Cooper Industries, plc. (NASDAQ:CBE) reported its results for the second quarter. Cooper Industries PLC is a worldwide manufacturer of electrical products and tools.
Cooper Industries, plc Earnings Cheat Sheet for the Second Quarter
Results: Net income for Cooper Industries, plc. rose to $161.4 million (96 cents per share) vs. $135 million (80 cents per share) in the same quarter a year earlier. This is a more than threefold rise from the year earlier quarter.
Revenue: Rose 2.4% to $1.37 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: CBE beat the mean analyst estimate of 95 cents per share. It beat the average revenue estimate of $1.33 billion.
Quoting Management: “With continued momentum in our utility and industrial businesses Cooper Industries was able to generate significant growth in revenue and earnings. Our businesses selling into key growth markets such as industrial, electrical utilities, and oil & gas, along with our energy efficient lighting applications, have realized significant customer demand, more than offsetting the continued weak demand in both non-residential and residential construction markets,” said Cooper Industries’ Chairman and Chief Executive Officer Kirk S. Hachigian. “Additionally, we realized our highest Electrical operating profit margin since the peak of 17.2% in the 2nd quarter of 2008 when revenues were 10% higher. The focus on operational efficiency, new products and global growth allowed us to continue to expand margins and profitability.”
Revenue has now gone up for three straight quarters. In the first quarter, revenue rose 4% to $1.28 billion while the figure rose 0.3% in the fourth quarter of the last fiscal year from the year earlier.
The company beat estimates last quarter after being in line with expectations in the first quarter with net income of 84 cents per share.
Gross margins grew 0.7 percentage point to 33.7%. The growth seemed to be driven by increased revenue, as the figure rose 2.4% from the year earlier quarter while costs rose 1.4%.
Competitors to Watch: Acuity Brands, Inc. (NYSE:AYI), TE Connectivity Ltd. (NYSE:TEL), Thomas & Betts Corporation (NYSE:TNB), Dover Corporation (NYSE:DOV), Orion Energy Systems, Inc. (NYSE:OESX), Danaher Corporation (NYSE:DHR), Nexxus Lighting, Inc. (NASDAQ:NEXS), and Littelfuse, Inc. (NASDAQ:LFUS).
(Source: Xignite Financials)