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Hubbell Q1 Profits Plummet
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Business New Haven
4/30/2001
By: BNH
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ORANGE - Hubbell Inc. (NYSE: HUBb), an electrical-equipment manufacturer, on April 19 reported that earnings for its first quarter fell nearly 40 percent from a year ago, as high energy prices and restricted spending in the automotive industry led to weakened consumer demand for its products. Net profit was $21.1 million (36 cents per share), compared with $35.1 million (55 cents per share) a year earlier.
Profits from a year ago included a gain of 13 cents per share from the sale of a surplus facility. Wall Street analysts expected the company to earn in the range of 38 to 40 cents per share with a consensus of 39 cents, according to research firm Thomson Financial/First Call.
Revenues for the quarter were $344.1 million, compared with $360.7 million a year ago, a decline of 4.6 percent.
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