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Cooper Industries plc (NYSE: CBE), Dublin, Ireland, reported sales for the third quarter of $1.5 billion, up 7.8 percent over the same period a year ago. Core revenue growth was 6.7 percent with acquisitions adding 2.6 percent and currency translation reducing reported revenues by 1.5 percent when compared to the prior year.
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Profit increased 17.6 percent to $188.4 million.
Core growth for the U.S. and Canada was 4 percent, reflecting continued favorable growth trends in the industrial end market but offset somewhat by a softening of demand in the utility end market. The North American lighting business showed double-digit core growth driven by continued adoption of LED technology and demand for energy efficient products. LED-based products represented greater than 20 percent of third quarter net sales for the Cooper Lighting division.
Western Europe remained stable and experienced slightly negative core growth. The company's exposure to large industrial and energy projects in the region continued to serve as a source of growth which offset the persistent weakness in commercial end markets.
Core growth for developing markets was 19 percent. Latin America, Australia and the Middle East experienced strong double-digit core growth due to continued demand related to large global energy projects; while China experienced core growth of over 20 percent, reflecting a reacceleration of growth in electronics and utility products.
For the first nine months of 2012, Cooper reported sales were $4.4 billion, up 10 percent over the prior-year period. Profit fell 19 percent to $538.1 million.