VOL. 126 | NO. 20 | Monday, January 31, 2011
Thomas & Betts Posts Q4 Increases in Net Sales & Net Earnings
By Bill Dries
Memphis-based Thomas & Betts Corp. reported an 11.5 percent increase in net sales during the fourth quarter of 2010 compared to the fourth quarter of 2009.
Net earnings for the quarter for the company that designs and manufactures electrical components as well as commercial heating and ventilation units increased 13.8 percent from a year ago to $40.3 million.
Acquisitions accounted for $35.7 million of the $532.5 million in sales, or 7.5 percent of the increase.
For the year, Thomas & Betts posted a net sales increase of $2 billion, or a 9.4 percent from 2009.
Net earnings for the year were at $145.3 million, or 28.2 percent more than 2009.
Thomas & Betts chairman and CEO Dominic J. Pileggi said in a Monday conference call that he expected growth in residential, institutional and industrial construction for 2011 “albeit at levels somewhat lower than we observed in 2010.”
And Pileggi said he expected deterioration in commercial construction that’s lasted several years to “flatten out” in the last two quarters of this year.
“We anticipate that Thomas & Betts sales will grow in the mid to high single-digit range for the full year 2011 and net earnings from continuing operations will be within the range of $3.15 to $3.35 per share,” Pileggi added.