Electrical components manufacturer Thomas & Betts Corporation (TNB), Tuesday, reported higher profit for the fourth quarter, reflecting primarily lower asset impairment charges compared to last year. On an adjusted basis, earnings came in above Street view, but declined year-over-year as revenues dropped. The company also provided an earnings guidance for full year 2010.
The Memphis, Tennessee-based company's earnings from continuing operations for the quarter improved to $27.07 million or $0.51 per share from $24.33 million or $0.45 per share last year. Prior-year quarter had a loss from discontinued operations of $7.25 million or $0.14 per share.
Net earnings for the quarter increased to $27.07 million or $0.51 per share from $17.08 million or $0.31 per share last year.
Excluding special items, net earnings from continuing operations declined to $37 million or $0.70 per share from $44.2 million or $0.81 per share last year. On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share. Analysts' estimates typically exclude special items.
The current quarter had special charges totaling $9.9 million or $0.19 per share, which include $4.1 million debt refinancing, $2.2 million facility consolidation and $3.6 million intangible asset impairment. The prior-year quarter had special charges of $19.9 million or $0.36 per share related to intangible asset impairment.
Net sales declined 13.8% to $492.79 million from $571.32 million last year. Seven analysts' were looking for revenue of $488.04 million for the quarter.
Segment-wise, sales from Electrical segment was $391.26 million, down 15.8% compared to $464.74 million last year, primarily due to weak global market conditions and lower volumes across virtually all market segments and geographies.
Steel Structures sales declined slightly to $66.65 million from $67.46 million last year, with both quarter's sales being positively impacted by delayed shipments of about $6 million from the preceding quarters. HVAC segment sales declined 10.8% to $34.89 million from $39.12 million last year.
For the full year, net earnings from continuing operations plunged to $107.91 million or $2.04 per share from $273.69 million or $4.79 per share last year.
Excluding items, net earnings from continuing operations was $120.3 million or $2.27 per share compared to $198.8 million or $3.48 per share last year.
Net sales for the year declined to $1.90 billion from $2.47 billion last year. For the full year, analysts' estimated earnings of $2.15 per share on sales of $1.89 billion.
Looking forward, the company is currently targeting full year 2010 net earnings from continuing operations in a range of $2.20 to $2.60 per share, as it expects little year-over-year change in full year consolidated sales, as growth in certain markets will be offset by declines in others. Analysts' currently expects the company to report full-year 2010 earnings of $2.38 per share.
TNB shares closed Monday's regular trading at $34.44 per share on the NYSE.
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