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Cooper Industries Reports Core Revenue Up 13%, EPS From Continuing Operations Up 20%

DUBLIN July 21, 2011 $161 million $26 million $135 million $0.16 $0.96 $0.80 $93.7 million $0.55

http://photos.prnewswire.com/prnh/20101214/MM17721LOGO

$197 million $1.37 billion $1.17 billion

Kirk S. Hachigian

$191.7 million $250 million June 30 $529.8 million

Segment Results

Energy & Safety Solutions $751.1 million $614.4 million

$133.5 million $103.7 million

Electrical Products Group $617.8 million $557.6 million

$93.1 million $82.6 million

Tools Joint Venture

July 4, 2010 $14.4 million $21.1 million

Outlook

$3.80 to $3.90 $3.75 to $3.90 $.98 to $1.03

About Cooper Industries

$5.1 billion the United States www.cooperindustries.com

Comparisons of 2011 and 2010 second quarter results appear on the following pages.

Statements in this news release are forward looking under the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include, but are not limited to, any statements regarding future revenues, costs and expenses, earnings, earnings per share, margins, cash flows, dividends and capital expenditures.  Important factors which may affect the actual results include, but are not limited to, political developments, market and economic conditions, changes in raw material, transportation and energy costs, industry competition, the ability to execute and realize the expected benefits from strategic initiatives including revenue growth plans and cost control and productivity improvement programs, the ability to develop and introduce new products, the magnitude of any disruptions from manufacturing rationalizations, changes in mix of products sold, mergers and acquisitions and their integration into Cooper, the timing and amount of any stock repurchases by Cooper, changes in financial markets including currency exchange rate fluctuations, changing legislation and regulations including changes in tax law, tax treaties or tax regulations.

Conference Call

noon EDT www.cooperindustries.com

www.cooperindustries.com

www.cooperindustries.com

For information contact:
Dan Swenson

[email protected]

CONSOLIDAT ED RESULTS OF OPERATIONS

Quarter Ended June 30,

2011

2010

(in millions where applicable)

Revenues

$1,368.9

$1,336.7

Cost of sales

907.1

895.0

Selling and administrative expenses

259.7

255.6

Equity in (income) of Apex Tool Group, LLC

(14.4)

Loss related to contribution of net assets to Tools JV

134.5

Restructuring charges

       –

3.0

Operating earnings

216.5

48.6

Interest expense, net

17.1

11.5

Income before income taxes

199.4

37.1

Income taxes

38.0

(4.5)

Net income

$   161.4

$    41.6

Net Income Per Common share:

Basic

$       .98

$      .25

Diluted

$       .96

$      .25

Shares Utilized in Computation of Income Per Common Share:

Basic

165.4 million

167.8 million

Diluted

167.7 million

169.7 million

PERCENTAGE OF REVENUES

Quarter Ended June 30,

2011

2010

Revenues

100.0%

100.0%

Cost of sales

66.3%

67.0%

Selling and administrative expenses

19.0%

19.1%

Operating earnings

15.8%

3.6%

Income before income taxes

14.6%

2.8%

Net income

11.8%

3.1%

CONSOLIDATED RESULTS OF OPERATIONS (Continued)

Additional Information for the Three Months Ended June 30

Segment Information

Quarter Ended June 30,

2011

2010

(in millions)

Revenues:

Energy & Safety Solutions

$   751.1

$   614.4

Electrical Products Group

617.8

557.6

              Total Electrical Segments

$1,368.9

$1,172.0

Tools

     –

164.7

Total

$1,368.9

$1,336.7

Segment Operating Earnings:

Energy & Safety Solutions

$   133.5

$   103.7

Electrical Products Group

93.1

82.6

     Tools

     –

21.1

Total Segment Operating Earnings

226.6

207.4

General Corporate Expense

24.5

21.3

Equity in (income) of Apex Tool Group, LLC

(14.4)

Loss related to contribution of net assets to Tools JV

134.5

Restructuring charges

3.0

Interest expense, net

17.1

11.5

Income before income taxes

$   199.4

$     37.1

Quarter Ended June 30,

2011

2010

Return on Sales:

Energy & Safety Solutions

17.8%

16.9%

Electrical Products Group

15.1%

14.8%

Total Electrical Segments

16.6%

15.9%

Impact of Unusual Items

Income before
Income Taxes

Income
Taxes

Net Income

Net Income Per
Common Share

Basic

Diluted

Reported three months ended June 30, 2010

$    37.1

$   (4.5)

$   41.6

$  .25

$   .25

Loss related to net assets contributed to JV

134.5

40.8

93.7

.56

.55

Excluding adjustments

$  171.6

$  36.3

$ 135.3

$  .81

$  .80

CONSOLIDATED RESULTS OF OPERATIONS

Six Months Ended June 30,

2011

2010

(in millions where applicable)

Revenues

$2,646.6

$2,565.3

Cost of sales

1,750.8

1,716.1

Selling and administrative expenses

510.6

500.4

Equity in (income) of Apex Tool Group, LLC

(28.9)

Loss related to contribution of net assets to Tools JV

134.5

Restructuring charges

        –

6.5

Operating earnings

414.1

207.8

Interest expense, net

33.4

23.9

Income from continuing operations before income taxes

380.7

183.9

Income taxes

63.5

23.7

Income from continuing operations

317.2

160.2

Income related to discontinued operations, net of income taxes

190.3

          –

Net income

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