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Hubbell: Industrial, Residential Products Offset Nonresidential Weakness

Electrical manufacturer Hubbell Inc. (NYSE: HUBA, HUBB), Shelton, CT, reported sales in the second quarter 2010 were $646.4 million, an increase of 11 percent from the prior-year period.

Profit in the second quarter of 2010 was $57.6 million versus $39.4 million reported in the second quarter of 2009.

For the first six months of 2010, sales were $1.2 billion, an increase of 4 percent compared to the same period last year. Profit in the first six months of 2010 was $96.2 million, an increase of 31 percent.

The Burndy acquisition added 9 percent to sales in the quarter. Organic sales were still up slightly from the prior-year period. Increased demand for industrial and residential products offset weak demand for non-residential construction products.

Electrical segment sales in the second quarter of 2010 were $458.4 million compared to $397 million reported in the second quarter of 2009. Increased sales of industrial and residential products were offset by weaker demand in the commercial and industrial lighting markets.

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