Earnings expected to be at high end of its previous forecast
Cooper Industries plc today announced that its third quarter 2010 revenues are anticipated to exceed the high end of its previous forecast for revenue growth of 2% to 5%, adjusted for the deconsolidation of the Tools segment.
Revenue growth for the third quarter is now expected to be approximately 6% to 8%. Earnings per share in the third quarter are now expected to be in the range of $.82 to $.85, up from the previous forecast of $.75 to $.80. Additionally, it is expected that Cooper will have repurchased over 6 million shares year-to-date by the end of the third quarter.
Cooper will report its fiscal third quarter 2010 results on October 21, 2010.
On July 6, 2010, 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. The Tools assets and liabilities to be contributed to the Joint Venture in July 2010 have been reclassified to separate lines in the accompanying consolidated balance sheets
Cooper Industries plc (NYSE: CBE) is a global electrical products manufacturer with 2009 revenues of $5.1 billion.