T&B's Pileggi Sees Single-Digit Growth for Remainder of 2010

The news isn't all bad on the earnings front. Dominic Pileggi, chairman and CEO, Thomas & Betts Corp., Memphis, siad demand was stronger than expected in 2Q 2010 and that T&B is looking at a growth scenario for the rest of the year.

“Global demand in the first half of 2010 proved to be stronger than expected and we leveraged this strength by executing well against our plans. The result was a strong start to the year in terms of sales, operating earnings and strategic initiatives.” he said. “Looking forward, we believe that the macro-economic trends seen in the first half -- stronger industrial MRO and slightly improved residential construction and utility demand offset by weak commercial construction markets -- will continue in the balance of 2010, albeit at a more modest rate. Given this and our first half performance, we are targeting mid-single digit sales growth for the full year 2010, including our recent acquisitions." Details