Thomas & Betts Corp. (NYSE:TNB), Memphis, TN, reported third quarter 2011 sales of $604.4 million, up 16.6 percent compared to 2010 including $23.2 million in sales from acquisitions.
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Excluding acquisitions, year-over-year sales increased over 12 percent. Increased volumes in the Electrical and HVAC segments and increased pricing across all segments accounted for approximately 9 percent of the sales growth.
Profit from continuing operations was up 32 percent in the third quarter to $54.3 million.
Electrical segment sales increased 14 percent year-over-year to $500.7 million in the quarter. Excluding acquisition and foreign currency impacts, sales rose nearly 8 percent driven by increased demand in our industrial, construction and utility end markets and commodity-related price increases. A prior-year acquisition contributed slightly more than 2 percent of the sales growth with the balance attributable to favorable foreign currency.
Third quarter Steel Structures segment sales were $66.9 million, up 16.9 percent year over year largely as a result of commodity-related price increases. Segment earnings were $10.5 million or 15.7 percent of sales, in line with expectations, but lower than 2010 as a result of a more competitive pricing environment.
HVAC segment sales were $36.8 million in the quarter compared to $21.8 million last year. The current quarter acquisition of the AmbiRad Group, a privately held U.K. manufacturer of specialty HVAC products, contributed $11.8 million to year-over-year sales growth. Excluding the AmbiRad acquisition, HVAC sales increased nearly 15 percent on improved volumes and favorable foreign currency.
