Cooper Industries 3Q net income rises 18 pct
NEW YORK -- Cooper Industries' third-quarter profit rose 18 percent with the electrical component seeing greater demand from industrial and oil and gas markets.
The company, which is being acquired by Eaton Corp., earned $188.4 million, or $1.16 per share, up from $160.2 million, or 98 cents per share, in the same quarter last year.
Revenue rose 7.8 percent to $1.5 billion from $1.39 billion.
The results came in ahead of Wall Street predictions. Analysts expected a profit of $1.13 per share on $1.49 billion in revenue, according to a FactSet poll.
Revenue from its core businesses rose 6.7 percent, while acquisitions added 2.6 percent. The effects of unfavorable exchange rates reduced revenue by 1.5 percent.
Cooper, like other companies that do significant business outside the U.S., can be hurt by a rising dollar because income earned in foreign currencies shrinks when it's translated back into a stronger U.S. dollar.
The company said business in North American and in developing markets continued to be strong. Commercial and residential construction orders also increased throughout the quarter, but remained lackluster overall.
Cooper did not release a financial guidance, citing its pending acquisition. The deal remains subject to a vote by Eaton shareholders set for Oct. 26.
Shares of Cooper Industries Plc, based in Dublin, Ireland, fell 78 cents to $73.95 in morning trading.