Eaton announces earnings following shareholders’ go-ahead for Cooper acquisition

Eaton Corp. (NYSE: ETN) reported revenue of $3.95 billion in the third quarter of 2012 yesterday, less than a week after shareholders approved the pending acquisition of Cooper Industries plc (NYSE: CBE), which has a division headquartered in Salina.

Cleveland–based Eaton’s revenue was down 4 percent from the third quarter of 2011 and translated into income per share of $1.02. Net income totaled $345 million, down from $365 million in the third quarter of 2011, while operating earnings fell to $363 million from $367 million.

The earnings report follows shareholders at both Eaton and Dublin, Ireland–based Cooper voting Oct. 26 to approve the companies’ acquisition agreement. Eaton first revealed plans to acquire Cooper in an $11.8 billion deal in May.

“We are pleased that Eaton’s and Cooper’s shareholders approved the Cooper acquisition last Friday,” Eaton Chairman and CEO Alexander Cutler said in a news release. “We are awaiting two additional regulatory approvals and expect the acquisition to close in the fourth quarter.”

Cooper released its own third-quarter earnings on Oct. 19. Its revenue climbed to $1.5 billion, up from $1.39 billion in the same quarter last year. Earnings per share tallied $1.16, and net income was $188.4 million, up from $160.2 million. Operating earnings notched $254.9 million, a year-over-year increase from $205.3 million.

The company’s Cooper Crouse-Hinds division, which produces electrical equipment for harsh and hazardous environments, is headquartered at the corner of Wolf Street and 7th North Street in Salina. Eaton and Cooper plan to reincorporate in Ireland under a new holding company, Eaton Corp. plc, once the acquisition is complete.

Contact Seltzer at rseltzer@cnybj.com