Cooper increases job cuts to 2,200 as profit falls

Electrical products and tool maker Cooper Industries Ltd (CBE.N) reported lower quarterly profit on Tuesday, reflecting weakening industrial and construction markets and said 2009 profit will be below Wall Street's expectations.

The Houston-based company said all of its markets and geographic regions were weak, with particular weakness in industrial markets, and said it has increased job cuts to more than 2,200 people from the 1,000 it planned earlier.

Net earnings fell 38 percent to $111.1 million, or 65 cents per share, from $179.3 million, or 98 cents per share a year earlier.

Earnings from continuing operations were 84 cents per share, according to Reuters Estimates, ahead of Wall Street estimates of 71 cents.

Revenue slipped 1 percent to $1.52 billion, slightly below Wall Street forecasts.

Cooper estimated 2009 earnings from continuing operations in a range of $2.45 to $2.80 per share, below analysts' estimate of $2.86 per share, according to Reuters Estimates.

Source : Reuters
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