Cooper Industries' Electrical segments reports record growth in earnings-per-share
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.
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Jim Lucy Blog
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Jim Lucy has been wandering through the electrical market for more than 30 years, most of the time as an editor for Electrical Wholesaling, Electrical Marketing newsletter and CEE News. During that time he and the editorial team for the publications have won numerous national awards for their coverage of the electrical business. He showed an early interest in electricity, when as a youth he had an idea for a hot dog cooker. Unfortunately, the first crude prototype malfunctioned and the arc nearly blew him out of his parents' basement. Before becoming an editor for Electrical Wholesaling magazine and Electrical Marketing, he earned a BA degree in journalism and a MA in communications from Glassboro State College, Glassboro, NJ., which is formerly best known as the site of the 1967 summit meeting between President Lyndon Johnson and Russian Premier Aleksei Nikolayevich Kosygin, and now best known as the New Jersey state college that changed its name in 1992 to Rowan University because of a generous $100 million donation by N.J. zillionaire industrialist Henry Rowan. Jim is a Brooklyn-born Jersey Guy happily transplanted in the fertile plains of Kansas for the past 20 years.