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This excerpt taken from the TNB 10-Q filed May 1, 2009. Electrical
Segment
A challenging economic environment in the first quarter of 2009
affected Electrical segment performance. Electrical segment net
sales in the first quarter of 2009 were $368.8 million,
down $139.9 million, or 27.5%, from the first quarter of
2008. Decreased volumes were evident across virtually all
product and geographic markets. Foreign currency exchange
accounted for approximately $34 million of the sales
decrease.
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Electrical segment earnings in the first quarter of 2009 were
$57.4 million, down $38.7 million, or 40.2%, from the
first quarter of 2008. The decline in year-over-year segment
earnings reflects the impact of lower sales volumes and a
stronger U.S. dollar.
These excerpts taken from the TNB 10-K filed Feb 17, 2009. Electrical
Segment
Our Electrical segment’s markets include industrial MRO
(maintenance, repair and operations) and OEM (original equipment
manufacturers), construction, retail, utility and communications
companies. This segment’s sales are concentrated primarily
in North America and Europe. The Electrical segment experiences
modest seasonal increases in sales during the second and third
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quarters reflecting the construction season. Net sales for the
Electrical segment for the past three years were:
The Electrical segment designs, manufactures and markets
thousands of different connectors, components and other products
for electrical, utility and communications applications. We have
a market-leading position for many of our products. Products in
the Electrical segment include:
These products are sold under a variety of well-known brand
names, such as
Carlon®,
Color-Keyed®,
Cyberex®,
Elastimold®,
Emergi-Lite®,
Furse®,
Homactm,
Iberville®,
Joslyn®,
Kindorf®,
Red-Dot®,
Sta-Kon®,
Steel
City®,
Super
Strut®,
Ty-Rap®,
LRC®,
Diamond®,
Kold-N-Klose®
and
Snap-N-Seal®.
Demand for electrical products follows general economic
conditions and is sensitive to activity in construction markets,
industrial production levels and spending by utilities for
replacements, expansions and efficiency improvements. The
segment’s product lines are predominantly sold through
major distributor chains, independent distributors and to retail
home centers and hardware outlets. They are also sold directly
to original equipment manufacturers, utilities, cable operators,
and telecommunications and satellite TV companies. We have
strong relationships with our distributors as a result of the
breadth and quality of our product lines, our market-leading
service programs, our strong history of product innovation, and
the high degree of brand-name recognition for our products among
end-users.
Investment activities in 2008 included two acquisitions totaling
$91 million (The Homac Manufacturing Company and Boreal
Braidings Inc.). Investment activities in 2007 included four
acquisitions totaling $753 million (Lamson &
Sessions Co., Joslyn Hi-Voltage, Power Solutions and Drilling
Technical Supply SA). Investment activities in 2006 included
acquisitions totaling $34 million, primarily for the
acquisition of Hi-Tech Fuses, Inc.
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Electrical Segment Our Electrical segment’s markets include industrial MRO (maintenance, repair and operations) and OEM (original equipment manufacturers), construction, retail, utility and communications companies. This segment’s sales are concentrated primarily in North America and Europe. The Electrical segment experiences modest seasonal increases in sales during the second and third
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The Electrical segment designs, manufactures and markets thousands of different connectors, components and other products for electrical, utility and communications applications. We have a market-leading position for many of our products. Products in the Electrical segment include:
These products are sold under a variety of well-known brand names, such as Carlon®, Color-Keyed®, Cyberex®, Elastimold®, Emergi-Lite®, Furse®, Homactm, Iberville®, Joslyn®, Kindorf®, Red-Dot®, Sta-Kon®, Steel City®, Super Strut®, Ty-Rap®, LRC®, Diamond®, Kold-N-Klose® and Snap-N-Seal®. Demand for electrical products follows general economic conditions and is sensitive to activity in construction markets, industrial production levels and spending by utilities for replacements, expansions and efficiency improvements. The segment’s product lines are predominantly sold through major distributor chains, independent distributors and to retail home centers and hardware outlets. They are also sold directly to original equipment manufacturers, utilities, cable operators, and telecommunications and satellite TV companies. We have strong relationships with our distributors as a result of the breadth and quality of our product lines, our market-leading service programs, our strong history of product innovation, and the high degree of brand-name recognition for our products among end-users. Investment activities in 2008 included two acquisitions totaling $91 million (The Homac Manufacturing Company and Boreal Braidings Inc.). Investment activities in 2007 included four acquisitions totaling $753 million (Lamson & Sessions Co., Joslyn Hi-Voltage, Power Solutions and Drilling Technical Supply SA). Investment activities in 2006 included acquisitions totaling $34 million, primarily for the acquisition of Hi-Tech Fuses, Inc.
