Hubbell Inc, an international manufacturer of electrical and electronic products, today reported net third quarter sales of $789.7 million, an increase of 3% compared to the $764.3 million reported in the third quarter of 2011.
For the first nine months of 2012 net sales were $2.3 billion, an increase of 8% compared to the same period last year.
Electrical segment net sales in the third quarter of 2012 increased 5% to $551.8 million compared to $526.6 million reported in the third quarter of 2011. The sales increase was led by higher demand in the energy and residential markets. Acquisitions added 3% to sales in the quarter while the impact of unfavorable foreign exchange rates reduced sales by 2%.
Hubbell’s Power segment net sales in the quarter were $237.9 million compared to $237.7 million reported in the third quarter of 2011. The sales were essentially flat as higher levels of transmission spending were offset by weaker demand in the international and construction markets.
Timothy H. Powers, chairman and CEO said, “Looking at the remainder of 2012, we remain on track to deliver another year of record results despite macro economic uncertainty. For the full year 2012, we now expect net sales to increase by approximately 6% and operating margins to expand by approximately 70 basis points.”
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