Shelton-based Hubbell Inc., an international manufacturer of electrical and electronic products, reported this week its 2019 second quarter net sales increased three percent compared to the same period last year.
Net sales for the second quarter of 2019 were $1.20 billion, up from $1.17 billion in the second quarter of 2018.
However, according to the company, net income attributable to Hubbell in the second quarter of 2019 was $96 million, down from the $100 million reported for the same period of 2018.
David G. Nord, Hubbell’s chairman and chief executive officer, said the company “delivered another strong quarter of operating performance.”
In a conference call discussing the results this week, Nord called it “another quarter of strong earnings.”
According to Hubbell, its electrical segment net sales were essentially the same in a year-over-year comparison, while power segment net sales increased six percent.
Nord indicated the company is ramping up its “footprint consolidation efforts.”
In June, the company announced plans to shutter its Newtown and Bethel plants and lay off workers.
The state Department of Labor recently received two WARN (Worker Adjustment and Retraining Notification Act) notices about the impending layoffs. In Newtown, the layoffs will begin Aug. 26 and continue through February, with an anticipated plant closing date of February 2020. In Bethel, at the company’s Burndy facility, 54 workers are affected, with layoffs to begin Aug. 2 and continue in stages through the end of 2019.
Hubbell reported revenues of $4.5 billion in 2018. On Wednesday, the company’s stock was trading at $131.62, compared to $123.25 a year ago. Over the last 12 months it hit a low mark of $92.76 in October.
