Cooper Industries Ltd., Houston, reported a 38 percent drop in fourth-quarter profit and said it has more than doubled its work force cuts to 2,200 employees worldwide.
Net income was $111.1 million, down from $179.3 million, a year ago. The results include a pretax charge of $35.7 million, primarily related to job eliminations. Excluding the charges, it earned 84 cents per share.
Analysts, had predicted a profit of 72 cents per share.
Revenue fell 1.4 percent to $1.52 billion from last year.
Cooper had said it would cut its work force by more than 1,000 employees and take a fourth-quarter charge of between $20 million and $22 million. However, as economic conditions deteriorated, Cooper’s Chairman and CEO Kirk S. Hachigian said the company decided it was necessary to increase the reduction in work force in excess of 2,200 employees globally and take a restructuring charge of $35.7 million.