Thomas & Betts Shares Up On 3Q Results

MEMPHIS, Tenn. (AP) — Electrical-components maker Thomas & Betts Corp. said Thursday its third-quarter profit fell 48 percent on a drop in sales stemming from continued weak demand for electrical and commercial heating products.

The results beat Wall Street forecasts and Thomas & Betts shares rose $2.58, or 8 percent, to $34.90 in afternoon trading after hitting a 52-week high of $34.95.

Thomas & Betts earned $32.1 million, or 61 cents per share, down from $62.2 million, or $1.09 per share, in the same quarter last year.

Sales dropped 27 percent to $485.1 million from $665.7 million.

Analysts polled by Thomson Reuters expected a profit of 56 cents per share on $474.4 million in revenue.

The company attributed the sales decrease to continued weak global demand for electrical products used in construction, industrial maintenance and power distribution as well as commercial heating products. In addition, a stronger U.S. dollar reduced sales by about $19 million.

Despite signs that the global economy may be stabilizing, Thomas & Betts said it does not expect any meaningful improvement in its key markets in the fourth quarter.

The company narrowed its full-year earnings guidance to a range of $2.10 to $2.25 per share from its previous range of $2.10 to $2.40 per share. Analysts, on average, expect a profit of $2.04 per share.