UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): | December 11, 2006 |
Hubbell Incorporated
__________________________________________
(Exact name of registrant as specified in its charter)
Connecticut | 1-2958 | 06-0397030 |
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
584 Derby Milford Road, Orange, Connecticut | 06477 | |
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
Registrants telephone number, including area code: | 203 799 4100 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure.
On December 11, 2006, Hubbell Incorporated (the "Company") announced that it is reducing its projections for 2006 full year results. The Company expects sales for the year ending December 31, 2006, to be approximately $40 million below its previous expectations while earnings per diluted share are anticipated to be in the range of $2.53 -- $2.58.
A copy of the December 11, 2006 press release is furnished as Exhibit 99.1 and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 Press Release dated December 11, 2006 pertaining to the Company's lowering of its 2006 sales and earnings projections.
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS -- Certain of the statements contained in this report and the exhibit attached hereto, including, without limitation, statements as to management's good faith expectations and belief are forward-looking statements. Forward-looking statements are made based upon management's expectations and belief concerning future developments and their potential effect upon the Company. There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Hubbell Incorporated | ||||
December 11, 2006 | By: |
/s/ David G. Nord
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Name: David G. Nord | ||||
Title: Senior Vice President and Chief Financial Officer |
Exhibit Index
Exhibit No. | Description | |
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99.1
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Press Release dated December 11, 2006 pertaining to the Company's lowering of its 2006 sales and earnings projections. |
Date: | December 11, 2006 NEWS RELEASE |
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For Release: | IMMEDIATELY | |||||
Hubbell Incorporated 584 Derby-Milford Road |
P. O. Box 549
Orange, CT 06477
203-799-4100
Contact: Thomas R. Conlin
HUBBELL LOWERS 2006 SALES
AND EARNINGS PROJECTIONS
ORANGE, CT. (December 11, 2006) Hubbell Incorporated (NYSE: HUBA, HUBB) today announced that it is reducing its projections for 2006 full year results. The Company expects sales for the year ending December 31, 2006, to be approximately $40 million below its previous expectations while earnings per diluted share are anticipated to be in the range of $2.53 $2.58.
The lower volumes are being seen in a number of Hubbells important markets, said Timothy H. Powers, President and CEO. Residential construction 15% of Hubbells business was expected to decline in 2006 by single digits. In fact, the pace and depth of the decline has accelerated more rapidly than expected in the fourth quarter. Nonresidential construction, which comprises 40% of Hubbells sales, has slipped with total square footage and contract awards declining over the last few months. Also, lower order rates, due to higher inventory levels at utility customers and distributors following a below-normal storm season, are dampening volume at our Power Systems segment which represents about 23% of Hubbells sales.
On the profit side, Powers added, The greater than expected decline in volume is resulting in a
much lower rate of overhead absorption in a number of our businesses. We have acted quickly with
significant reductions in our production levels and labor force which are both currently underway.
Also, material costs in excess of product price increases are having a more negative impact than
previously expected.
I can speak for our management throughout the Company, Powers concluded, in underlining our
disappointment with the expected 2006 results. We remain focused on completing our strategic
initiatives which are the fastest route to returning Hubbell to the growth track begun in 2001.
Hubbell will web-cast a conference call to discuss the revised projections today, December 11, 2006 beginning 2:00 PM (Eastern Time).
The full text of this press release will be posted on Hubbells corporate web site at www.hubbell.com. To access the press release, click on Investor Relations and then on Financial Releases.
The live audio of the conference call discussing the revised projections will also be available at www.hubbell.com. To access the web-cast click on Investor Relations and then Calendar of Events. The revised projections for 2006 conference call will be archived 24 hours after the event. To access the audio archive click on Investor Relations and then on Audio Archives.
A telephone replay of the conference call will be available 2 hours after the conclusion of the original conference call and will remain available until 12/18/06 at 11:59 PM ET. To access the replay call 719-457-0820. The replay pass code number is 5748249.
Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements about capital resources, performance and results of operations and are based on the Companys reasonable current expectations. These statements may be identified by the use of forward-looking words or phrases such as may, expects, expectations, expected, projected, projections, anticipated, approximately, dampening, resulting, growth, likely, 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, but are not limited to: achieving sales levels to fulfill revenue expectations; unexpected costs or charges, certain of which may be outside the control of the Company; expected benefits of process improvement and other lean initiatives; the effect and costs of the ongoing Hubbell 2006 business information system initiative and restructuring programs; the availability and costs of raw materials and purchased components; realization of price increases; the ability to achieve projected levels of efficiencies and cost reduction measures; general economic and business conditions; and competition; and other factors described in our Securities and Exchange Commission filings, including the Business and Risk Factors Sections in the Annual Report on Form 10-K for the year ended December 31, 2005.
Hubbell Incorporated is an international manufacturer of quality electrical and electronic products for commercial, industrial, residential, utility, and telecommunications markets. With 2005 revenues of $2.11 billion, Hubbell Incorporated operates manufacturing facilities in North America, Puerto Rico, Mexico, Italy, Switzerland, Brazil, and the United Kingdom, participates in joint ventures in Taiwan, and the Peoples Republic of China, and maintains sales offices in Singapore, Hong Kong, South Korea, Peoples Republic of China, and the Middle East. The corporate headquarters is located in Orange, CT.
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