Posted January 26, 2010
Cooper posts 22.3% revenue decline
Cooper Industries plc reported 2009 revenues of $5.1 billion, a 22.3 percent decrease from the $6.5 billion in revenues for 2008.
“Our employees rapidly and efficiently right-sized our businesses for the economic challenges faced in 2009, allowing the company to improve earnings sequentially in the fourth quarter. As we begin to see growth in several of our end markets, our businesses are very well positioned to capitalize on the improvements with exceptional earnings growth,” said Cooper Industries’ Chairman and Chief Executive Officer Kirk S. Hachigian.
Core revenues were 20.9 percent lower than the comparable prior year period with currency translation reducing reported revenue by 2.0 percent and acquisitions adding 0.6 percent to reported revenues for 2009. For 2009 income from continuing operations was $425.2 million, compared with $630.8 million for the prior year.
The Electrical Products segment revenues for the fourth quarter of 2009 decreased 18.8 percent to $1.10 billion, compared with $1.36 billion in the fourth quarter 2008. Segment operating earnings were $171.2 million, a decrease of 14 percent from the $198.1 million in the prior year’s fourth quarter. Revenues for 2009 decreased 21.6 percent to $4.51 billion, compared to $5.76 billion for last year.
Tools segment revenues for the fourth quarter of 2009 were $153.5 million, down 7 percent from 2008 fourth quarter revenues of $165.1 million. Segment operating earnings were $12.7 million, compared to the fourth quarter 2008 earnings of $17.5 million. Revenues for 2009 decreased 27.2 percent to $557.7 million, compared to $765.6 million for last year. Segment operating earnings excluding restructuring charges for 2009 were $18.5 million compared to operating earnings of $81.1 million in the prior year.
