Hubbell Inc. (NYSE: HUBA, HUBB), Orange, CT, today reported first quarter sales of $570.5 million, down 3% from first quarter 2009. Revenues from the Burndy acquisition contributed 7 percent to sales. Profit increased 14.2 percent.
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\”The economic environment was generally consistent with our expectations. In our Electrical segment, U.S. non-residential construction continues to experience dramatically lower demand due to tight credit and rising vacancy rates,\” Timothy H. Powers, president and CEO said. \”The industrial maintenance and repair markets have improved in many areas as factory utilization has risen and there has been an increase in capital investments. The residential market appears to have bottomed but the recovery has been slower than anticipated and the growth projections for the year have been tempered.\”
Electrical segment sales increased 2% year-over-year as the impact of Burndy more than offset weaker demand in the Commercial and Industrial lighting businesses and lower high voltage test equipment shipments. Compared to the first quarter of 2009, operating income increased 45% to $40.1 million.
.Hubbell’s Power segment sales decreased by 12% compared to the first quarter of 2009 due to the impact of lower demand for both distribution and transmission products as well as lower storm related shipments. Operating income decreased to $25.6 million compared to $29.6 million reported in the first quarter of 2009. The decrease in operating income was primarily due to unfavorable price and commodity costs and lower volume partially offset by productivity improvements.
Hubbell Inc. is an international manufacturer of electrical and electronic products for a broad range of non-residential and residential construction, industrial and utility applications.
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