Alexander Cutler Both Quotations

The economic impact of this tragedy has been immediate and, we believe, will persist for some time to come, ... Eaton was already struggling with depressed industrial markets that showed few signs of immediate recovery...After September 11, business slowed abruptly and sharply, further impacted both by transportation-related interruptions in our 'just-in-time' industrial economy, and by the collective hesitation of our customers faced with a suddenly uncertain, and riskier, future.

In the first quarter, the worldwide electrical and hydraulics markets were stronger than we had expected. In addition, the NAFTA heavy-duty truck market started the year with considerably stronger growth in both production and orders than we had anticipated.