SHELTON, Conn. -- Electrical products maker Hubbell Inc. said Thursday that its third-quarter net profit rose 6 percent, as residential construction and lighting sales gained strength.
The Shelton, Conn., company said it earned $87.1 million, or $1.45 per share in the three months ended Sept. 30. That compared with $82.4 million, or $1.37 per share, a year earlier.
Revenue grew 3 percent, to $789.7 million, from $764.3 million.
The earnings beat Wall Street's expectations by a penny. Analysts polled by FactSet, on average, expected profit of $1.44 per share on revenue of $811 million.
The company said in a statement that the economy was slower than expected during the quarter, with the non-residential construction market weakening. "We have yet to see any meaningful improvement in this area," CEO Timothy Powers said in a statement.
Still, revenue was up mainly because of gains in residential construction, lighting, and demand from electrical utilities because of transmission projects, the company said.
Powers said the company is on track to deliver record results for the full year, despite economic uncertainty. The company expects revenue to rise 6 percent for the year, to about $3 billion. Analysts, on average, expect full-year revenue of about $3.1 billion.
Class B shares of the company jumped to a new all-time high of $87.37 after the market opened, before slipping back to trade down 64 cents at $84.