Thomas & Betts Quarterly Net Income Up 48 Percent

MEMPHIS, Tenn. (AP) -- Thomas & Betts Corp. said Thursday its second-quarter net income jumped 48 percent, as the economic recovery helped spur demand for electrical components.

The company's net income for April through June rose to $33.6 million, or 63 cents per share, from $22.7 million, or 43 cents per share in the same period last year.

Excluding a $5.3 million charge for environmental clean-up, Thomas & Betts said earnings were 69 cents per share.

Analysts had forecast net income of 63 cents per share.

Revenue increased 79 percent to $514.6 million from $461 million in the year-ago quarter, higher than the $494.5 million analysts were expecting.

The bulk of Thomas & Betts' revenue comes from its electrical segment. Revenue in the group rose 16 percent to $443.9 million.

"Looking forward, we believe that the macro-economic trends seen in the first half -- stronger industrial MRO (maintenance, repair and operations) and slightly improved residential construction and utility demand offset by weak commercial construction markets -- will continue in the balance of 2010, albeit at a more modest rate," said CEO Dominic Pileggi in a statement.

For the year, Thomas & Betts narrowed the range for its earnings guidance, excluding charges, to $2.50 to $2.65 per share. The low end of the range had been $2.25.

Shares of Thomas & Betts jumped $1.31, or 3.7 percent, to $37.12 in afternoon trading.

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