ORANGE, Conn.--(BUSINESS WIRE)--April 1, 2003--Timothy H. Powers, President and Chief Executive Officer of Hubbell Incorporated (NYSE: HUBA, HUBB) today commented on expected first quarter results and the outlook for the remainder of the year.
Speaking before an investment conference sponsored by Deutsche Bank in New York City, Powers noted that while sales and profit is expected to be up year-over-year for the first quarter the pace of business in both order input and sales was slower than the Company's expectations. He cited the international situation and a further slowing in electric utility product markets as two of the reasons for the overall slowness which the company has experienced. Powers also added that prospects for improvement in the economy through the remainder of the year are uncertain. Without economic improvement, he added, the Company could see a five cent per share shortfall per quarter in the earnings rate needed to achieve Wall Street's estimated range of $1.95 - $2.10 in 2003 earnings per share.
As previously announced, the presentation was webcast and continues to be available on the Company's web site at www.hubbell.com. Investors should click on "Investor Relations" and then "Calendar of Events" where a link to the Deutsche Bank Basic Industries presentation will be provided.
Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words or phrases such as "plan", "could", "expect", "expected", "estimates", "should", "likely", "goal", "probably", and others. Such forward-looking statements involve numerous assumptions, known and unknown risks, uncertainties and other factors which may cause actual and future performance or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include: executing actions and achieving benefits from the lighting restructuring program, achieving projected sales levels and operating profit targets; unexpected costs or charges, certain of which may be outside the control of the Company; general economic and business conditions; and competition.
Hubbell Incorporated is an international manufacturer of quality electrical and electronic products for commercial, industrial, residential, utility, and telecommunications markets. With 2002 revenues of $1.6 billion, Hubbell Incorporated operates manufacturing facilities in North America, Puerto Rico, Mexico, Italy, Switzerland, and the United Kingdom, participates in a joint venture in Taiwan, and maintains sales offices in Singapore, Hong Kong, South Korea, People's Republic of China, and the Middle East. The corporate headquarters is located in Orange, CT.
CONTACT: Hubbell Incorporated Thomas R. Conlin, 203-799-4100 SOURCE: Hubbell Incorporated