Hubbell Inc. (NYSE: HUBA, HUBB), Shelton, CT, reported sales for the fourth quarter 2011 were $740 million, up 16 percent from the prior-year period. Profit was $70 million.
Sales for the full year 2011 were $2.9 billion, up 13 percent. Profit was $267.9 million.
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“Our incoming orders in the fourth quarter remained well above the prior year,” said Timothy H. Powers, president and CEO. “Higher demand in the utility market was driven by the continuation of increased transmission related project spending. The industrial market was strong led by our harsh and hazardous businesses. New construction spending in the U.S. non-residential market was lower but was more than offset by higher demand for renovation and relight projects, including LED related products. The residential market remained weak although we are encouraged by early signs of a modest recovery.”
Key growth areas for Hubbell were utility, oil and gas and energy efficient lighting for renovation and relighting.
Electrical segment sales in the fourth quarter of 2011 increased 14 percent to $513.6 million. The sales increase was broad-based, while price realization and acquisitions added 2 percent and 1 percent, respectively, to sales in the quarter.
Hubbell’s Power segment sales in the fourth quarter of 2011 increased 20 percent to $226.4 million. The increase was due to stronger demand for transmission related projects as well as higher international demand. In addition, price realization contributed 3 percent to sales in the quarter.