Table of ContentsElectrical
Segment
Year
2008 Compared with 2007
Our Electrical segment performed well in 2008 despite a
challenging environment that included fluctuating commodity
costs, competitive pricing pressures and softening demand,
especially in our domestic markets. Actions were taken in the
last half of 2008 to minimize the impact of the economic
downturn as it began to spread beyond the residential-related
markets, including a significant reduction in our employee
headcount. During 2008, our Electrical segment also integrated
four distribution centers from the Lamson & Sessions
Co. acquisition into our centralized logistics model.
Electrical segment net sales in 2008 were $2.1 billion, up
$336.5 million, or 19.1%, from 2007. Acquisitions completed
in 2007 and early 2008 accounted for $314 million of the
year-over-year increase in net sales. Price increases in 2008
related to higher commodity and energy costs helped to offset
lower underlying sales volumes in the current year. Favorable
foreign currency exchange accounted for approximately
$17 million of the sales increase.
Electrical segment earnings in 2008 were $416.7 million, up
$63.8 million, or 18.1%, from 2007. The improvement in
year-over-year segment earnings largely reflects the favorable
impact of acquisitions. Price increases in 2008 related to
higher commodity and energy costs helped to offset the earnings
impact of lower underlying sales volumes.
Year
2007 Compared with 2006
Electrical segment net sales in 2007 were $1.8 billion, up
$255.0 million, or 16.9%, from 2006. This increase reflects
the impact of acquisitions ($113 million), net volume
growth due to strong demand in industrial and construction
markets and price increases to offset higher material and energy
costs. Favorable foreign currency exchange driven primarily by
strong Canadian and European currencies against a weaker
U.S. dollar accounted for approximately $42 million of
the sales increase.
Electrical segment earnings in 2007 were $352.9 million, up
$61.6 million, or 21.1%, from 2006. The earnings
improvement reflects higher sales volumes, favorable product mix
and our continued success in offsetting increased material and
energy cost inflation. Electrical segment earnings also reflect
$5 million of earnings from acquisitions, inclusive of
acquisition-related amortization totaling $9 million, and
approximately $2 million in net expenses related to a plant
consolidation.
Electrical Segment Year 2008 Compared with 2007 Our Electrical segment performed well in 2008 despite a challenging environment that included fluctuating commodity costs, competitive pricing pressures and softening demand, especially in our domestic markets. Actions were taken in the last half of 2008 to minimize the impact of the economic downturn as it began to spread beyond the residential-related markets, including a significant reduction in our employee headcount. During 2008, our Electrical segment also integrated four distribution centers from the Lamson & Sessions Co. acquisition into our centralized logistics model. Electrical segment net sales in 2008 were $2.1 billion, up $336.5 million, or 19.1%, from 2007. Acquisitions completed in 2007 and early 2008 accounted for $314 million of the year-over-year increase in net sales. Price increases in 2008 related to higher commodity and energy costs helped to offset lower underlying sales volumes in the current year. Favorable foreign currency exchange accounted for approximately $17 million of the sales increase. Electrical segment earnings in 2008 were $416.7 million, up $63.8 million, or 18.1%, from 2007. The improvement in year-over-year segment earnings largely reflects the favorable impact of acquisitions. Price increases in 2008 related to higher commodity and energy costs helped to offset the earnings impact of lower underlying sales volumes. Year 2007 Compared with 2006 Electrical segment net sales in 2007 were $1.8 billion, up $255.0 million, or 16.9%, from 2006. This increase reflects the impact of acquisitions ($113 million), net volume growth due to strong demand in industrial and construction markets and price increases to offset higher material and energy costs. Favorable foreign currency exchange driven primarily by strong Canadian and European currencies against a weaker U.S. dollar accounted for approximately $42 million of the sales increase. Electrical segment earnings in 2007 were $352.9 million, up $61.6 million, or 21.1%, from 2006. The earnings improvement reflects higher sales volumes, favorable product mix and our continued success in offsetting increased material and energy cost inflation. Electrical segment earnings also reflect $5 million of earnings from acquisitions, inclusive of acquisition-related amortization totaling $9 million, and approximately $2 million in net expenses related to a plant consolidation. This excerpt taken from the TNB 10-Q filed Oct 31, 2008. Electrical
Segment
Electrical segment net sales in the third quarter of 2008 were
$578.8 million, up $117.2 million, or 25.4% from the
prior-year period. This increase reflects the significant impact
of acquisitions and approximately $7 million from favorable
foreign currency exchange. Electrical segment net sales in the
first nine months of 2008 were $1,638.4 million, up
$369.6 million, or 29.1% from the prior-year period. This
increase reflects the significant impact of acquisitions and
approximately $45 million from favorable foreign currency
exchange year to date. Price increases related to higher
commodity and energy costs offset lower underlying sales volumes
in markets affected by the slow down in residential and related
construction.
