Cooper Industries raises 2008 profit target

Cooper Industries Ltd., a supplier of electrical fuses, lighting fixtures and other products, lifted its 2008 earnings forecast Thursday in anticipation of growth and productivity gains.

The company now expects annual earnings to increase 15 percent to 18 percent, to $3.61 per share to $3.71 per share. That estimate excludes a per-share charge of 59 cents for unusual items in the prior year.

Analysts polled by Thomson Financial, on average, expect annual profit of $3.59 per share. Those estimates generally exclude one-time items.

Yearly revenue is expected to climb 12 percent to 14 percent, which would put it between $6.61 billion and $6.73 billion. Analysts predict annual revenue of $6.61 billion.

In April, Cooper Industries predicted 2008 earnings growth of 12 percent to 16 percent, to $3.51 per share to $3.65 per share. It had forecast annual revenue growth of 10 percent to 13 percent, implying $6.49 billion to $6.67 billion.

For the third quarter, the company expects earnings of 92 cents to 97 cents per share, and revenue growth of 12 percent to 15 percent, suggesting revenue of $1.68 billion to $1.73 billion.

Analysts forecast third-quarter earnings of 93 cents per share on revenue of $1.68 billion.

Shares of Cooper Industries rose 91 cents, or 2.1 percent, to $44.37 in afternoon trading.