Hubbell Inc. (NYSE: HUBA, HUBB), Shelton, CT, reported sales for the first quarter of $759.5 million, an increase of 3 percent over the same period a year ago. Profit declined 3 percent for the electrical distributor, to $64.2 million.
“Despite the lower than anticipated demand to start the year, the relative strength of our March orders gives us cautious optimism about the remainder of the year. We also plan to expand our operating margins by approximately 20 to 30 basis points by remaining focused on executing our productivity and pricing plans to offset all cost increases, which should enable the higher organic volume to drive our margin improvement." said David G. Nord, president and CEO.