Electrical components maker Thomas & Betts Corp expects to see flat volumes through the end of the year, a top executive said in an analyst presentation on Thursday.
The outlook for the company in general is very sluggish, said William Weaver, vice president and controller.
We do not expect any meaningful runrate increase from what we saw in the second quarter of this year, Weaver said, adding that this would be due partly to deterioration in some of the company's key markets and expectations of flat volumes.
About 85 pct of the company's revenue comes from its electrical products business, while its HVAC (heating, ventilation and air conditioning) business adds about 6 percent.
Tennessee-based Thomas & Betts, which has been impacted by the weakness in the non-residential construction market, has yet to see any benefits from the stimulus dollars, said Weaver, who will take over as chief financial officer shortly.
The company posted lower-than-expected second-quarter results, hurt by weak demand for electrical products and a strong U.S. dollar.
Thomas & Betts, which serves the industrial, commercial, communications and utility markets, continues to expect 2009 earnings of $2.10 to $2.40 per share, and a 20 percent to 25 percent fall in consolidated sales.
The company is also looking to expand further in North America through acquisitions, Weaver said.
Shares of the company were down 5 cents at $28.71 in afternoon trade on the New York Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Gopakumar Warrier)