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Thomas & Betts Corporation Reports Fourth Quarter and Full Year 2010 Net Earnings from Continuing Operations of $0.77 and $2.75 per Share, Excluding Unusual Items
2011 Full-Year Operating Earnings Guidance of $3.15 to $3.35 per Share
- 4Q10 sales - $532.5 million, up 11.5%
- 4Q10 net earnings from continuing operations - $0.77 per share, excluding unusual items
- 2010 full-year free cash flow - $242.3 million
- 2011 full year earnings guidance - $3.15 - $3.35 per share
NOTE: Financial metrics discussed in the commentary section of this press release exclude discontinued operations and unusual items in all time periods unless otherwise noted. E.P.S. amounts are on a diluted basis. The accompanying financial tables present financial information in accordance with GAAP as well as non-GAAP reconciliations for items discussed in the commentary, as well as quarterly information on continuing and discontinued operations for 2010 and 2009. Investors are strongly encouraged to consider all available information in their evaluation of Thomas & Betts.
MEMPHIS, Tenn.--(BUSINESS WIRE)--January 31, 2011--Thomas & Betts Corporation (NYSE:TNB) today reported an 11.5% increase in net sales and a 13.8% increase in net earnings from continuing operations for the fourth quarter 2010.
Sales in the quarter were $532.5 million, up 11.5% compared to the fourth quarter 2009. Acquisitions accounted for $35.7 million or 7.5% of the increase while organic sales growth accounted for approximately 5%. Price negatively impacted sales by approximately 1% in the quarter while the impact of foreign currency was negligible.
Fourth quarter 2010 net earnings increased 13.8% to $40.3 million compared to $35.4 million in the prior-year period. Earnings per share increased 14.9% to $0.77. Earnings in the current quarter benefitted from a significant decline in the effective tax rate resulting from routine income tax estimate revisions.
Full-year 2010 net sales increased 9.4% to $2.0 billion. Acquisitions accounted for $98.7 million or 5.4% of the sales increase while organic sales growth accounted for approximately 4%.
Full-year 2010 net earnings increased 28.2% percent to $145.3 million compared to $113.3 million last year. Earnings per share increased 28.5% year over year to $2.75 compared to $2.14 for 2009.
“2010 was an active and successful year for Thomas & Betts, capped by sales growth of nearly 10% and an improvement in operating earnings per share of over 28%,” said Dominic J. Pileggi, chairman and chief executive officer. “Demand in our end markets played out as we predicted and we executed as planned – both tactically in response to challenging market dynamics and strategically in preparation for future growth. Notably, we completed three acquisitions which expanded our portfolio of leading brands, enhanced our specifiable product mix and improved and expanded our geographic footprint.”
“We further refined our portfolio by divesting our non-strategic communications products business and enhanced our market leadership by focusing our sales efforts in the most active vertical markets. Lastly, our focus on continuous productivity improvement allowed us to consolidate two facilities in 2010 and initiate two additional consolidation projects expected to be completed in 2011.”
The following information was filed by Thomas Betts Corp (TNB) on Monday, January 31, 2011 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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