Cooper Industries Ltd., Houston, reported that third-quarter profits rose 34 percent. Third-quarter earnings increased to $171.9 million from $128.2 million in the prior year. Quarterly revenue rose 14 percent to $1.50 billion, compared with $1.31 billion in the third-quarter of 2006.
Electrical Products segment revenues for the third quarter of 2007 increased 15 percent to $1.30 billion, compared with $1.13 billion in the third quarter of 2006. Segment operating earnings were $224.2 million, an increase of 20 percent from $186.4 million in the prior year’s third quarter.
The increase in revenues for the electrical products segment continued to reflect strength in the utility and industrial markets, strong international growth and solid growth in U.S. nonresidential construction markets. As anticipated, the U.S. residential markets continued to be soft. In August, the company acquired Illinois-based io Lighting, a dedicated light-emitting diode lighting fixture company, and Vermont-based Powerline Communications Inc., a manufacturer of digital lighting control panels. In October, the company announced a joint venture with the Nature Science and Technology Co., a medium voltage indoor switchgear manufacturer based in Zhejiang province, China.