With its $10 billion market cap, $10 billion in annual sales, and $700 million in annual profits, you'd think that Eaton (NYSE:ETN) would have garnered more Foolish coverage. Admittedly, we haven't written enough about this diversified manufacturer of everything from hydraulic pumps and vehicle clutches to golf grips.

Well, after yesterday's 7% jump in stock price, this Fool has decided the time has come to take a closer look at Eaton.

Not necessarily to ponder reasons for its jump in price -- Eaton "beat earnings estimates," blah, blah, blah -- but rather to scrutinize the details of the company's financials. Those came out yesterday in the form of Eaton's second-quarter earnings report. Here's how they look:

In comparison to the second quarter of 2004, sales increased 18% -- comprised of 9% organic growth, 7% growth from acquisitions, and 2% from favorable exchange rates. That translated into a 30% increase in net profits, and thanks to share buybacks, a 33% increase in diluted earnings per share (EPS).

The picture gets even better if you take a longer-term view. In comparison to the first half (1H) of fiscal 2004, 1H 2005 saw sales again rise 18%, but net profits grew 34% and earnings per diluted share by 36%.

Impressive. And income investors may be interested to learn that the company boosted its dividend by 15% over the past year as well.

By market segment, Eaton's electrical and truck divisions provided most of the "oomph" behind its explosive sales growth. "Electrical" grew 35% and "truck" grew 39% -- both in marked contrast to the slight sales decline in "automotive." Likewise, the electrical and truck divisions powered the bulk of Eaton's operating profits growth year-to-date: increasing by 55% and 65%, respectively.

The company did not provide a cash flow statement, and historically, it takes two to three weeks for Eaton to finalize the numbers described in its earnings announcements and file the details with the SEC in the form of a 10-Q. Still, when you note the company's nearly $150 million increase in cash and short-term investments over the past six months, it seems reasonably likely that the company generated a decent volume of free cash flow.

Fool contributor Rich Smith does not own shares in Eaton. The Fool has an ironclad disclosure policy.