Hubbell Inc HUBb.N HUBa.N 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 Orange, 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 I/B/E/S.
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 Sebastian)