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Electrical and electronics manufacturer Hubbell Inc. (NYSE: HUBA, HUBB), Shelton, CT, reported sales for the fourth quarter were $639.3 million, an increase of 8 percent compared to fourth quarter 2009. Profit was $49.7 million, flat in a year-over-year comparison.
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For the full year 2010, sales were $2.5 billion, up 8 percent compared to 2009. Profit increased 21 percent to $217.2 million.
Electrical segment sales in the fourth quarter increased 3 percent to $449.9 million, primarily due to higher demand for industrial products. Compared to the fourth quarter of 2009, operating income increased 19 percent to $63.6 million, or 14.1 percent of net sales.
Fourth-quarter power segment sales increased 22 percent to $189.4 million, due to higher demand for both distribution and transmission products. Operating income increased 5 percent to $27.4 million, or 14.5 percent of net sales.