Electrical manufacturer Hubbell Incorporated (NYSE: HUBA, HUBB), Shelton, CT, reported sales in the first quarter 2011 were $658.1 million, an increase of 15 percent from the first quarter 2010. Profit was $50.3 million.
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The manufacturer reported "commodity costs headwinds" in the quarter, reducing operating margins by about 1 percentage point. The manufacturer announced broad price increases in the quarter but does not expect to realize the benefits of those increases until later in the year.
Incoming orders were modestly higher than expected in the quarter, with strength in both the Electrical and Power segments. Strength in the Electrical segment was led by industrial products. And U.S. nonresidential construction benefited from demand for renovation and relight products, according to Hubbell.
Electrical segment sales in the first quarter of 2011 increased 14 percent to $466.1 million compared with the first quarter of 2010.
Hubbell's Power segment sales in the first quarter of 2011 increased 19 percent to $192 million compared with the first quarter of 2010. The increase was due to higher demand for both distribution and transmission products.
