Graybar Electric Co., St. Louis, reported a slight increase in sales and a 14-percent increase in net income for the second quarter of 2010 compared to the second quarter of 2009. Net income for the first half of 2010 rose by 20 percent compared to the first half of 2009. “Our second quarter results show that business is gaining momentum,” said Robert Reynolds, Jr., Graybar’s chairman, president and CEO.
Archive for the ‘Channel Chatter’ Category
Zajac Takes On New Management Post at General Cable
General Cable (Highland Heights, Ky.): Joe Zajac has been named manager, market development, Professional Broadcast and Commercial AV Products. In this role, Zajac will lead the market and business development efforts for both the Gepco brand and Sheer Wire line of products. He joined Gepco in 1996 and has held the positions of engineering manager, field engineer and operations manager and holds a B.A. in radio/sound from Columbia College.
WESCO District Manager Running for Office in Massachusetts
Brian Herr, district manager for WESCO Distribution Inc. in New England, is running for the Republican nomination for U.S. Representative for Massachusetts’ 3rd Districtin a Sept. 14 primary. The winner of the primary will run against incumbent U.S. Rep. James P. McGovern, D-Worcester, in the Nov. 2 election. The 26-year WESCO veteran says if elected he will bring the same fiscal responsibility he uses to manage $50 million in sales to Congress.
When I met Herr nine years ago during a dinner at an Independent Electrical Contractors (IEC) conference in Las Vegas, I learned that in addition to his interest in politics he is an avid marathon runner. According to an article on his candidacy in Worcester’s Telegram & Gazette, he has run 21 marathons for the Dana-Farber Cancer Institute.
Graybar, GE to Supply Missouri’s Lighting
Graybar, St. Louis, won a one-year contract to supply lighting to the State of Missouri’s facilities. Under the contract, Graybar will provide GE lighting products for all the state’s agencies, departments and divisions, including the Department of Elementary and Secondary Education and the Department of Corrections. The contract is effective July 1, 2010, through June 30, 2011, and has three one-year renewal options.
“We are pleased to serve the State of Missouri with innovative and energy-efficient lighting solutions from GE,” said Dave Moeller, Graybar’s director of electrical sales for its Missouri operations.” Graybar’s experience with government organizations, combined with convenient, local service and national capabilities, provides real value our customers can count on.”
Cree LEDs Light Habitat for Humanity Home
Cree, Inc., Durham, N.C. (CREE) and Habitat for Humanity of Durham kicked off construction on the first Habitat for Humanity house to be lit entirely with LED (light-emitting diode) lighting fixtures last weekend. Cree is sponsoring the construction of this home and Cree employees have been assisting as volunteers on the project. The home will include Cree’s newest LED downlight, the CR6, as well as other LED products featuring Cree LEDs. The LED lighting in this house is projected to save approximately $250 worth of electricity costs per year over traditional lighting.
The project is part of Cree’s previously announced three-year, $1.5 million pledge to provide its high-efficiency LED downlights for all new Habitat homes built in the U.S. The house is expected to be completed by October 2010.
Siemens U.S. CEO Fond of Federal Funds
Eric Spiegel, CEO of Siemens Corp., the U.S. division of Siemens, has been all over the general business press for the past week talking about his intention to double the company’s $1 billion revenues from the U.S. federal government by 2015. Spiegel came to Siemens at the beginning of this year from Booz Allen Hamilton, where he worked extensively on federal contracts, and is moving the company’s U.S. headquarters to Washington, D.C. He sees big opportunities in the government’s interest in several of Siemens’ core areas, including energy efficiency and health care.
Coleman Cable Posts Strong Second Quarter
Coleman Cable, Waukegan, Ill., posted unexpectedly strong numbers for the second quarter of 2010 with sales of $174 million — a 54% increase over 2Q 2009 — and EBITDA of $17.5 million.
“Improved market conditions drove substantially higher volumes in both of our segments and were a significant factor in delivering strong results for the quarter,” said Gary Yetman, president and CEO. “Additionally, our second-quarter profitability improved significantly on a year-over-year basis as a result of the continued benefits derived from our cost-reduction efforts and capacity adjustments made throughout 2009.”
Philips Lumileds Ships Billionth LED
Philips Lumileds today announced that it shipped its billionth Luxeon power LED in the 2nd quarter of 2010. The company said its capacity and infrastructure investments over the last several years have enabled it to deliver high volumes of products. The company has delivered over 750 million Luxeon power LEDs in the past two years to automotive, illumination and consumer electronics customers.
“This isn’t just a milestone for the company but for the entire industry,” said Michael Holt, CEO. “When we started, the idea that Lumileds could change the nature of lighting with power LEDs was greeted by many industry insiders with skepticism. Today, they and others have followed us as competitors into an industry that is driving energy efficient lighting applications and new ways of lighting the places where we live, work, and play.”
T&B’s Pileggi Sees Single-Digit Growth for Remainder of 2010
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
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: