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Profit for the second quarter was $36.9 million, 60.5 percent more than second quarter 2009.
“We’ve had notable success leveraging increased global demand for electrical products with our sales, marketing and product development initiatives targeted at faster-growing vertical markets," said Dominic J. Pileggi, CEO. "In addition, our recent acquisitions are contributing as anticipated and we continue to carefully manage discretionary spending and leverage our Lean manufacturing footprint.”
Second quarter 2010 Electrical segment sales increased 15.8 percent to $443.9 million. Excluding acquisitions, year-over-year sales increased 9 percent. Favorable foreign currency benefited sales by 3 percent and price was negligible. Factors contributing to the year-over-year volume increase included: a recovery in global industrial MRO spending; improving residential construction in North America; steady activity in U.S. institutional and infrastructure construction; and slightly improved global demand for utility distribution products.
Electrical segment earnings were $86.9 million, or 19.6 percent of sales in the quarter, compared to $58.8 million or 15.3 percent of sales last year. Higher industrial product sales, improved volumes and the impact from prior-year right-sizing activities contributed to the earnings improvement.
Second quarter 2010 Steel Structures sales were $49.6 million, compared to $55 million last year. Segment earnings were $8 million, or 16.2 percent of sales, in line with expectations. This compares to $12.1 million, or 22.1 percent of sales in the second quarter last year when the company experienced an exceptionally favorable project mix.
HVAC segment sales were $21 million in the quarter compared with $22.7 million last year. HVAC segment earnings were $2.3 million, or 11.0% of sales, compared to $2.6 million, or 11.3 percent of sales, last year.