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Thomas & Betts Corporation Reports Third Quarter Net Earnings of $1.03 per Share, Up 32% Year over Year
2011 Full Year Earnings Guidance Increased to $3.40 - $3.45 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)--October 20, 2011--Thomas & Betts Corporation (NYSE:TNB) today reported third quarter 2011 net sales of $604.4 million, up 16.6% compared to 2010 including $23.2 million in sales from acquisitions. Excluding acquisitions, year-over-year sales increased over 12%. Increased volumes in the Electrical and HVAC segments and increased pricing across all segments accounted for approximately 9% of the sales growth. Favorable foreign currency contributed approximately 3%.
Net earnings from continuing operations increased 32% in the third quarter, to $54.3 million or $1.03 per diluted share. In addition to favorable operating results, net earnings benefited from a reduction in the annual effective tax rate. In 2010, third quarter net earnings were $41.1 million or $0.78 per diluted share, excluding a $1.5 million benefit ($0.03 per share) from the release of an income tax reserve.
“Thomas & Betts delivered outstanding financial performance in the third quarter with solid organic sales growth and operating earnings above the high end of our guidance,” said Dominic J. Pileggi, chairman and chief executive officer. “In addition, our Electrical segment reported a record-high segment margin of 21%, exceeding the previous record set in the third quarter of 2008. We are especially pleased with our performance given the overall negative sentiment in the market around second half 2011 economic growth.
“Our sales performance in the quarter reflects continued refinement of our vertical market strategy and the op-ex driven demand for our portfolio of essential, non-discretionary products. We are also pleased to have again achieved price / cost parity in the quarter through a combination of continuous productivity improvements and strategic pricing actions.”
Consolidated segment earnings were $118.7 million, up 14.6% compared to the third quarter of 2010. As a percent of sales, segment earnings were 19.6%, slightly lower than the prior year as a result of the routine purchase accounting impact of the current quarter HVAC acquisition and lower Steel Structures segment margins.
The following information was filed by Thomas Betts Corp (TNB) on Thursday, October 20, 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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