Hubbell Posts 16 Percent Gain In 1Q 2008 profits

April 24, 2008
Hubbell Inc. Orange, Conn., said its first-quarter profit rose 16 percent.

Hubbell Inc. Orange, Conn., said its first-quarter profit rose 16 percent. Net income for the three months ended March 31 rose to $48.4 million from $41.7 million in the year-earlier period. The company’s revenue rose to $627.9 million from $625.7 million. Analysts had expected revenue of $652 million.

“Overall sales were relatively flat due to weakness in certain of our markets, particularly residential, that were offset by the benefit of recent acquisitions and selling price increases,” said Timothy Powers, the company’s CEO. “Selling price increases were implemented to counter the rising cost of materials and resulted in incremental sales of approximately 1 percent to 2 percent compared to the first quarter of 2007. Despite a sharp increase in commodity costs during the first quarter, including steel, aluminum, copper and fuel costs, we were able to effectively manage the commodity cost price equation.”

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