6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
Year to date, sales were $1.41 billion, down 25.8%. Profit fell 67.5% to $80.8 million.
Year-over-year sales decreases primarily reflect continuing weakness in global demand for electrical products used in construction, industrial maintenance and power distribution as well as commercial heating products. The stronger U.S. dollar negatively impacted sales by approximately $19 million, or 3%, in the quarter.
Third quarter Electrical segment sales were $410.9 million, down 29% year over year. Foreign currency contributed $19 million, or 3%, to the sales decline. Volumes were lower across all market segments and geographies. Electrical segment earnings were $78.3 million or 19% of sales in the quarter.
Steel Structures segment sales were $50.9 million in the third quarter, down 8.6%. Segment earnings improved to $10.1 million compared to $9.0 million last year, largely due to favorable project mix.
HVAC segment sales declined to $23.3 million, 25.3% lower than the prior year. HVAC earnings were $3.2 million down from $5.3 million in third quarter 2008.