Need Help? (888) 742-5060

In The News:

Cooper Industries Sales Grow 5.3% in 2Q

Electrical manufacturer Cooper Industries plc (NYSE: CBE) reported second quarter 2010 sales of $1.34 billion, a 5.3 percent increase from the prior-year period. Core revenues were 4.8 percent higher.

“In the second quarter, for the first time in 18 months, we delivered core revenue growth as our industrial businesses remained strong, emerging markets continued to grow and our longer cycle businesses gained momentum,” said Cooper Industries’ CEO Kirk S. Hachigian.

Revenues for the first six months of 2010 were $2.57 billion, a 1.5 percent increase from the first six months of 2009. For the first six months of 2010, net income excluding the loss on the Tools Joint Venture with Danaher was $253.9 million, compared with $170.5 million from continuing operations for the prior year’s first six months.

Cooper announced the completion of the tools joint venture, named Apex Tool Group LLC, in early July. Cooper and Danaher Corp. each own a 50 percent interest.

By segment, Energy and Safety Solutions revenues for the second quarter were up 0.8 percent to $614.4 million. Core revenues were 0.6 percent higher. Revenues for the first six months were down 2.6 percent for this segment.

Electrical Products Group segment revenues for the second quarter were up 6.9 percent to $557.6 million. Core revenues grew 6.4 percent. For the first six months, sales grea 2.3 percent to $1.07 billion.

Tools segment revenues were $164.7 million, an increase of 18.8 percent. Core revenues were 16.7 percent higher than the prior-year period. Revenues for the six months were up 17.4 percent to $311.2 million.

 “While we are encouraged by improving conditions in our end markets, we remain cautious about the global economic recovery and will continue to stay focused on cost management, funding strategic core investments and delivering solid incremental earnings growth. Long-term, we remain optimistic about the future of our electrical products portfolio and our diverse end market exposure that allows us to capitalize on emerging technologies and key market trends,” Hachigian said.

© 2019 Gale Media, Inc.

Please do not reprint MDM's content on your website without MDM's express permission as it is copyrighted material. To gain permission, email us, or call 1-888-742-5060. For information on PDF or print reprints, visit MDM welcomes inbound links from your site. Please cite Modern Distribution Management.

2018-top-distributors-listThe 2018 Top Distributors List

This free PDF includes lists of top distribution companies across 14 sectors.

You will also receive MDM Update, our daily distribution e-newsletter & other distribution-focused content.

Download the Free PDF now >>

MDM-UpdateMDM Update: Daily Newsletter 

Sign up to read the best source for news & trends in wholesale distribution, MDM Update. Delivered daily to your inbox. 

Sign-up for MDM Update >>

Partner Center