Hubbell Inc., Orange, Conn., reported net sales in first quarter of $570.5 million, a decrease of three percent compared to the $585.6 million it reported in the first quarter of 2009. The company's operating income was $65.7 million, 15 percent above 2009.
Timothy Powers, chairman, president, and CEO, said, “The sales decline in the quarter was primarily due to weaker demand for our non-residential construction products, decreased shipments for our high-voltage test equipment and lower storm-related volume in our power business. Importantly, our incoming orders exceeded our billings for the first quarter, resulting in a $33 million increase in backlog.”
At Cooper Industries, Houston, first-quarter 2010 revenues for the company's Electrical Products Group segment decreased 2.2 percent to $512.2 million, compared with $523.9 million in the first quarter 2009. “During the first quarter, we saw revenues improve sequentially as the quarter progressed, with core growth turning positive in March,” said Kirk Hachigian, the company's chairman and CEO. “We are now forecasting positive core growth for the second quarter and the remainder of 2010.”
WESCO International Inc., Pittsburgh, said its consolidated net sales were $1.14 billion for the first quarter of 2010 compared to $1.18 billion for the first quarter of 2009, a decline of 2.6 percent. The company's gross profit was $227.4 million, or 19.8 percent of sales, for the first quarter of 2010, compared to $238.2 million, or 20.2 percent of sales, for the first quarter of 2009.
John Engel, WESCO's CEO, said, “Our sales and margin initiatives contributed favorably as we delivered solid results in the first quarter. After stabilizing the business in the second half of last year, it's encouraging to see improving momentum in early 2010 and a return to positive year-over-year sales growth late in the first quarter.
“Our industrial sales grew 13 percent, and we increased our construction backlog in the quarter despite facing continued pressure in non-residential construction and utility markets. The decisive actions we took over the last eighteen months have positioned us well as we begin to move into the recovery phase of this cycle.“