HOUSTON — Cooper Industries has reported third quarter 2008 earnings per share from continuing operations of $1.08 (diluted), compared with 93 cents for the third quarter of 2007.
Third quarter 2008 revenues increased 15 percent to $1.73 billion, compared with $1.50 billion for the same period last year. For the third quarter of 2008, income from continuing operations excluding unusual items rose 12 percent to $170.9 million, compared with $153.1 million for the prior year’s third quarter.
“In the third quarter, we delivered strong core revenue growth of 7 percent supplemented by acquisitions, which contributed over 7 percent, as well as approximately 1 percent from currency translation. We are very pleased with our performance in light of the unprecedented market volatility that occurred late in the third quarter,” said Cooper Industries’ Chairman and Chief Executive Officer Kirk Hachigian.
As of Sept. 30, the company’s debt net of cash and investments, which totaled only $944.1 million, to total capitalization was 24.3 percent compared to 24.8 percent at Dec. 31, 2007.
Revenues for the first nine months of 2008 were $5 billion, a 15 percent increase from the $4.36 billion in revenues for the first nine months of 2007. For the first nine months of 2008, income from continuing operations excluding unusual items rose 13 percent to $487.1 million, compared with $430.1 million for the prior year’s first nine months. Earnings per share from continuing operations excluding unusual items were $2.75 or up 19 percent, compared with prior year’s $2.31.
For 2008, the company is now forecasting earnings per share from continuing operations to increase 14 to 17 percent to $3.58 to $3.67, exclusive of a fourth quarter charge, 11 cents tax benefits in 2008 and 59 cents for unusual items in the prior year, with revenue growth in the range of 12 to 14 percent. For the fourth quarter of 2008, exclusive of a fourth quarter charge, Cooper expects earnings per share from continuing operations of 83 cents to 92 cents with revenue growth in the range of 7 to 9 percent.