Memphis, TN-based Thomas & Betts Corp. (NYSE:TNB) reported sales for the first quarter 2011 were $523.1 million, a 15.3 percent increase year over year. Profit increased 26.8 percent to $35.5 million.
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Electrical segment sales increased 20.8 percent to $443.5 million in the first quarter. Excluding acquisitions, sales increased 12.1 percent. Organic growth of nearly 10 percent was driven by an increase of 17 percent in industrial product demand and 22 percent in utility product demand.
Electrical segment earnings were $86.9 million, up 36 percent compared to first quarter 2010.
First quarter Steel Structures sales were $50.9 million, down 14.9 percent compared to 2010. Segment earnings declined 56.6 percent to $4.3 million.
HVAC segment sales increased 8.2 percent to $28.7 million. HVAC segment earnings were $4.6 million, compared to $4.3 million a year ago.
\”We are very pleased with our first quarter performance and remain confident in our ability to continue to execute against our plans. There is, however, a greater degree of uncertainty today about the pace of the global macro-economic recovery given the on-going geo-political unrest and lingering impact from recent natural disasters than when we last provided guidance,\” CEO Dominic J. Pileggi said. \”Nonetheless, we are maintaining our full-year 2011 guidance of mid- to high-single digit sales growth and operating earnings of $3.15 to $3.35 per share (exclusive of consolidation charges).\”
Thomas & Betts is a manufacturer of components used to manage the connection, distribution, transmission and reliability of electrical power in industrial, construction and utility applications.
