Tuesday, Cooper Industries plc (CBE) reported fourth-quarter net income of $128.8 million or $0.76 per share, compared to net income of $111.1 million or $0.65 per share in the same quarter last year.
Excluding items, earnings for the quarter was $0.76 per share, compared to $0.84 per share in the comparable quarter last year.
On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.67 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter decreased 17.5% to $1.26 billion, from $1.52 billion in the year ago quarter. Analysts expected the company to report revenue of $1.25 billion for the quarter.
Looking ahead to the first quarter, the company expect earnings excluding items in the range of $.65 - $.70 per share. Revenue is expected to be down 3% - up 2% compared to both the first quarter and sequentially with the fourth quarter results. Analysts currently anticipate the company to earn $0.59 per share on revenue of $1.23 billion for the quarter.
For the full year 2010 the company expects earnings from continuing operations excluding items in the range of $2.70 - $2.90 per share. Revenue is expected to be down 1% - up 4%, including currency translation and acquisition revenue of approximately 2%. Analysts currently anticipate the company to earn $2.42 per share on revenue of $5.08 billion for the full year.
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