Federal reimbursements are delivering millions to Connecticut companies.
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More Connecticut companies are beginning to collect refunds on tariffs invalidated by the U.S. Supreme Court, signaling that a federal reimbursement process that businesses waited months to access is now delivering payments.
Wallingford-based Amphenol Corp., a manufacturer of electronic and fiber-optic connectors, reported an $80 million net benefit from recovering tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The company said the recoveries helped lift second-quarter operating income and contributed to record quarterly profit of $1.8 billion, up from $1.1 billion a year earlier.
Shelton-based Hubbell Inc., which manufactures electrical and utility infrastructure products, disclosed in a quarterly filing that it received about $30 million in IEEPA tariff refunds after June 30. Because the payments arrived after the close of the quarter, the company said they were not recognized in its second-quarter financial results.
New Britain-based power tools and industrial equipment manufacturer Stanley Black & Decker also reported benefiting from tariff refunds, saying they added about 17 cents per share to its adjusted second-quarter earnings and helped lift gross margin. The company did not disclose the dollar value of the refunds.
In June, Stamford-based furniture retailer Lovesac said it had received $3.6 million in tariff refunds that would be recognized in its second-quarter results.
The refunds stem from the Supreme Court's February ruling that tariffs imposed under IEEPA were unlawful, prompting U.S. Customs and Border Protection to establish a process for importers to recover duties they had previously paid.
In April, a number of Connecticut companies said they were seeking millions of dollars in refunds following the court's decision.
