The news isn’t all bad on the earnings front. Dominic Pileggi, chairman and CEO, Thomas & Betts Corp., Memphis, siad demand was stronger than expected in 2Q 2010 and that T&B is looking at a growth scenario for the rest of the year.
“Global demand in the first half of 2010 proved to be stronger than expected and we leveraged this strength by executing well against our plans. The result was a strong start to the year in terms of sales, operating earnings and strategic initiatives.” he said. “Looking forward, we believe that the macro-economic trends seen in the first half — stronger industrial MRO and slightly improved residential construction and utility demand offset by weak commercial construction markets — will continue in the balance of 2010, albeit at a more modest rate. Given this and our first half performance, we are targeting mid-single digit sales growth for the full year 2010, including our recent acquisitions.” Details
Archive for July, 2010
T&B’s Pileggi Sees Single-Digit Growth for Remainder of 2010
Wind Energy Association Sounds the Alarm
The American Wind Energy Association (AWEA) issued its mid-year report of wind-energy installations and the news is not good. Installations of wind power systems totaled 700 MW in the second quarter of the year, bringing the total for 2010 to 1,239 MW, a drop of 71 percent from 2009 levels, and demand is not sufficient to keep wind-turbine production plants churning. Manufacturing investment also continues to lag below 2008 and 2009 levels, according to the AWEA Mid-Year 2010 Market Report.
Denise Bode, CEO of AWEA, attributed the drop-off to uncertainty over government support for renewable energy. “Strong federal policy supporting the U.S. wind energy industry has never been more important,” she said. “We have an historic opportunity to build a major new manufacturing industry. Without strong, supportive policy like an RES (renewable energy standard) to spur demand, investment, and jobs, manufacturing facilities will go idle and lay off workers if Congress doesn’t act now – before time runs out this session.”
Wind energy capacity growth has been subject to a vicious boom-and-bust cycle over the past three years as seen in this image from AWEA’s report:
California Public Utilities Commission Suspends Solar Rebates
A report in the Costa Contra Times, Walnut Creek, Calif., says the California Public Utilities Commission (CPUC) has temporarily suspended rebates for photovoltaic (PV) ystems installed on all government/non-profit owned projects because demand for the financial incentives has “has eaten away at the $1.7 billion set aside for rebates much more quickly than was planned.”
According to information on the CPUC website, the ruling puts a temporary hold, expected to last only until September, on the issuance of new solar reservations for Performance Based Incentive (PBI) projects and all government/non-profit owned projects received after July 9.
Copper Thieves Strike Again
The Asheville Citizen-Times reports that three people have been arrested in conjunction with the theft of copper wiring from Cherokee Electric, Sylva, N.C.
Graybar to Open New Branch in Bismarck
A report in the Bismarck Tribune says Graybar Electric Co., St. Louis, is opening a branch in Bismark, N.D., a market it left in the 1980s oil bust.
Rockwell 3Q Revenue Up 25 percent
Rockwell Automation, Inc., Milwaukee, reported fiscal 2010 third quarter revenue of $1,268.1 million, up 25 percent compared to $1,010.8 million in the third quarter of fiscal 2009. Fiscal 2010 third quarter revenue was up 9 percent sequentially compared to the second quarter of fiscal 2010.
Commenting on the results, Keith D. Nosbusch, chairman and chief executive officer, said, “We have performed very well in the early part of the recovery. Although macroeconomic conditions are uncertain, we are optimistic that the global recovery will continue. I am confident in our strategy and our ability to execute. We are well-positioned to take advantage of improving market conditions as we proceed through the cycle.”
Details
General Cable Promotes Zajac to New Management Post
General Cable (Highland Heights, Ky.): Joe Zajac has been named manager, market development, Professional Broadcast & Commercial AV Products. He will lead the market and business development efforts for the Gepco and Sheer Wire product lines. Zajac holds a BA in radio/sound from Columbia College Chicago.
New SCE Solar Project to Produce Enough Power for 325,000 California Homes
Southern California Edison (SCE). Rosemead, Calif., awarded 36 contracts to independent power producers for a total of nearly 60MW s from photovoltaic solar panels to be installed on 31 unused rooftops and five ground-mount sites in SCE’s service territory. When complete, the solar panels will cover an area totaling 4 square miles on about 250 otherwise unused warehouse roofs. The total power production will rival a utility-scale power plant, enough electricity to serve 325,000 average homes. Details
Acuity Acquires Remaining Shares and IP of Renaissance
Acuity Brands, Inc. (NYSE: AYI), Atlanta, announced that it has acquired the remaining outstanding capital stock of Renaissance Lighting, Inc., a privately-held manufacturer of solid-state light-emitting diode (LED) architectural lighting for an undisclosed amount. Through a strategic partnership, Acuity previously owned a minority stake in Herndon, Va.-based Renaissance, which offers a full range of LED-based specification-grade downlighting luminaires and has developed an extensive intellectual property portfolio related to advanced LED optical solutions and technologies.
Acuity Brands also purchased an intellectual property portfolio “from another innovative technology company” that includes certain foundational patents that were exclusively licensed to Renaissance and other proprietary technology that will enhance the company’s capabilities in lighting sensors and related controls. Terms of this separate intellectual property purchase were not disclosed.
“The acquisition of Renaissance and the purchase of related intellectual property support the Company’s strategy to deliver superior, technologically-advanced lighting solutions,” said Vernon J. Nagel, chairman, president and CEO of Acuity Brands. “This acquisition will extend our innovation capabilities in solid-state lighting and controls, enabling Acuity Brands to continue to deliver leading-edge lighting solutions to the market.”
Doubts Surface on Growth of Thin-Film PV Panels
According to this article in Portfolio, thin-film solar technology is not growing as fast as expects and may be facing a shakeout in vendors.