Thomas & Betts report second quarter earnings
Thomas & Betts Corporation, a Tennessee company that manufactures a variety of steel products, announced its second quarter earnings increased over 42 percent due in large part to higher revenue and improvements in productivity. Second quarter net sales were reported as $418.1 million, which marks a 13.3 percent rise from the same quarter in 2004. Year-to-date net sales were $810.3 million, representing a year-on-year increase of 11 percent. Net earnings in the second quarter were $28.4 million, or $0.47 per diluted share, which was a 31 percent improvement over 2004s $19.6 million, or $0.34 per diluted share. Year-to-date net earnings were reported to be $52.8 million, or $0.87 per diluted share, which bettered the same period 2004 figures of $35.6 million, or $0.61 per diluted share. Dominic J. Pileggi, president and CEO, said, "Higher revenue, along with productivity improvements and strong cash flow, combined to make this a very good quarter for Thomas & Betts. Earnings from operations were 11 percent of sales in the second quarter, a significant improvement over last year. Added Pileggi, We are especially pleased with the excellent performance of our Steel Structures business, which benefited from continued investment in regional transmission grids and the additional capacity we acquired earlier this year." Thomas & Betts manufactures a wealth of products and is one of North America's leading providers of highly engineered, tubular steel structures used for utility transmission and distribution.