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Electrical segment earnings in the third quarter of 2008 were
$119.1 million, up $24.6 million, 26.0%, from the
prior-year period. Electrical segment earnings in the first nine
months of 2008 were $326.1 million, up $69.8 million,
or 27.2% from the prior-year period. The improvement in segment
earnings reflects a significant contribution from acquisitions.
Year to date, earnings in our underlying businesses have
increased year-over-year on lower net volumes.
This excerpt taken from the TNB 10-Q filed Aug 7, 2008. Electrical
Segment
Electrical segment net sales in the second quarter of 2008 were
$550.8 million, up $132.8 million, or 31.8%, from the
prior-year period. This increase reflects the impact of
acquisitions ($114.1 million) and approximately
$17 million from favorable foreign currency exchange driven
primarily by strong European and Canadian currencies against a
weaker U.S. dollar. Electrical segment net sales in the
first six months of 2008 were $1,059.6 million, up
$252.4 million, or 31.3%, from the prior-year period. This
increase reflects the impact of acquisitions
($222.8 million) and approximately $38 million from
favorable foreign currency exchange. Commodity- and
energy-related price increases in part offset lower underlying
sales volumes in markets affected by the slow down in
residential and related construction.
Electrical segment earnings in the second quarter of 2008 were
$110.8 million, up $25.9 million, or 30.6%, from the
prior-year period. Electrical segment earnings in the first six
months of 2008 were $206.9 million, up $45.2 million,
or 28.0%, from the prior-year period. The improvement in segment
earnings on a dollar basis reflects a significant contribution
from acquisitions although acquisitions had a dampening effect
on segment earnings as a percent of sales. Underlying earnings
in the Electrical segment increased slightly year-over-year
despite lower sales volumes.
This excerpt taken from the TNB 10-Q filed May 6, 2008. Electrical
Segment
Electrical segment net sales in the first quarter of 2008 were
$508.8 million, up $119.6 million, or 30.7%, from the
prior-year period. This increase reflects the impact of
acquisitions ($108.6 million) and approximately
$21 million from favorable foreign currency exchange driven
primarily by strong European and Canadian currencies against a
weaker U.S. dollar. Price was not a factor in the quarter.
Net volume declined modestly year over year in the Electrical
segment as demand for industrial and telecommunications products
did not fully offset weakness in U.S. markets influenced by
the continued slow down in residential construction.
Electrical segment earnings in the first quarter of 2008 were
$96.1 million, up $19.3 million, or 25.1%, from the
prior-year period. The earnings improvement reflects a
significant contribution from the recent acquisitions and
improved product mix. Underlying earnings in the Electrical
segment increased slightly year over year despite lower sales
volumes. Electrical segment earnings in the first quarter of
2008 included $3.2 million in certain one-time acquisition
related charges. Segment earnings as a percent of sales declined
from the
prior-year
period as a result of the dilutive impact of the recent
acquisitions.
These excerpts taken from the TNB 10-K filed Feb 22, 2008. Electrical
Segment
Year
2007 Compared with 2006
Electrical segment net sales in 2007 were $1.8 billion, up
$255.0 million, or 16.9%, from 2006. This increase reflects
the impact of acquisitions ($113 million), net volume growth due
to strong demand in industrial and commercial markets and price
increases to offset higher material and energy costs. Favorable
foreign currency exchange driven primarily by strong Canadian
and European currencies against a weaker U.S. dollar
accounted for approximately $42 million of the sales
increase.
