wiredinUSA May 2012

22-23 / 66

wiredInUSA - May 2012 wiredInUSA - May 2012
Electrical and
e l e c t r o n i c s
products maker
Hubbell Inc has
posted a better
than anticipated
quarterly profit
for the eighth time in succession, and raised its
2012 sales growth forecast.
The Connecticut-based company, which
makes lighting fixtures, wire and cable,
insulators and measurement equipment, now
expects sales to grow 6 percent to 8 percent
in 2012, above its earlier outlook of 4 percent
to 6 percent.
Hubbell said it expects its recently completed
acquisitions - one in the first quarter and
another in early April - to add about $25
million in sales in 2012 to the electrical
segment.
For the three months ended 31st March, net
income attributable to Hubbell was $63.2
million, or $1.05 per share. Net sales were
up 10 percent at $723.8 million, compared
with a figure of $706.8 million expected by
analysts. Salesat theelectrical segment,which
contributes about 70 percent to total
revenue, rose to $505.1 million from $466.1
million.
Hubbell profit beats estimates
23 22
Pattern Energy has settled a lawsuit with
environmental groups that sought to block the
150MW Spring Valley wind farm in Nevada.
In 2011 a coalition of environmental and tribal
groups, including the Center for Biological
Diversity and Western Watersheds Project, filed
a lawsuit against the project over its potential
environmental and cultural impacts.
The group claimed that the Bureau of Land
Management had not adequately considered
the wind farm’s impact on a colony of rare bats
living near the farm, or on sacred American
Indian sites nearby.
Pattern Energy has announced that the lawsuit
has been settled privately but it would not
disclose the terms of the settlement. Pattern
chief executive Mike Garland said: “We are
starting to see that all renewable energy
projects, no matter how well-planned, are being
questioned. We are pleased to be able to reach
agreement with the concerned parties.
The settlement should give more confidence
to these concerned parties and the community
that the project is well designed.”
Work on the Spring Valley is due to be
completed in July this year and will be Nevada’s
first wind farm of any significant size.
nevada
wind farm
lawsuit
settled