Winter storm warning: The National Weather Service has posted a Winter Storm Warning for parts of the state Wednesday morning through Thursday morning.  Stay with WTIC NewsTalk 1080 for the latest forecast, and for traffic problems resulting from the weather. Read More

Shelton-Based Hubbell Reports 4th Quarter Profit

View Comments
Hubbell Logo from company web site

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.

(© Copyright 2013 The Associated Press. All Rights Reserved.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 882 other followers