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Operator
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Good day, ladies and gentlemen, and welcome to the third quarter 2008 Cooper Industries Limited earnings conference call.
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My name is Becky, and I will be your coordinator for today.
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At this time, all participants are in a listen-only mode.
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We will be facilitating a question-and-answer session toward the end of the conference.
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(OPERATOR INSTRUCTIONS)
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I would now like to turn the presentation over to your host for today's call, Mr.
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Jon Safran, Director of Investor Relations.
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You may proceed.
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- Director of IR
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Thank you, Becky.
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Welcome everyone to the Cooper Industries's third quarter 2008 earnings conference call.
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With me today is Kirk Hachigian, Chairman and Chief Executive Officer; and Terry Klebe, Senior Vice President and Chief Financial Officer.
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We have posted a presentation on our website that we will refer to throughout the call.
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If you would like to view this presentation, please go to the Investor Center section of our website, www.cooperindustries.com, and click on the hyperlink for Management Presentations.
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As a reminder, comments made during this call may include forward-looking statements under the Private Securities Litigation Reform Act of 1995.
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These statements are subject to various risks and uncertainties, many of which are outside the control of the company, and therefore actual results may differ materially from those anticipated by Cooper.
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A discussion of these factors may be found on the company's annual report on Form 10-K and other recent SEC filings.
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In addition, comments made here may include non-GAAP financial measures.
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To the extent that they have been anticipated, reconciliation of these measures to the most directly comparable GAAP measure are included in the press release and the web presentation.
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And now let me turn the call over to Kirk.
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- Chairman & CEO
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Good morning.
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As many of you know, Cooper is celebrating its 175th year anniversary this year, and as you can imagine, this company has seen its share of economic cycles, technology shifts, war, and general adversity.
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What has allowed great companies such as Cooper to strengthen and build throughout these difficult times are our dedicated and talented employees, our strong process and accountability-based culture, a clear and executable strategy, and our ability to learn and consistently reinvent ourselves based on changing market trends.
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Clearly based on everything we have seen and experienced over the last six weeks, we have entered a period of unprecedented volatility and uncertainty.
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What I can assure the stakeholders of Cooper Industries is that this company is well positioned for these volatile times and we are taking aggressive proactive actions, some discussed today, and other contingency plans that will enable us to address the short-term economic conditions while we allow ourselves to continue to focus on our long-term strategy and maximize long-term shareholder value.
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The exhibits posted on our website for today's call build upon those that we have shown in the past, but have also been modified so we can properly align the investor community with our short-term achievements, and also how we're positioned to respond to the current economic situation.
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If you turn to page 2 of the handout, our team delivered an exceptional third quarter.
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Our total revenues were up 15%, 7% of that core -- again, demonstrating the quality and the breadth of our portfolio.
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Our electrical products group was up 17% -- 8% from the core, 8% from acquisitions, and 1% from foreign exchange, and our tools division delivered plus 1% growth, minus 3% core in a very, very difficult economy.
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We continue to see strong growth in industrial, energy, and utility.
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In fact, those trends remain consistent with the first half of 2008.
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Residential and retail was still weak and commercial sales began to soften.
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We continue to see strong international growth, with now representing 38% of our sales was up 20% in the third quarter.
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Our earnings per share of $0.97 were up 17%, and that was on top of earnings per share growth last year of 20%.
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Electrical products return on sales was 16.4%, down 80 basis points, partially diluted by acquisitions, mix, and steep inventory liquidation.
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Tools return on sales was 11.9%, up 90 basis points and year to date free cash flow was strong at $473 million, up over $100 million from last year.
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And again, we expect 2008 to be our eighth consecutive year where our free cash flow will exceed our net income.
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