Memphis, TN-based Thomas & Betts Corp. reported first quarter sales of $459.8 million, down 22.8% from first quarter 2008. Profit fell 31.9% to $26.1 million.
Weaker demand for electrical products used in construction, industrial maintenance and electrical power distribution were the primary drivers for lower sales.
As expected, the economy has proved to be our biggest challenge in 2009 and we have responded by adjusting production, reducing headcount, tightly managing costs and remaining intensely focused on effectively managing working capital, CEO Dominic J. Pileggi said.
First quarter 2009 total segment earnings declined 30.6% to $77.6 million as a result of lower sales volumes and unfavorable foreign currency. As a percent …
Thomas & Betts Profit, Sales Drop In 1Q
Memphis, TN-based Thomas & Betts Corp. reported first quarter sales of $459.8 million, down 22.8% from first quarter 2008. Profit fell 31.9% to $26.1 million.
Weaker demand for electrical products used in construction, industrial maintenance and electrical power distribution were the primary drivers for lower sales.
As expected, the economy has proved to be our biggest challenge in 2009 and we have responded by adjusting production, reducing headcount, tightly managing costs and remaining intensely focused on effectively managing working capital, CEO Dominic J. Pileggi said.
First quarter 2009 total segment earnings declined 30.6% to $77.6 million as a result of lower sales volumes and unfavorable foreign currency. As a percent …
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- Filed In: Electrical, Free, News, Subscriber Only, Top Distributor Sectors
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