Industrial electrical supplier Thomas & Betts (TNB) rose 3% late Tuesday after posting strong first-quarter numbers.
The Memphis, Tenn., company also boosted its full-year earnings target, citing strong demand throughout its industrial, light commercial and utility markets.
For the quarter ended March 31, Thomas & Betts made $38.8 million, or 62 cents a share, up from the year-ago $24.4 million, or 40 cents a share. Revenue rose to $442 million from $392 million a year earlier. Analysts surveyed by Thomson Financial were looking for a 53-cent profit on sales of $424 million.
"Thomas & Betts delivered strong first-quarter results with each of our segments achieving double-digit earnings as a percentage of sales," said CEO Dominic J. Pileggi. "We are especially pleased with the performance of our Electrical segment which leveraged strong demand in industrial, light commercial construction and utility markets into significant year-over-year growth in sales volume and earnings. Notably, first quarter earnings in this segment exceeded 13% of sales."
Thomas & Betts said it expects to make $2.55 to $2.60 for the year, above the $2.45 Thomson forecast.
Late Tuesday, Thomas & Betts rose $1.50 to $56.