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Electrical segment earnings in 2007 were $298.9 million, up
$50.0 million, or 20.1%, from 2006. The earnings
improvement reflects higher sales volumes, favorable product mix
and our continued success in offsetting increased material and
energy cost inflation. Electrical segment earnings also reflect
$5 million of earnings from acquisitions, inclusive of
acquisition-related amortization totaling $9 million, and
approximately $2 million in net expenses related to a plant
consolidation.
Year
2006 Compared with 2005
Electrical segment net sales in 2006 were $1.5 billion, up
$134.2 million, or 9.7%, from 2005. In 2006, the Electrical
segment experienced strong demand in its key end markets of
light commercial construction, industrial maintenance and repair
and utility distribution markets. Price increases to offset
higher material and energy costs also contributed significantly
to the sales growth. Favorable foreign currency exchange
accounted for approximately $21 million of the increase.
Electrical segment earnings in 2006 were $248.9 million, up
$46.6 million, or 23.0%, from 2005. The earnings
improvement reflects the favorable impact of higher sales
volumes, operating efficiencies and our continued ability to
offset higher material and energy costs through higher selling
prices.
Electrical Segment Year 2007 Compared with 2006 Electrical segment net sales in 2007 were $1.8 billion, up $255.0 million, or 16.9%, from 2006. This increase reflects the impact of acquisitions ($113 million), net volume growth due to strong demand in industrial and commercial markets and price increases to offset higher material and energy costs. Favorable foreign currency exchange driven primarily by strong Canadian and European currencies against a weaker U.S. dollar accounted for approximately $42 million of the sales increase.
Table of ContentsElectrical segment earnings in 2007 were $298.9 million, up $50.0 million, or 20.1%, from 2006. The earnings improvement reflects higher sales volumes, favorable product mix and our continued success in offsetting increased material and energy cost inflation. Electrical segment earnings also reflect $5 million of earnings from acquisitions, inclusive of acquisition-related amortization totaling $9 million, and approximately $2 million in net expenses related to a plant consolidation. Year 2006 Compared with 2005 Electrical segment net sales in 2006 were $1.5 billion, up $134.2 million, or 9.7%, from 2005. In 2006, the Electrical segment experienced strong demand in its key end markets of light commercial construction, industrial maintenance and repair and utility distribution markets. Price increases to offset higher material and energy costs also contributed significantly to the sales growth. Favorable foreign currency exchange accounted for approximately $21 million of the increase. Electrical segment earnings in 2006 were $248.9 million, up $46.6 million, or 23.0%, from 2005. The earnings improvement reflects the favorable impact of higher sales volumes, operating efficiencies and our continued ability to offset higher material and energy costs through higher selling prices. This excerpt taken from the TNB 10-Q filed Nov 6, 2007. Electrical
Segment
Electrical segment net sales in the third quarter of 2007
increased $72.2 million, or 18.5%, from the prior-year
period. For the first nine months of 2007, net sales for the
Electrical segment were up $138.2 million, or 12.2%, on a
year-over-year basis. During the third quarter of 2007, net
sales were positively impacted by $33.6 million related to
acquisitions completed in July. The increase in net sales for
both periods reflected volume increases and higher prices to
offset material and energy costs. During the third quarter and
first nine months of 2007, the Electrical segment experienced
solid demand in its key end markets of industrial maintenance
and repair, and non-residential commercial construction. Utility
demand has also been favorable in 2007, with a mix weighting
towards maintenance and infrastructure upgrades in the third
quarter of 2007. Favorable foreign currency exchange accounted
for approximately $11 million of the increase for the third
quarter of 2007 and approximately $22 million of the
increase for the first nine months of 2007.
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Electrical segment earnings in the third quarter of 2007 were up
20.7% to $80.5 million, or 17.4% of net sales. For the
first nine months of 2007, Electrical segment earnings increased
15.9% to $218.5 million, or 17.2% of net sales. The
earnings improvements reflect the favorable impact of higher net
sales volumes, operating efficiencies and our continued ability
to offset higher material and energy costs through higher
selling prices. The Corporation’s acquisitions in July 2007
had a negligible impact on segment earnings after considering
approximately $4 million in acquisition related costs.
