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Thomas & Betts Corporation Reports Fourth Quarter Net Earnings of $0.70 Per Share Excluding Unusual Items
2010 Full Year Earnings Guidance of $2.20 to $2.60 per Share
MEMPHIS, Tenn.--(BUSINESS WIRE)--February 2, 2010--Thomas & Betts Corporation (NYSE:TNB):
NOTE: All financial information and period-to-period references are on a continuing operations basis (excluding discontinued operations) unless otherwise noted. References to E.P.S. are on a diluted basis unless otherwise noted. Information on discontinued operations as well as non-GAAP reconciliations can be found in the attached financial tables.
Thomas & Betts Corporation (NYSE:TNB) today reported results for the fourth quarter and year ended December 31, 2009.
Fourth quarter 2009 net earnings from continuing operations were $37.0 million or $0.70 per share, excluding $0.19 per share in unusual items related to: debt refinancing ($0.08 per share), facility consolidation ($0.04 per share) and intangible asset impairment ($0.07 per share). In the prior-year period, net earnings from continuing operations were $44.2 million, or $0.81 per share, excluding a $0.36 per share impairment charge. Reported net earnings from continuing operations were $27.1 million or $0.51 per share compared to $24.3 million or $0.45 per share last year.
Fourth quarter 2009 net sales were $492.8 million, in line with expectations and down 13.8% compared to the fourth quarter 2008.
“We finished 2009 in a position of strength,” said Dominic J. Pileggi, chairman and chief executive officer. “We delivered strong segment earnings of nearly 19% of sales despite continued weakness in global demand. As a company and as individual businesses, we have responded real-time to the demands of today’s economy while strategically managing for the future. During the quarter, we opened a manufacturing facility in the Middle East and positioned ourselves for continued growth in this region’s key industrial markets. Last week, we announced the acquisition of JT Packard, the leading independent service provider for power quality equipment which enhances our existing service capabilities while offering growth opportunities for our industrial and commercial products portfolio.”
Full year 2009 net earnings from continuing operations were $120.3 million, or $2.27 per share, excluding the previously mentioned fourth-quarter unusual items and a charge for environmental remediation taken in the third quarter. In 2008, net earnings from continuing operations were $198.8 million, or $3.48 per share, excluding a net benefit from unusual items of $1.31 per share. Reported net earnings from continuing operations were $107.9 million or $2.04 per share compared to $273.7 million or $4.79 per share last year.
Net sales were $1.9 billion for the full year 2009, down 23.2% compared to 2008.
Consolidated segment earnings were $93.2 million or 18.9% of sales for the fourth quarter 2009, compared to $113.9 million or 19.9% of sales in 2008. For the full year 2009, segment earnings were $335.8 million or 17.7% of sales. In 2008, segment earnings were $486.8 million or 19.7% of sales.
The following information was filed by Thomas Betts Corp (TNB) on Tuesday, February 2, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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