Cooper Industries plc (NYSE: CBE), Dublin, Ireland, reported second quarter sales of $1.47 billion, a 7.4 percent increase over the same period a year ago. Profit rose 17 percent to $189 million.
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During the quarter, the company recognized $10.7 million of expense relating to the previously announced Eaton Corporation (NYSE: ETN) transaction and certain legacy environmental issues, primarily offset by a $9.1 million gain from the sale of the Envirotemp FR3 fluid business and brand. Excluding the effect of these items, total operating profit margin was 16.8 percent for the second quarter, up from 15.8 percent in the same period last year.
Energy & Safety Solutions segment revenues increased 5.7 percent in the second quarter to $793.6 million. Electrical Products Group segment sales were $676.1 million, a 9.4 percent increase over the prior-year period. Equity income from the Apex Tool Group joint venture was $18.1 million, 25.7 percent above prior-year levels.
For the first six months of 2012, sales for Cooper Industries were $2.9 billion, a 9 percent increase over the prior year. Profit fell 31 percent to $349.7 million.
In June, Cooper Industries completed the acquisition of Azonix Corp., Billerica, MA, a manufacturer of human machine interface (HMI) devices for application in harsh and hazardous environments. Azonix joins the MTL Instruments Group, which is part of the Cooper Crouse-Hinds division.
The company has also agreed to acquire the FHF Funke+Huster Fernsig Group of companies, Mulheim, Germany, a manufacturer and distributor of hazardous and industrial telephones, signaling devices and mining communications systems. The FHF Group will join the Cooper Safety division and add new and complementary products to Cooper's oil and gas and mining portfolios.
