Cooper Industries’ 1Q 2008 Profits Rise

Cooper Industries Ltd., Houston, said its first-quarter profit rose 16 percent. Net income for the quarter ended in March rose to $153.4 million from $131.9 million. Revenue improved 11 percent to $1.55 billion from $1.39 billion.

Revenue for Cooper’s Electrical Products segment rose 12 percent. The increase in revenue for this segment reflects continued strength in the industrial and energy markets, with international market initiatives providing further growth for the first quarter of 2008. The continued softness in the U.S. residential markets partially offset the segment’s overall revenue growth. Revenues and earnings were also impacted by the loss of a large distribution center from a tornado, the company said.

“Cooper had a very strong start to 2008,” said Kirk Hachigian, the company’s chairman and CEO. “Our significant exposure to the energy and global project infrastructure markets, as well as increasing investment in faster-growing, higher-margin platforms allowed us to deliver solid top-line growth and double-digit earnings growth.”