During the first nine months of 2007, segment earnings were
negatively impacted by approximately $2 million for costs
related to the consolidation of a manufacturing facility and
relocation of production lines to another company facility.
This excerpt taken from the TNB 10-Q filed Aug 7, 2007. Electrical
Segment
Electrical segment net sales in the second quarter of 2007
increased $34.8 million, or 9.1%, from the prior-year
period. For the first six months of 2007, net sales for the
Electrical segment were up $66.1 million, or 8.9%, on a
year-over-year basis. The net sales increases reflect higher
sales volume and price increases to offset higher material and
energy costs. During the second quarter and first six months of
2007, the Electrical segment experienced solid demand in its key
end markets of industrial maintenance and repair, utility
distribution and non-residential commercial construction.
Favorable foreign currency exchange accounted for approximately
$7 million of the increase for the second quarter of 2007
and approximately $11 million of the increase for the first
six months of 2007.
Electrical segment earnings in the second quarter of 2007 were
up $9.5 million, or 15.0%, from the prior-year period. For
the first six months of 2007, Electrical segment earnings
increased $16.2 million, or 13.3%, on a year-over-year
basis. The earnings improvements reflect the favorable
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impact of higher net sales volumes, operating efficiencies and
our continued ability to offset higher material and energy costs
through higher selling prices. During both the second quarter
and first six months of 2007, segment earnings were negatively
impacted by approximately $2 million for costs related to
the consolidation of a manufacturing facility and relocation of
production lines to another company facility.
This excerpt taken from the TNB 10-Q filed May 4, 2007. Electrical
Segment
Electrical segment net sales in the first quarter of 2007
increased $31.3 million, or 8.8%, from the prior-year
period reflecting price increases to offset higher material and
energy costs and net volume improvements. The Electrical segment
experienced solid demand in its key end markets of industrial
maintenance and repair, utility distribution and positive trends
in non-residential commercial construction. Favorable foreign
currency exchange accounted for approximately $4 million of
the increase.
Electrical segment earnings in the first quarter of 2007 were up
$6.7 million, or 11.4%, from the prior-year period. The
earnings improvement reflects the favorable impact of higher net
sales
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volumes, operating efficiencies and our continued ability to
offset higher material and energy costs through higher selling
prices.
This excerpt taken from the TNB 10-K filed Feb 23, 2007. Electrical
Segment
Year
2006 Compared with 2005
Electrical segment net sales in 2006 were up
$134.2 million, or 9.7%, from 2005. In 2006, the Electrical
segment experienced strong demand in its key end markets of
light commercial construction, industrial maintenance and repair
and utility distribution markets. Price increases to offset
higher material and energy costs also contributed significantly
to the sales growth. Favorable foreign currency exchange
accounted for approximately $21 million of the increase.
Electrical segment earnings in 2006 were up $39.8 million,
or 24.6%, from 2005. The earnings improvement reflects the
favorable impact of higher sales volumes, operating efficiencies
and our continued ability to offset higher material and energy
costs through higher selling prices.
Year
2005 Compared with 2004
Electrical segment net sales in 2005 were up
$123.3 million, or 9.8%, from 2004. Higher sales volume
from improving industrial, light commercial construction and
utilities markets and price increases to offset higher material
and energy costs contributed significantly to the sales
increase. Foreign currency exchange accounted for approximately
$21 million of the increase.
Electrical segment earnings in 2005 were up $41.5 million,
or 34.5%, from 2004. Higher sales volume, operating efficiencies
and our continued ability to offset higher material and energy
costs through higher selling prices contributed to the
improvement in segment earnings.
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This excerpt taken from the TNB 10-Q filed Nov 6, 2006. Electrical
Segment
Third quarter 2006 net sales in the Electrical segment were
up $23.6 million, or 6.4%, on a
year-over-year
basis. For the first nine months of 2006, net sales for the
Electrical segment were up $105.8 million, or 10.3%, on a
year-over-year
basis. Favorable foreign currency exchange accounted for
approximately $8 million of the increase for the third
quarter of 2006 and approximately $13 million of the
increase for the first nine months of 2006. Higher selling
prices to offset higher commodity, freight and energy costs
contributed significantly to the sales growth in both periods.
