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Cooper Industries Ltd. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 5, 2012 03:07PM

Cooper Industries Ltd. (CBE) filed Quarterly Report for the period ended 2012-09-30. Cooper Industries Plc. has a market cap of $11.86 billion; its shares were traded at around $77.54 with a P/E ratio of 16.9 and P/S ratio of 2.2. The dividend yield of Cooper Industries Plc. stocks is 1.7%. Cooper Industries Plc. had an annual average earning growth of 7.8% over the past 10 years. GuruFocus rated Cooper Industries Plc. the business predictability rank of 4-star.



Highlight of Business Operations:

Revenues for the third quarter of 2012 increased 7.8% compared to the third quarter of 2011. Core revenues in the third quarter of 2012 were 6.7% higher than the prior year with acquisitions increasing comparable revenues by 2.6% in 2012. Currency translation decreased reported revenues by approximately 1.5% in the third quarter of 2012.

Income from continuing operations for the nine month period ended September 30, 2012 was $538.1 million on revenues of $4,370.8 million compared with income from continuing operations in the nine month period ended September 30, 2011 of $477.4 million on revenues of $4,036.3 million. Diluted earnings per share from continuing operations were $3.33 in the nine month period ended September 30, 2012 compared to $2.87 in the same period of 2011. Reported income from continuing operations for the nine month period ended September 30, 2011 was increased by $9.7 million or $.06 per share for discrete tax adjustments related to the settlement of the discontinued operations asbestos liability that was required under accounting principles to be classified in continuing operations.

Revenues for the nine month period ended September 30, 2012 increased 8.3% compared to the nine month period ended September 30, 2011. Core revenues for the nine month period ended September 30, 2012 were 6.4% higher than the prior year. Acquisitions increased comparable revenues in the nine month period ended September 30, 2012 by 3.2% with currency translation decreasing reported revenues by approximately 1.3%.

Energy & Safety Solutions segment selling and administrative expenses, as a percentage of revenues for the nine month period ended September 30, 2012, was 16.8% compared to 16.3% for the same period in 2011. Higher environmental and legal costs increased 2012 selling and administrative expenses, as a percentage of revenues by approximately 0.4%. The remaining increase in selling and administrative expenses as a percentage of revenues was the result of investments in resources designed to improve global growth and higher than average selling and administrative expenses from newly acquired businesses that was partially offset by the favorable impact of 7.6% higher comparable revenue levels in 2012.

The effective tax rate from continuing operations was 19.3% and 16.2% for the nine month periods ended September 30, 2012 and 2011, respectively. Income tax expense from continuing operations was reduced by $8.0 million during the nine month period ended September 30, 2012 for discrete tax adjustments related to the resolution of certain foreign tax matters. Income tax expense from continuing operations was reduced by $9.7 million during the nine month period ended September 30, 2011 for discrete tax adjustments related to the settlement of the discontinued operations asbestos liability that was required under accounting principles to be classified in continuing operations. Excluding these discrete tax adjustments, Cooper’s effective tax rate for the nine month periods ended September 30, 2012 and 2011 was 20.5% and 17.9%, respectively. The increase in the effective tax rate is primarily related to an increase in earnings without a corresponding relative increase in tax benefits and the impact from finalization of prior year tax benefits.

Read the The complete Report



Stocks Discussed: CBE,
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