Posted July 22, 2010
Cooper sees growth for first time in 18 months
Cooper Industries plc reported second quarter 2010 earnings per share of 80 cents, excluding a charge of $93.7 million related to the formation of the Apex Tool Group joint venture with Danaher.
Second quarter 2010 revenues increased 5.3 percent to $1.34 billion, compared with $1.27 billion for the same period last year.
"In the second quarter, for the first time in 18 months, we delivered core revenue growth as our industrial businesses remained strong, emerging markets continued to grow and our longer cycle businesses gained momentum," said chairman and CEO Kirk S. Hachigian.
Revenues for the first six months of 2010 were $2.57 billion, a 1.5 percent increase from the $2.53 billion in revenues for the first six months of 2009. For the first six months of 2010, net income excluding the loss on the Tools Joint Venture was $253.9 million, compared with $170.5 million from continuing operations for the prior year's first six months.
On July 6, Cooper announced the completion of the joint venture, named Apex Tool Group, LLC. Cooper and Danaher Corporation each own a 50 percent interest in the joint venture.
Tools segment revenues for the second quarter of 2010 were $164.7 million, an increase of 18.8 percent from 2009 second quarter revenues of $138.7 million. Segment operating earnings were $21.1 million, compared to $2.9 million for the second quarter 2009.
Revenues for the first six months of 2010 increased 17.4 percent to $311.2 million, compared to $265.0 million for the same period last year. Segment operating earnings for the first half of 2010 increased to $33.1 million compared to a $1.0 million loss in the prior-year period.
