UPDATE 1-Cooper profit beats forecasts, emerging mkts strong

NEW YORK, July 22 (Reuters) - Cooper Industries plc (CBE.N), a maker of electrical products for utilities, manufacturing and other markets, reported a better-than-expected profit on Thursday, citing strong industrial markets and demand from emerging economies.

Net earnings fell to $41.6 million, or 25 cents per share, compared with $89.3 million, or 53 cents per share a year earlier.

But the results included a large charge related to the company's tools venture with Danaher Corp (DHR.N). Absent that charge, Cooper earned 80 cents a share, 4 cents above analyst estimates, according to Thomson Reuters I/B/E/S.

Revenue rose 5 percent to $1.34 billion, also above Wall Street forecasts.

Cooper said it remained cautious about the economic recovery, but raised its full-year forecast for operating profit to a range of $2.95 to $3.10 per share. In April, Cooper had forecast 2010 profit of $2.85 to $3 a share; analysts expected $3.08. (Reporting by Nick Zieminski, editing by Maureen Bavdek)