SHELTON, Conn. (AP) _ Hubbell Inc., the maker of electrical products, said Thursday that its first-quarter net profit rose 4 percent, as a recent acquisition helped boost sales.
The company said that it earned $65.9 million, or $1.10 per share, for the quarter ending March 31, compared with $63.2 million, or $1.05 per share, in the same quarter a year ago. Analysts, on average, were expecting earnings of $1.09 per share, according to data provider FactSet.
Revenue rose 2 percent to $740.1 million from $723.8 million, slightly below the $742 million analysts were expecting, according to FactSet.
Hubbell President and CEO David Nord said in statement that the company’s acquisition of Continental Industries Inc. in January contributed about 3 percent of sales in the quarter.
For the full year, the Shelton, Conn.-based company predicted that overall sales will rise 3 percent to 5 percent on increased growth in its electrical segment. Based on the $3.04 billion reported for 2012, that implies a forecast for revenue between $3.14 billion and $3.2 billion for the year. Wall Street was predicting $3.2 billion.
Hubbell’s class B shares slipped 23 cents to $92.67 in morning trading Thursday. The stock has changed hands between $71.35and $98.38 in the past 52 weeks, and is up about 10 percent since the start of the year.
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