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Mixed Results for Hubbell
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Business New Haven
2/19/2001
By: BNH
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ORANGE - Hubbell Inc. (NYSE: HUBb) last month reported fourth-quarter and full year 2000 results. For the fourth quarter of 2000, HUBb reported a four-percent increase in net income to $28.3 million, compared to $27.2 million reported in the same quarter of 1999. Fully diluted earnings per share rose 14 percent to 48 cents, compared to 42 cents a year ago. Year to year, sales rose less than one percent to $346.1 million from $343.3 million.
For the year 2000, Hubbell posted net income of $138.2 million and fully diluted earnings per share of $2.25, compared to 1999's results of $145.8 million and $2.21, respectively. Annual sales were $1.424 billion compared to $1.451 billion for the previous year.
The company says results were affected by Hubbell's continuing program of share repurchases on the open market. During 2000, the company purchased 5.6 million shares, and expects to complete the full $300 million authorization in the first quarter this year.
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