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Home » Hubbell Sales Fall 9% in Fourth Quarter

Hubbell Sales Fall 9% in Fourth Quarter

By    MDM  Staff 
January 28, 2010
More about:  Electrical/Electronics
Sales increases for the electrical and electronics manufacturer were boosted by the recent acquisition of Burndy.
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Hubbell Inc. (NYSE: HUBA, HUBB), Orange, CT, reported sales for the fourth quarter were $591.9 million, a decrease of 9% compared to the year ago period. The recent acquisition of Burndy, completed at the beginning of the fourth quarter, contributed 7% to sales. Profit increased 7% to $49.6 million.

Sales for the full year 2009 were $2.36 billion, down 13% compared to 2008. Profit declined 19% to $180.1 million.

Electrical segment sales in the fourth quarter decreased 5% year-over-year with continued broad based weakness partially offset by acquisitions and favorable foreign currency translation. The acquisition of Burndy in the fourth quarter of 2009 and Varon in December of 2008 contributed 12% to net sales while foreign currency translation increased sales by approximately 2%. Compared to the fourth quarter of 2008, operating income increased 19% to $53.3 million.

Hubbell's Power segment reported a 20% decrease in sales compared to the fourth quarter of 2008 due to weaker underlying demand for both distribution and transmission products. Operating income decreased 5% to $26.2 million.

Hubbell Inc. is an international manufacturer of electrical and electronic products for a broad range of non-residential and residential construction, industrial and utility applications.

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