Hubbell CEO Powers Comments on 2010 Outlook and 2009 4Q Results

Hubbell Inc., Orange, Conn., reported its 4Q results, which included its Burndy acquisition. Net sales in the fourth quarter of 2009 were $591.9 million, a decrease of 9% compared to the $652.1 million reported in the fourth quarter of 2008. Net sales for the full year 2009 were approximately $2.4 billion a decrease of 13% compared to 2008. Operating income was $294.7 million, or 12.5% of net sales, compared to $346.0 million, or 12.8% of net sales, for the comparable period of 2008. Net income for the full year 2009 was $180.1 million, a decrease of 19% compared to the $222.7 million reported in 2008.

Timothy Powers, chairman, president, and CEO, expect the weak non-residential construction to struggle again in 2010. “During the fourth quarter, weak market trends continued as expected, he said. "In our Electrical segment, the U.S. non-residential construction market continues to experience significantly lower construction spending and tighter credit markets for commercial projects. The industrial maintenance and repair markets appear to be turning up from historically low levels as capacity utilization rates have started to increase. The residential market continued to show signs of bottoming, aided by the federal tax credit for first time homeowners which has increased demand. In our Power segment, demand was lower for our products due to restrained capital spending by utility companies as electricity usage declined.” Details