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Thomas & Betts Corp. (NYSE: TNB) reported a 13.4 percent increase in sales for the fourth quarter 2011 to $603.6 million. Organic sales growth was 11 percent. Earnings from continuing operations for the quarter was $52.8 million.
Thomas & Betts just announced it would be acquired by ABB.
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Full year 2011 sales were up 14.6 percent to $2.3 billion. Organic sales growth was 9 percent of that increase. Profit was $187.5 million.
Electrical segment sales increased 7.8 percent year-over-year to $477.2 million in the fourth quarter. Organic sales growth accounted for substantially all of the increase. Electrical segment earnings were $96.9 million in the quarter.
For the full year 2011, Electrical segment sales increased 13.5 percent to $1.9 billion. Organic sales growth accounted for approximately 8 percent of the increase. Electrical segment earnings were $387 million for the full year 2011.
Fourth quarter Steel Structures segment sales increased 39.6 percent to $74.2 million, driven by higher demand and improved pricing as utilities have increased spending on electrical transmission projects. Segment earnings were $11.6 million.
Full year 2011 Steel Structures sales were $250.8 million, up 14 percent from 2010, largely as a result of higher demand and pricing in the second half of the year as utilities refocused on improving the reliability of and expanding the transmission grid. Segment earnings for the full year were $30.7 million.
HVAC segment sales were $52.2 million in the fourth quarter, up 43.1 percent year over year largely as a result of an acquisition in the third quarter. Excluding the acquisition, HVAC sales increased 3 percent, largely as a result of improved volumes. HVAC segment earnings were $10.8 million.
For the full year, HVAC segment sales increased 33.7 percent to $141.5 million, including organic sales growth of over 9 percent. Full year segment earnings were $22.3 million.
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