Hubbell Inc. third-quarter sales slowed to 3 percent growth from a year ago, with the Shelton-based electrical systems maker representing a bellwether for the construction sector.
Hubbell earned $87 million in the third quarter on $790 million in revenue, up from profits and revenue respectively of $82.4 million and $764 million.
“Looking at our end markets, we experienced a slower economy than anticipated during the third quarter,” said CEO Tim Powers, in a prepared statement. “The U.S. non-residential new construction market appeared to get weaker, and we have yet to see any meaningful improvement in this area. Renovation and ‘relight’ projects, including LED fixtures, continued to grow in the quarter. Our other construction-related end market, residential, also showed improvement.”
It was Hubbell”™s first quarter following the promotion of Dave Nord to president and chief operating officer of Hubbell, with Bill Sperry replacing Nord as CFO. In September, Hubbell named An-Ping Hsieh as general counsel; he joined the company from the corporate legal staff of Hartford-based United Technologies Corp.
