Cooper Industries 3Q Sales Decline 25.5%
Core revenues declined 23.6% with currency translation reducing reported revenue by 2.0% for the quarter.
"Revenue and orders for maintenance and repair items and product lines that declined rapidly at the beginning of the economic downturn are beginning to improve, while the longer cycle products appear to have now bottomed," CEO Kirk S. Hachigian said.
During the first nine months, Cooper reported sales of $3.81 billion, down 23.7% in a year-over-year comparison. Profit was down 40.5% to $310.3 million. Core sales were down 21.1%.
Electrical Products segment sales decreased 24.8% in the third quarter to $1.15 billion. Core sales fell 23.1%.
Tools segment revenues were $139.2 million, down 31%. Core Tools segment sales were off 27.8%.
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