Cooper Industries, Dublin, Ireland, reported record earnings and core revenue growth for the combined Electrical Segmentsf or 1Q 2011. Cooper Industries' chairman and CEO, Kirk Hachigian said in a press release, "The utility markets snapped back sharply, our industrial markets remained strong, and demand for energy-efficient technologies such as LED lighting gained additional momentum." Total revenue, excluding the Cooper Tools division, increased $196 million, or 18%, to $1.28 billion for the first quarter of 2011 from revenues of $1.08 billion in the first quarter of the prior year.
Hachigian also said in in the earnings announcement that the company expects full-year revenue growth of 8 to 11 percent, excluding Tools segment revenue from 2010, and revenue growth of 10 to 13 percent compared to the second quarter of 2010, again excluding Tools revenue.