Cooper Industries Reports First Quarter Earnings
Friday, Apr 23, 2010
Cooper Industries plc /quotes/comstock/13*!cbe/quotes/nls/cbe (CBE 50.21, +0.29, +0.58%) reported first quarter 2010 earnings per share of $.70 (diluted), compared with $.48 per share from continuing operations for the first quarter of 2009. During the first quarter of 2010 Cooper recognized a pre-tax restructuring charge of $3.5 million or $.02 per share related to factory consolidations. Excluding restructuring, the first quarter 2010 earnings per share was $.72 per share compared to $.47 per share earnings for the first quarter of 2009, excluding restructuring charges and discrete tax items. First quarter 2010 revenues decreased 2.2 percent to $1.23 billion, compared with $1.26 billion for the same period last year. Core revenues were 4.7 percent lower than comparable prior year with currency translation increasing reported revenue by 2.1 percent and acquisitions adding 0.4 percent for the quarter.
Source: Cooper Industries
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