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COOPER REPORTS THIRD-QUARTER SHARE EARNINGS OF 71 CENTS, NINE-MONTH EARNINGS ARE SLIGHTLY AHEAD OF LAST YEAR'S

 COOPER REPORTS THIRD-QUARTER SHARE EARNINGS OF 71 CENTS,
 NINE-MONTH EARNINGS ARE SLIGHTLY AHEAD OF LAST YEAR'S
 HOUSTON, Oct. 29 /PRNewswire/ -- Cooper Industries, Inc. (NYSE: CBE) reported 1992 third-quarter share earnings of 71 cents, down from 76 cents in the same period of 1991. Net income for the quarter was $94.2 million on revenues of $1.48 billion, compared with net income of $98.8 million on revenues of $1.51 billion in 1991.
 For the first nine months of 1992, share earnings rose to $2.12, compared with $2.09 last year. Net income increased to $280.6 million from $272.6 million in the same period of 1991. Revenues were $4.52 billion, compared with $4.61 billion in the nine-month period of the previous year.
 Chairman and Chief Executive Officer Robert Cizik said, "While it is difficult to report a decline in quarterly earnings after 36 consecutive quarters of increases, we are gratified that Cooper was able to perform as well as it did in this tough, worldwide economic environment. Even under the present market conditions, 1992 still should be a very good year for Cooper. We expect earnings to be modestly below last year's record results -- by about 3 percent. We see this as only a brief pause in our pursuit of continuously higher earnings," he said.
 The company's net results for the third quarter include approximately $22 million of nonrecurring income, as well as a one-time, $15-million income tax expense reduction. Cizik said, "In anticipation of a continuing slow-growth global economy, we have accelerated consideration of a number of productivity improvement, consolidation and asset disposition programs. We have decided to implement several programs that were contemplated for later in the 1990s, resulting in a provision of $37 million, net of tax, which offsets the favorable effect of these gains.
 "We are continuing our strategy of investing in operational improvements to benefit the company over the long term," he explained. "For that reason, we are providing for efficiency improvement programs rather than augmenting short-term results."
 Cizik said the slightly lower revenues for the third quarter reflected continued deterioration in demand for the company's tools, hardware, industrial machinery and petroleum equipment. "The performance of certain domestic markets remains a disappointment. While overall activity is mixed, many of the markets that we serve are weak. At the same time, several of our international markets are depressed."
 The weakness in consumer spending and durable goods production in North America and Europe has affected demand for hand and air tools, drapery hardware and air compressors. Continued spending for industrial and commercial renovation and repair has modestly aided sales of electrical products and some hand tools. The recovery of residential housing and industrial activity, however, has not been robust enough to boost demand for electrical power distribution products.
 Domestic petroleum exploration remains depressed, affecting sales for an important component of Cooper's Petroleum & Industrial Equipment segment. Demand from the automotive aftermarket, however, has been relatively constant, Cizik said.
 "We took early actions to adjust to the deterioration in the general economy and have been able to offset much of the cumulative effects of the softness in demand," he said. "However, it has not been possible to make up completely during the near term for steep market declines in two of our five business segments -- Tools & Hardware and Petroleum & Industrial Equipment," he explained.
 Reduced interest expense, attributable to both lower interest rates and
debt levels, added to earnings in the quarter. The company's tax rate was significantly lower, as well, because of the one-time income tax expense reduction. This resulted from a reassessment of tax accruals on unremitted foreign income.
 "We are moving forward with investments in our plants, processes and people to improve our productivity and our competitive stance. We are in a position to continue performing well in this challenging environment and will benefit from an eventual upturn in our markets," Cizik concluded.
 COOPER INDUSTRIES, INC.
 (In millions, except share data)
 Three Months Ended September 30,
 1992 1991
 Revenues $1,484.9 $1,508.1
 Costs and Expenses:
 Cost of Sales 1,028.0 1,009.4
 Depreciation and Amortization 68.5 64.6
 Selling and Administrative 235.7 227.1
 Interest Expense 27.6 38.7
 1,359.8 1,339.8
 Income before Income Taxes 125.1 168.3
 Taxes on Income 30.9 69.5
 Net Income 94.2 98.8
 Preferred Dividends 13.2 12.8
 $ 81.0 $ 86.0
 Net Income Per Common Share:
 Primary $ .71 $ .76
 Fully Diluted $ .71 $ .76(A)
 Shares Utilized in Computation
 of Net Income Per Common Share:
 Primary 113,850,000 112,745,000
 Fully Diluted 113,978,000 131,097,000(A)
 (A) The computation of fully diluted earnings per share for the quarter assumes the conversion of the 7 percent debentures and the $1.60 preferred stock to common stock. As a result, interest on the debentures, net of tax, is added back to net income and preferred dividends are not deducted in this computation.
 COOPER INDUSTRIES, INC.
 (In millions, except share data)
 Nine Months Ended September 30,
 1992 1991
 Revenues $4,522.4 $4,607.2
 Costs and Expenses:
 Cost of Sales 3,085.6 3,115.2
 Depreciation and Amortization 204.9 192.3
 Selling and Administrative 703.5 709.6
 Interest Expense 88.4 125.3
 4,082.4 4,142.4
 Income before Income Taxes 440.0 464.8
 Taxes on Income 159.4 192.2
 Net Income 280.6 272.6
 Preferred Dividends 39.6 38.0
 $ 241.0 $ 234.6
 Net Income Per Common Share:
 Primary $ 2.12 $ 2.09
 Fully Diluted $ 2.12 $ 2.09
 Shares Utilized in Computation
 of Net Income Per Common Share:
 Primary 113,792,000 112,203,000
 Fully Diluted 113,792,000 112,248,000
 Cooper Industries, with 1991 revenues of $6.2 billion, is a diversified, worldwide manufacturer of electrical products, electrical power equipment, tools and hardware, automotive products, and petroleum and industrial equipment.
 -0- 10/29/92
 /CONTACT: Ellen H. Myers, director, corporate communications of Cooper Industries, Inc., 713-739-5423/
 (CBE) CO: Cooper Industries, Inc. ST: Texas, Pennsylvania IN: OIL SU: ERN


PS -- NY041 -- 6546 10/29/92 11:49 EST
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