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“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.