Year-to-date, the Electrical segment has experienced strong
demand in its key end markets of light commercial construction,
industrial maintenance and repair and utility distribution
markets, which has driven volume growth.
Electrical segment earnings of $55.4 million in the third
quarter of 2006 and $154.5 million for the first nine
months of 2006 were significantly higher compared to
$46.5 million in the third quarter and $116.9 million
for the first nine months of the prior year. The earnings
improvement reflects higher sales, operating efficiencies and
the Company’s continued ability to offset higher material
and energy costs through higher selling prices.
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This excerpt taken from the TNB 10-Q filed Aug 7, 2006. Electrical
Segment |
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Second quarter 2006 net sales in the Electrical segment were up
$41.2 million, or 12.1%, on a year-over-year basis. For the
first six months of 2006, net sales for the Electrical
segment were up $82.2 million, or 12.5%, on a
year-over-year basis. Favorable foreign currency exchange
accounted for approximately $6 million of the increase for
the second quarter of 2006 and approximately $5 million of
the increase for the first six months of 2006. Improved sales
volume and higher selling prices to offset higher commodity,
freight and energy costs contributed significantly to the sales
growth. Strong demand in the segment’s key end markets of
light commercial construction, industrial maintenance and repair
and utility distribution markets drove the volume improvement.
Electrical segment earnings of $51.4 million in the second
quarter of 2006 and $99.1 million for the first six months
of 2006 were significantly higher compared to $37.4 million
in the second quarter and $70.4 million for the first six
months of the prior year. The earnings improvement reflects
higher sales volumes, operating efficiencies and the
Company’s continued ability to offset higher material and
energy costs through higher selling prices.
26
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This excerpt taken from the TNB 10-Q filed Nov 7, 2005. Electrical
Segment |
Third quarter 2005 net sales in the Electrical segment were
up $42.1 million, or 13.0%, on a year-over-year basis.
Favorable foreign currency exchange accounted for approximately
$6 million of the increase. For the first nine months of
2005, net sales for the Electrical segment were up
$92.4 million, or 9.9%, on a year-over-year basis. Foreign
currency exchange accounted for approximately $19 million
of the increase. Higher sales volume from improvements in
industrial, light commercial construction, and utility markets,
and price increases to offset higher material and energy costs
contributed significantly to the sales improvement.
Approximately $5 million of the third quarter 2005 increase
in net sales from the prior year period was related to storm
recovery efforts in the Gulf Coast region.
Electrical segment earnings of $46.5 million in the third
quarter of 2005 and $116.9 million for the first nine
months of 2005 were significantly higher compared to
$34.2 million in the third quarter and $90.8 million
for the first nine months of the prior year. Higher sales
volume, operating efficiencies, and our continued ability to
offset higher material and energy costs through higher selling
prices contributed to the improvement in segment earnings.
20
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This excerpt taken from the TNB 10-Q filed Aug 5, 2005. Electrical
Segment |
Second quarter 2005 net sales in the Electrical segment
were up $31.0 million, or 10.0%, on a year-over-year basis.
Favorable foreign currency exchange accounted for approximately
$8 million of the increase. For the first six months of
2005, net sales for the Electrical segment were up
$50.2 million, or 8.3%, on a year-over-year basis. Foreign
currency exchange accounted for approximately $13 million
of the increase. Price realization to offset higher material
costs and higher sales volume from modest improvements in
utility and industrial markets contributed significantly to the
sales growth.
Electrical segment earnings of $37.4 million in the second
quarter of 2005 and $70.4 million for the first six months
of 2005 were significantly higher compared to $32.5 million
in the second quarter and $56.7 million for the first six
months of the prior year. Higher sales and increased
productivity contributed to the growth in segment earnings.
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This excerpt taken from the TNB 10-Q filed May 4, 2005. Electrical
Segment |
First quarter 2005 net sales in the Electrical segment were
up $19.2 million, or 6.4% on a year-over-year basis.
Favorable foreign currency exchange accounted for approximately
$6 million of the increase. Increased pricing to offset
higher material costs and strengthened demand in utility and
industrial markets drove the majority of the sales increase.
First quarter 2005 earnings in the Electrical segment increased
significantly to $33.0 million compared to the first
quarter 2004. Higher sales and lower expenses contributed to the
improvement in segment earnings.
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