Please wait while we load the requested 10-Q report or click the link below:
Thomas & Betts Corporation Reports 19% Increase in Second Quarter Net Earnings to $0.80 per Share, Excluding Unusual Items
GAAP Earnings $0.82 per Share; 2011 Full Year Earnings Guidance Range Narrowed to $3.20 to $3.35 per Share
NOTE: Financial metrics discussed in 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)--July 21, 2011--Thomas & Betts Corporation (NYSE:TNB) today reported consolidated sales of $566.3 million for the second quarter 2011, a 13.3% year-over-year increase. Excluding acquisitions, sales increased 11%. Increased volumes in all segments contributed to the sales increase.
Second quarter 2011 net earnings were $42.5 million or $0.80 per diluted share, excluding a $0.06 per share ($4.8 million pre-tax) benefit from legal settlements and a $0.04 per share ($3.1 million pre-tax) charge for on-going facility consolidations. This compares to net earnings of $0.67 per share in the second quarter 2010 excluding a $0.06 per share ($5.3 million pre-tax) charge for environmental remediation. GAAP net earnings from continuing operations were $0.82 and $0.61 per share in the second quarter of 2011 and 2010, respectively.
“Thomas & Betts delivered a very solid performance in the second quarter with earnings at the upper end of our targeted range,” said Dominic J. Pileggi, chairman and chief executive officer. “Demand evolved largely as we expected despite increasing competitive pressures in certain sectors. We continued to execute our global vertical market strategies, refine our manufacturing footprint and take action to manage price / cost parity, allowing us to continue to deliver a compelling value proposition to our customers and helping us achieve growth across all of our key markets and geographies.”
Consolidated segment earnings were $103.0 million or 18.2% of sales, compared to $94.7 million or 18.9% of sales last year. Both periods exclude unusual items. The decline in segment margin reflects significantly lower Steel Structures segment margins resulting from project mix and a very competitive pricing environment.
Second quarter 2011 Electrical segment sales increased 12.7% to $483.8 million. Excluding acquisitions, sales increased 10% with organic growth contributing approximately four percentage points and the remainder from favorable foreign currency and price increases taken to offset rising raw material costs. Increased demand for industrial and, to a lesser extent, utility products drove the organic sales growth although construction products also saw modest organic growth during the quarter.
The following information was filed by Thomas Betts Corp (TNB) on Thursday, July 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.
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.