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Thomas & Betts Corporation Reports First Quarter Net Earnings of $0.71 per Share Excluding Consolidation Charges
2011 Earnings Guidance Unchanged at $3.15 to $3.35 per Share
NOTE: Financial metrics discussed in the text of this press release are stated on a continuing operations basis and exclude 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 text. Investors are strongly encouraged to consider all available information in their evaluation of Thomas & Betts.
MEMPHIS, Tenn.--(BUSINESS WIRE)--April 21, 2011--Thomas & Betts Corporation (NYSE:TNB) today reported $523.1 million in consolidated sales for first quarter 2011, a 15.3% increase year over year. The improvement was driven by the strong performance of the company’s Electrical segment, including solid organic sales growth and beneficial price and foreign currency.
First quarter 2011 net earnings per share increased 31.5% to $0.71 per diluted share, excluding $0.04 per share ($3.2 million pre-tax) in facility consolidation charges. This compares to net earnings of $0.54 per share excluding charges in the first quarter of 2010. GAAP net earnings from continuing operations were $0.67 and $0.50 per share in the first quarter of 2011 and 2010, respectively.
“2011 started out strong for Thomas & Betts. Our core Electrical business delivered excellent top- and bottom-line performance with sales up nearly 21% and earnings of over 20% of sales,” said Dominic J. Pileggi, chairman and chief executive officer. “Organic electrical sales grew nearly 10% driven by improved global demand for industrial and utility products. The strong Electrical segment results, coupled with solid performance in our HVAC segment, allowed us to deliver a year-over-year earnings increase of over 31%.”
Consolidated segment earnings were $99.0 million or 18.9% of sales, compared to $81.3 million or 17.9% of sales for first quarter 2010. Both periods exclude charges related to facility consolidations.
First quarter 2011 Electrical segment sales increased 20.8% to $443.5 million. Excluding acquisitions, sales increased 12.1% with organic growth contributing nearly 10% and the remainder from favorable foreign currency and price increases taken to offset rising raw material costs. Organic growth was driven by an increase of approximately 17% in industrial product demand and nearly 22% in utility product demand. Demand for construction products was essentially flat year over year. Electrical segment earnings were $89.4 million, or 20.2% of sales, excluding $2.5 million in pre-tax charges related to on-going consolidation activities. This compares to $67.1 million, or 18.3% of sales in the prior-year period, excluding $3.2 million in pre-tax consolidation charges. The earnings improvement is due to favorable product mix, prior-year acquisitions, the benefits of consolidation activities completed in 2010 and manufacturing leverage.
The following information was filed by Thomas Betts Corp (TNB) on Thursday, April 21, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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