso - ISI Group
Ann Duignan - J.P. Morgan
Robert Wertheimer - Morgan Stanley
Jeffrey Hammond - KeyBanc Capital Markets
Terry Darling - Goldman Sachs
Robert Cornell - Barclays Capital
Nigel Coe - Deutsche Bank Securities
Timothy Thein - Citigroup
Christopher Glynn - Oppenheimer & Co.
Jamie Cook - Credit Suisse
Mark Koznarek - Cleevland Research Company
Andrew Casey - Wells Fargo Securities, Llc
Ted Wheeler - Buckingham Research Group
Daniel Dowd - Sanford C. Bernstein & Co., Inc.
Robert McCarthy - Robert W. Baird & Co., Inc.

Presentation


Operator

Ladies and gentlemen, thank you for standing by. And welcome to the Eaton Corporation Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode and later we will conduct a question-and-answer session, with instructions being given at that time. If you should require assistance during the call, please press star and then zero. As a reminder, today’s conference is being recorded.

I would now like to turn the conference over to your host, Mr. Bill Hartman. Please go ahead, sir.

William Hartman

Thank you. Good morning, everyone. Welcome to Eaton’s fourth quarter and full year 2009 earnings conference call. Joining me this morning are Sandy Cutler, Chairman and CEO; and Rick Fearon, Vice Chairman and Chief Financial Planning Officer. As has been our practice, we’ll begin today’s call with comments from Sandy followed by a question and answer session.

As a reminder, the information provided on our conference call today will include some forward-looking statements concerning the first quarter 2010 and full year 2010, net income per share and operating earnings per share, full year 2010 estimates on revenue, our worldwide markets, our growth in relation to those markets and our growth from acquisitions. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company’s control. Factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in today’s related Form 8-K filing.

As a reminder, we have included a presentation of the fourth quarter results, which can be accessed on Eaton’s Investor Relations page. Additional financial information is available in today’s press release, which is located on Eaton’s home page at www.eaton.com.

And with that, I’d like to turn the session over to Sandy Cutler. Sandy?

Alexander M. Cutler

Thanks, Bill. Let me welcome everybody. Thanks for joining us this morning. We’ve got a very strong quarter and we think some exciting guidance relative to 2010 to go through with you this morning.

I am going to work from the presentation that Bill mentioned, so if you all have that in front of you, I’d ask you to turn to page three, highlights of the fourth quarter.

But just before I walk through these numbers with you, in the 10 some years we have been doing these forums, the audience has obviously changed a great deal and it’s obviously much broader than it once was.

So let me start this morning by thanking first our customers for their continued confidence through what has been a challenging year, 2009 and especially to thank our employees, whose focus and sacrifices throughout the year have really made an extraordinary difference in converting a difficult economic environment into what we think were very strong results at the end of this year.

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