Thomas & Betts Corp. (T&B), Memphis, Tenn., reported net earnings were $17.1 million in the fourth quarter compared to $48.3 million in the fourth quarter of 2007. Revenue for the period ended Dec. 31 was $571.3 million, down 5 percent from $602.4 million in the fourth quarter of 2007. Sales in the company's Electrical segment were $464.7 million in the fourth quarter, down 6.6 percent year over year.
During 2008, T&B sold its minority interest in Leviton Manufacturing for net proceeds of $280 million and divested the non-strategic pipe operations obtained as part of the Lamson & Sessions acquisition for $70 million, including cash proceeds of $65 million.
Revenue for 2008 was $2.47 billion, up about 16 percent from $2.14 billion the previous year.
T&B said it expects sales to be down significantly this year. "There is no question that the continued wide-scale market weakness and stronger U.S. dollar will negatively impact 2009 sales and earnings," said Dominic Pileggi, T&B's chairman and CEO. "On a positive note, the outlook for utility transmission spending remains solid."