Cooper Industries profit beats estimates
(Reuters) - Cooper Industries Plc CBE.N, the electrical products maker that agreed to a takeover by Eaton Corp, reported higher-than-expected quarterly profit and sales, helped by lighting demand in North America and growth in international energy projects.
Net earnings in the third quarter rose 18 percent to $188.4 million, or $1.16 per share, compared with $160.2 million, or 98 cents per share, a year ago, it said on Friday.
The results beat the average analyst estimates by 2 cents, according to Thomson Reuters I/B/E/S.
Sales increased 8 percent to $1.50 billion, also ahead of expectations. U.S. and Canada sales were up slightly while Western Europe was down.
Sales grew by double digits in developing economies, including Latin America and China. Electronics and utility markets revived in China, Cooper said.
Cooper, which has agreed to an $11.8 billion acquisition by industrial conglomerate Eaton (ETN.N), said it would no longer forecast results. A shareholder vote on the deal is set for next week.
(Reporting by Nick Zieminski in New York; Editing by Gerald E. McCormick and Jeffrey Benkoe)
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