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On April 23, 2009, Cooper Industries ( CBE) reported that its Q1 FY09 earnings dropped 34.7% on declining revenues caused by weakening market conditions. Net income for Q1 FY09 declined to $100.10 million or $0.59 per share from $153.40 million or $0.86 per share in Q1 FY08. Earnings included a pre-tax restructuring charge of $8.80 million or $0.04 per share relating to reductions in workforce. Excluding these items, income from continuing operations was $81.20 million or $0.48 per share, which beat the most recent consensus estimate of $0.46 per share.

Revenue diminished 18.7% to $1.26 billion from $1.55 billion a year ago, due to 4.0% negative impact from foreign currency translation, offset by acquisitions that contributed 2.0% to total revenue. Segment-wise, revenue from the Electrical Products segment slipped 17.0% to $1.13 billion from $1.36 billion. Electrical Products' core revenue declined due to unfavorable currency translation of 3.7%. The Tools segment's revenue plunged 31.5% to $126.30 million from $184.50 million a year ago, due to declining industrial, retail, and automotive demand.

CBE announced the acquisition of Illumination Management Solutions Inc. (IMS) for specialized optics and system design used in light-emitting diode (LED) fixtures. In addition, the company announced plans to cut around 650 jobs as part of its restructuring strategy to curb costs.

Looking forward to Q2 FY09, CBE expects earnings per share from continuing operations in the range of $0.50 to $0.60. Revenues are expected to decline in the range of 21.0% to 26.0%. For 2009, the company updated its earnings per share guidance from continuing operations to decline in the range of $2.30 to $2.60, compared to previous forecast of $2.45 to $2.80. Revenues are forecast to decline in the range of 17.0% to 21.0% over FY08 levels.