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Hubbell (NYSE: HUBA, HUBB), Shelton, CT, reported full year sales of $3.2 billion for 2013, an increase of 5 percent from 2012. Profit was $326.5 million, an increase of 9 percent.
Sales for the fourth quarter were $806.6 million, an increase of 7 percent from the same period a year ago. Profit increased 14 percent to $82 million.
"Turning to 2014, third party forecasts for our end markets suggest a better environment than we experienced in 2013," said David G. Nord, president and CEO of Hubbell. "We expect the nonresidential market for new construction to improve, the industrial markets to expand and the residential market to remain strong. The utility market is expected to remain challenging in the near term where overall demand is anticipated to be flat."