Thomas & Betts
, a producer of diversified electronics products, said its third-quarter profit increased 27.6%, aided by higher prices and strong electrical segment sales.
The company earned $44.46 million, or 74 cents a share, in the quarter, compared with $34.84 million or 57 cents a share, a year ago.
Third-quarter revenue rose 7.09% from a year ago to $473.4 million, on price increase to offset higher material and energy costs which contributed to the sales increase. Operating profit rose 9.29% from a year ago to $147 million and operating margin increased 62 basis points to 31.05%.
By segment, third-quarter earnings for electrical segment rose 19.2% from a year ago to $55.41 million. For steel structure segment, revenue decreased 7.21% to $7.66 million and for HVAC segment it increased 37.41% to $3.2 million.
The company reaffirmed its 2006 outlook of earnings of $2.70 to $2.75 a share and sales growth to be around 10% reflecting continued favorable market conditions. Analysts polled by Thomson First Call expect earnings of $2.7 a share.
The company's shares were trading down 74 cents, or 1.41%, at $51.75 Wednesday.
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