Thomas & Betts Corp.,
The year-over-year increase in sales was driven largely by acquisitions, which accounted for $314 million of the increase. Price increases related to higher commodity and energy costs helped to offset lower underlying sales volumes. Foreign currency benefited sales by approximately $19 million.
Fourth quarter sales were $571.3 million, down 5.2% on a year-over-year basis. The sales decline is largely due to significantly lower sales volumes and the dramatic appreciation of the U.S. dollar versus other global currencies. Profit was $17.1 million, down 64.6%.
Thomas & Betts is a designer and manufacturer of electrical components used in industrial, commercial, communications and utility markets.