Second we had a very successful year in LED lighting. Our business grew at 150% during the year, and we were pleased to see that the adoption rate of LED surpassed 10% of our lighting sales, a great indication of Hubbell’s leadership in this new and exciting technology that offers our customers the opportunity to save money.
Third, our strong financial performance this year has further strengthened our balance sheet, and has allowed us to deploy our cash in several ways. During 2011, we increased the dividend and repurchased over 2 million shares. In addition we closed on two small acquisitions during the fourth quarter. The acquisition pipeline is quite active, and our strong cash position will enable us to continue to pursue additional deals in 2012.
In summary, I am very proud of the results in 2011. Despite half of our businesses being still mired in historic slump, we have managed to exceed our prior year peak in sales and in earnings in just three years. Our focus in driving productivity, carefully managing the cost price equation, and disciplined management of cost have enabled us to achieve these results.
Now let me hand it over to Dave to provide more details on these results. Dave.Dave NordOkay. Thanks Tim. Good morning, everybody. I am just going to start on page 3, and if you follow along in the materials, as Tim mentioned, you know, good fourth quarter results with sales up 16%, double digit in both segments, operating margin of 14.8%. That is up 60 basis points from the fourth quarter of last year, and diluted earnings per share of $1.17, up 22% on an adjusted basis. I would say we don’t normally adjust, but last year had the $0.15 cost of the debt extinguishment. So to be more comparable we have taken that out in the comparison.Read the rest of this transcript for free on seekingalpha.com
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