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Thomas & Betts Corp. (NYSE: TNB), Memphis, TN, today reported an 11.5 percent increase in sales and a 47.7 percent increase in profit for the fourth quarter 2010. Sales in the quarter were $532.5 million, and profit was $40 million.
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Acquisitions accounted for 7.5 percent of the sales increase while organic sales growth accounted for 5 percent. Price negatively impacted sales by 1 percent in the quarter while the impact of foreign currency was negligible.
Full-year 2010 sales increased 9.4 percent to $2 billion. Acquisitions accounted for 5.4 percent of the sales increase while organic sales growth accounted for approximately 4 percent. Full-year profit increased 34.9 percent to $145.6 million.
Fourth quarter Electrical segment sales increased 17.8 percent to $442.9 million. Organic sales grew 9 percent, driven by higher industrial and utility distribution volume. For the full year 2010, Electrical segment sales increased 12.8 percent to $1.7 billion, with organic sales growing 4 percent.
Fourth quarter 2010 Steel Structures sales were $53.1 million, down 20.3 percent compared to the prior-year period. Full year 2010 Steel Structures sales were $219.9 million, down 6.2 percent from the full year 2009.
Fourth quarter 2010 HVAC segment sales increased 4.6 percent to $36.5 million compared to $34.9 million last year. For the full year, HVAC segment sales decreased 3.7 percent to $105.8 million largely as a result of continued declines in commercial activity.