Cooper industry-CBE (CBE)

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UPDATE 1-Cooper 3rd-quarter profit tops forecasts (Cooper Industries In)




NEW YORK, Oct 23 (Reuters) - Cooper Industries Ltd reported
higher-than-expected quarterly profit on Thursday, as strength in industrial,
utility and energy markets boosted its electrical products division, but it
trimmed its full-year forecast.
Net earnings rose to $205.8 million, or $1.17 per share, compared with
$171.9 million, or 93 cents per share, a year earlier.
Excluding items, earnings from continuing operations were 97 cents per
share. Analysts on average expected profit of 95 cents per share, according to
Reuters Estimates.
Revenue was up 15 percent to $1.73 billion, slightly ahead of Wall Street
forecasts. Cooper's electrical segment, its biggest, posted double-digit
increases in sales and operating income.
The company said it would cut production and work to reduce its cost
structure, as it expects lower demand for its products and services over at
least the next six months.
It now estimates full-year earnings in a range of $3.58 to $3.67 per
share, versus its earlier estimate of $3.61 to $3.71 per share.
(Reporting by Nick Zieminski, editing by Matthew Lewis) Keywords: COOPER/
Nick Zieminski