NEW YORK (Reuters) - Electrical products and tool maker Cooper Industries Ltd. reported a 45 percent drop in quarterly profit yesterday that still beat Wall Street forecasts, and said cost cuts supported profit even as sales came in at the low end of its expectations.

Cooper's net earnings were $89.3 million, or 53 cents per share, compared with $161.9 million, or 92 cents per share a year earlier.

Excluding a restructuring charge, Cooper earned 58 cents a share, two cents above analyst estimates, according to Reuters Estimates.

Revenue fell 26 percent to $1.27 billion, compared with Wall Street forecasts for $1.31 billion.

Houston-based Cooper said it expects 2009 profit from continuing operations in a range of $2.30 to $2.50 per share, reducing the top end of its forecast by 10 cents.

Analysts were looking for $2.34 a share.