Thomas & Betts Corp. (TNB, Financial) filed Quarterly Report for the period ended 2010-03-31.
Thomas & Betts Corp. has a market cap of $2.23 billion; its shares were traded at around $42.29 with a P/E ratio of 17.9 and P/S ratio of 1.1. TNB is in the portfolios of PRIMECAP Management, John Keeley of Keeley Fund Management, Chuck Royce of Royce& Associates, John Hussman of Hussman Economtrics Advisors, Inc., Steven Cohen of SAC Capital Advisors.
Net sales in the first quarter of 2010 were $469.5 million, up $9.7 million, or 2.1%, from the prior-year period and included approximately $9 million from the JT Packard acquisition. The year-over-year sales increase also reflects the favorable impact of a weaker U.S. dollar which positively impacted sales by approximately $20 million. Negative price during the current year period in our Steel Structures segment largely offset the positive foreign currency impact.
Net earnings in the first quarter of 2010 were $28.0 million, or $0.53 per diluted share, and included pretax charges of $3.2 million ($0.04 per diluted share) related to facility consolidations. This compared to $26.1 million, or $0.49 per diluted share, in the prior-year period.
Electrical segment net sales in the first quarter of 2010 were $383.2 million, up $14.3 million, or 3.9%, from the first quarter of 2009, including approximately $9 million from the JT Packard acquisition. Net sales also reflect a weaker U.S. dollar, which positively impacted sales by approximately $20 million partially offset by lower year-over-year sales volumes.
Net sales in the first quarter of 2010 in our Steel Structures segment were $59.9 million, down $2.0 million, or 3.3%, from the first quarter of 2009. The net sales decrease reflects the negative price impact from lower year-over-year plate steel costs which was largely offset by higher sales volumes. Segment earnings in the first quarter of 2010 were $9.9 million, down $4.5 million from the unusually strong earnings performance in the first quarter of 2009. Earnings in the quarter reflect both a more typical project mix and a more competitive environment.
Net sales in the first quarter of 2010 in our HVAC segment were $26.5 million, down $2.6 million, or 8.9%, from the first quarter of 2009. HVAC segment earnings in the first quarter of 2010 were $4.3 million, down $1.4 million from the first quarter of 2009. The sales and earnings declines for the current year period reflect negative sales volumes resulting from weak commercial construction markets.
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Thomas & Betts Corp. has a market cap of $2.23 billion; its shares were traded at around $42.29 with a P/E ratio of 17.9 and P/S ratio of 1.1. TNB is in the portfolios of PRIMECAP Management, John Keeley of Keeley Fund Management, Chuck Royce of Royce& Associates, John Hussman of Hussman Economtrics Advisors, Inc., Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Net earnings in the first quarter of 2010 were $28.0 million, or $0.53 per diluted share, and included pretax charges of $3.2 million ($0.04 per diluted share) related to facility consolidations. This compares to net earnings of $26.1 million, or $0.49 per diluted share in the prior-year period.Net sales in the first quarter of 2010 were $469.5 million, up $9.7 million, or 2.1%, from the prior-year period and included approximately $9 million from the JT Packard acquisition. The year-over-year sales increase also reflects the favorable impact of a weaker U.S. dollar which positively impacted sales by approximately $20 million. Negative price during the current year period in our Steel Structures segment largely offset the positive foreign currency impact.
Net earnings in the first quarter of 2010 were $28.0 million, or $0.53 per diluted share, and included pretax charges of $3.2 million ($0.04 per diluted share) related to facility consolidations. This compared to $26.1 million, or $0.49 per diluted share, in the prior-year period.
Electrical segment net sales in the first quarter of 2010 were $383.2 million, up $14.3 million, or 3.9%, from the first quarter of 2009, including approximately $9 million from the JT Packard acquisition. Net sales also reflect a weaker U.S. dollar, which positively impacted sales by approximately $20 million partially offset by lower year-over-year sales volumes.
Net sales in the first quarter of 2010 in our Steel Structures segment were $59.9 million, down $2.0 million, or 3.3%, from the first quarter of 2009. The net sales decrease reflects the negative price impact from lower year-over-year plate steel costs which was largely offset by higher sales volumes. Segment earnings in the first quarter of 2010 were $9.9 million, down $4.5 million from the unusually strong earnings performance in the first quarter of 2009. Earnings in the quarter reflect both a more typical project mix and a more competitive environment.
Net sales in the first quarter of 2010 in our HVAC segment were $26.5 million, down $2.6 million, or 8.9%, from the first quarter of 2009. HVAC segment earnings in the first quarter of 2010 were $4.3 million, down $1.4 million from the first quarter of 2009. The sales and earnings declines for the current year period reflect negative sales volumes resulting from weak commercial construction markets.
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