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Hubbell's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Therefore, please note the discussion of forward-looking statements in our press release and considered incorporated by reference into this call. In addition, comments made here also include some non-GAAP financial measures. Those measures are reconciled to the comparable GAAP measures, and are included in the press release in the earnings slide materials. Now let me turn the call over to Tim.

Timothy H. Powers

Thank you, Jim. Welcome everyone and thank you for joining us this morning. I’m very pleased to report our strong first quarter results. Our sales, operating profits and earnings per share, all showed healthy increases compared to the first quarter of 2011.

Now let me turn it over to Dave for more color on the quarter, and our outlook for the remainder of 2012. Dave?

David G. Nord

All right. Thanks, Tim. Good morning, everybody. Thanks for joining us. I'm going to start on page 3 on the accompanying materials. From the quarter, we’re very pleased with the strong start to the year with net sales up 10%, really with some broad-based growth across our businesses. Particularly higher demand in our utility business led by transmission projects, industrial market, strong led by higher industrial production and increased activity in the energy markets, a little weakness on the new construction spending, but offset by higher demand on the renovation market. So, all in all very good growth there, and within our growth was also the benefit of our price and acquisition, so quarter growth up 7%.

Operating margin of 14.1% was up 140 basis points, big contributor to that was not only the volume increase and the incrementals, but what we are pleased has continued favorable price in excess commodity costs that we first saw in the fourth quarter. So all that’s giving us a very nice earnings per share of $1.05 of 28% from the first quarter of last year.

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