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Thomas & Betts Corporation Reports Fourth Quarter and Full Year 2008 Earnings
- Fourth quarter E.P.S. from continuing operations of $0.45 per diluted share including $0.36 impairment charge; sales down five percent
- Record full year 2008 earnings from continuing operations of $4.79 per diluted share including net benefit of $1.31 per share; sales up 16 percent
- Strong segment earnings at 19.7 percent of sales for full year 2008; up 15 percent
- 2008 operating cash flow of $258 million; strong working capital performance
- 2009 earnings guidance of $3.00 to $3.50 per diluted share
MEMPHIS, Tenn.--(BUSINESS WIRE)--February 4, 2009--Thomas & Betts Corporation (NYSE:TNB) today reported net sales of $2.5 billion for the full-year 2008, up 15.8 percent over 2007. 2008 earnings from continuing operations were $273.7 million, or $4.79 per diluted share. Earnings from continuing operations include a net benefit of $1.31 per diluted share from the following items: the sale of the company’s minority interest in Leviton Manufacturing Company; a favorable legal settlement; and a non-cash tax charge (all recorded in the second quarter) and a $32.7 million pre-tax, non-cash charge for the impairment of intangible assets taken in the fourth quarter. In 2007, earnings from continuing operations were $183.7 million, or $3.13 per share.
Net earnings were $265.3 million for 2008, compared to $183.2 million for 2007. In addition to the items noted earlier, the company recorded an $8.4 million net loss from discontinued operations in 2008. This compares to a net loss of $0.5 million from discontinued operations for the year 2007.
“2008 was another strong year for Thomas & Betts from both an operations and financial perspective,” said Dominic J. Pileggi, chairman and chief executive officer. “We reported record earnings and exhibited outstanding working capital management while using our strong cash generation to return value to our shareholders through selective, strategic acquisitions and share repurchases. We also completed the integration of six acquisitions; divested the non-core pipe businesses acquired as part of Lamson & Sessions; monetized our minority interest in Leviton Manufacturing, and won Supplier of the Year and other best-in-class awards from several key distributors and customers -- all while operating in a very challenging environment.”
The following information was filed by Thomas Betts Corp (TNB) on Wednesday, February 4, 2009 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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