EmailCooper Industries (CBE $47.45 -0.76) expects to see third quarter
earnings of $0.94 to $0.98 versus the $1.02 Capital IQ Consensus Estimate;
expects revenue to grow 9% to 12% year/year, which calculates to approx. $1.35
billion to $1.39 billion versus the $1.38 billion consensus; sees fiscal year
2011 earnings of $3.75 to $3.82 per share versus the $3.95 consensus.
"Although we are disappointed in the reduced expectations for Q3 and full year
2011, our Q3 expected EPS reflects a strong increase of 11-15% versus the Q3 of
2010, and our full year EPS results, on a continuing basis, are a record
performance for the co and a 17% increase over 2010 at the mid-point of our
guidance."
This modification of guidance is a result of: Sales softness in residential and
commercial-facing businesses, replaced by acquisition sales without a
corresponding income benefit due to purchase accounting; Softness in our
Bussmann Electronics business; Increased restructuring related spending of
approximately $4 million; Margin pressures in the EPG Segment resulting from
material inflation; Production shortfalls resulting from restructuring
activities and component availability issues at a specific business; The above
factors being partially offset by positive sales results for the industrial
businesses, including the oil and gas vertical market, and continued strength in
emerging markets.
than one year.
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