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Industrial manufacturer Eaton Corporation ( ETN - Analyst Report ) received a $20 million contract from the U.S. Coast Guard to maintain electrical infrastructure on 12 Coast Guard cutters. These cutters are stationed in Coast Guard bases in San Diego, Seattle, San Francisco and Hawaii.
These Coast Guard cutters are vessels which are 65 feet (19.8 meter) or more in length and have accommodations for crew on board. These vehicles are assigned for conducting law enforcement and defense operations, marine science and search and rescue missions and coastal surveillance.
Per the contract, Eaton will work jointly with Integrated Marine Services and provide preventive maintenance as well as circuit breaker retrofits and any additional electrical engineering service if required. Eaton’s services will be commissioned for 5 ½ years. However, the Coast Guard has set a target to complete the project in two years.
Eaton has expertise in servicing the Navy and helps in improving efficiency, safety and reliability of combat vehicles. The present contract is a continuation of Eaton’s traditional role in providing support and maintenance services and would aid the Coast Guards to improve the load-carrying capacity, system protection and monitoring of its vessels.
Eaton's electrical business has performed well in the third quarter 2011, with revenues at its Electrical Americas segment climbing 11% year over year boosted by 11% growth in end markets and 21% in order bookings. The Electrical Rest of the World segment grew sharply 7% year over year.
Eaton projects operating earnings per share in the range of $3.95 – $4.05. The Zacks Consensus Estimate for 2011 is at the mid-point of the guided range at $3.99 per share.
Eaton Corporation currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. The company competes with ITT Corporation ( ITT - Analyst Report ) and Parker Hannifin Corporation ( PH - Analyst Report ) .
Cleveland, Ohio-based diversified power management company Eaton Corporation is a leading supplier of power accessories in the aerospace industry and has customers spanning 150 countries.
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