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Hubbell Inc. (NYSE: HUBA, HUBB), Shelton, CT, reported sales for the third quarter of $789.7 million, an increase of 3 percent over the same period a year ago. Profit increased 5.2 percent for the electrical distributor, to $87.6 million.
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For the first nine months, sales were $2.3 billion, an increase of 7.5 percent. Profit rose 14.8 percent to $229.2 million.
“Looking at our end markets, we experienced a slower economy than anticipated during the third quarter. The U.S. non-residential new construction market appeared to get weaker and we have yet to see any meaningful improvement in this area,” said Timothy H. Powers, CEO.
“North American electrical utility demand increased due to the strength of transmission projects while international and construction markets weakened. Industrial demand was mixed with continued higher growth in the energy related industries while our MRO related industrial businesses slowed,” Powers said.