(Corrects paragraph two to say that Hubbell is based in
Shelton, not Orange)
July 19 Hubbell Inc said it is
aiming "record" earnings in 2012 even as strong energy market
demand helped the electrical and electronics products maker to
post a higher-than-expected quarterly profit for the ninth time
in a row.
The Shelton, Connecticut-based company said strong demand
for transmission-related projects will drive growth in the year
while distribution products should benefit from higher spending
on maintenance of the network.
Hubbell, which makes lighting fixtures, wire and cable,
insulators and measurement equipment, reported second-quarter
earnings of $78 million, or $1.29 per share, compared with $65.7
million, or $1.07 per share, a year earlier.
Revenue rose 10 percent to $778.4 million. Electrical
segment sales, led by higher demand in the energy and
residential markets, rose 8 percent to $536.3 million.
Analysts on average had expected earnings of $1.23 per share
on revenue of $765.5 million, according to Thomson Reuters
The company reaffirmed its 2012 revenue growth outlook at 6
to 8 percent.
Shares of the company closed at $81.54 on Wednesday on the
New York Stock Exchange.
(Reporting by Bijoy Koyitty in Bangalore; Editing by Don