Hubbell Inc. (NYSE: HUBA, HUBB), Shelton, CT, reported second-quarter sales of $709.2 million, an increase of 10 percent over the second quarter of 2010. Profit increased 13 percent to $65.2 million.
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For the first six months of 2011, sales were $1.4 billion, an increase of 12 percent compared to the same period last year. Profit was $115.5 million, a year-over-year increase of 20 percent.
\”Looking at our end markets, we experienced continued strong demand for both utility and industrial products. The U.S. non-residential construction market was lower with continued weak demand for private new construction while the public sector spending declined due to stimulus related projects slowing and municipal budgets remaining constrained,\” says Timothy H. Powers, president and CEO.
\”However, the non-residential market is continuing to benefit from strong demand for renovation and relight products. The residential market remains weak as a lack of improvement in employment levels and a continued high number of home foreclosures have dampened the recovery,\” he says.
Electrical segment net sales in the second quarter increased 9 percent to $497.9 million. The sales increase was broad based and led by higher demand for industrial products, while residential sales declined.
Hubbell’s Power segment sales in the second quarter increased 12 percent to $211.3 million. The increase was due to higher demand for both distribution and transmission products.
