Please wait while we load the requested 10-Q report or click the link below:
Thomas & Betts Corporation Reports Third Quarter Net Earnings of $0.81 per Share Excluding Income Tax Benefit
GAAP Earnings $0.84 per Share; 2010 Full Year Earnings Guidance Increased
MEMPHIS, Tenn.--(BUSINESS WIRE)--October 21, 2010--Thomas & Betts Corporation (NYSE:TNB) today reported third quarter 2010 net sales of $533.0 million, up 9.9% compared to 2009 including $27.5 million in sales from acquisitions. Excluding acquisitions, year-over-year sales increased 4.2%. Increased volumes in the Electrical and Steel Structures segments drove the sales increase.
Third quarter 2010 net earnings were $42.6 million or $0.81 per diluted share, excluding a $1.5 million benefit ($0.03 per share) from the release of an income tax reserve. This represents a 22.7% increase compared to operating earnings of $0.66 per diluted share in 2009, which excluded a $4 million pre-tax charge ($0.05 per share) related to an estimate revision for environmental remediation. Reported net earnings were $44.1 million or $0.84 per diluted share for the third quarter 2010 compared to $32.1 million or $0.61 per diluted share for the prior-year period.
“We continued to execute against our strategy in the third quarter, which helped us again deliver strong financial results,” said Dominic J. Pileggi, chairman and chief executive officer. “Demand in our key end-markets and geographies evolved largely as we predicted while a more favorable than expected project mix in our Steel Structures segment drove earnings above the high end of our guidance for the quarter.
“Notably, we continue to strengthen our global presence in industrial markets with the international acquisition of Cable Management Group, Ltd. (CMG) on October 1, 2010. CMG‘s diverse portfolio of cable protection systems and market-leading brands complements our existing product portfolio, broadens our geographic exposure and positions us more prominently in faster-growing industrial markets such as rail, petrochemical, mining and automotive.”
Consolidated segment earnings were $106.2 million, up 16% compared to the third quarter of 2009. As a percent of sales, segment earnings were 19.9%, a 100 basis point improvement over last year.
Electrical segment sales increased 10.5% to $453.9 million in the third quarter compared to 2009. Excluding acquisitions, sales rose 3.8% year over year. Higher industrial and utility distribution volume accounted for most of the sales growth, with the balance attributable to price and foreign currency.
Electrical segment earnings were $92.3 million, or 20.3% of sales, in the quarter, compared to $78.3 million or 19.0% of sales last year. Improved volume, mix and the impact from current- and prior-year right-sizing activities contributed to the earnings improvement.
The following information was filed by Thomas Betts Corp (TNB) on Thursday, October 21, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Thomas Betts Corp's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Thomas Betts Corp.