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Hubbell Posts Q4 Loss vs. Profit
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Business New Haven
2/4/2002
By: BNH
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ORANGE - Hubbell Inc. (NYSE: HUBb), a maker of electronic and electrical products, reported a fourth-quarter net loss as consumer confidence and the economic environment for American manufacturers continued to erode.
Hubbell reported a fourth quarter net loss of $14.1 million, or 24 cents a share, compared with a profit of $28.3 million (48 cents a share) for the fourth quarter of 2000.
Excluding a charge for severance and a gain on the sale of a business, the company earned $17.7 million, or 30 cents a share, in line with analysts' expectations, according to Thomson Financial/First Call.
Revenues fell to $301.2 million, down from the $345.1 million in the 2000 period.
The company warned that 2002 sales might show a small decline from 2001's. Profits for the current year could rise by ten to 15 percent, however, as the full benefits of cost reductions and the exclusion of goodwill amortization are gained, the company reported.
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