Thomas & Betts Corporation Q3 2008 Earnings Conference Call Transcript

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2008-10-25 23:49:08.0

Tags: Acquisition, Call Transcript, Earnings, GAAP, Sales Strategy, Mergers & Acquisitions, Corporate Law, Financial Accounting, Finance, Sales, Investment, Business Operations, Seeking Alpha, Acquisition, Call Transcript, Earnings, GAAP, Sales Strategy, Mergers & Acquisitions, Corporate Law, Financial Accounting, Finance, Sales, Investment, Business Operations, Seeking Alpha, Thomas & Betts Corp.

Question-and-Answer Session

Thank you. Ladies and gentlemen, we will now be conducting a question-and-answer session. [Operator Instructions].

Our first question comes from Christopher Glynn with Oppenheimer. Please state your question.

Christopher Glynn - Oppenheimer & Co., Inc.

Thanks. Good afternoon I think for you. So?

Dominic J. Pileggi - Chairman and Chief Executive Officer

It's still morning in Memphis, Chris. And raining.

Christopher Glynn - Oppenheimer & Co., Inc.

I always go in the wrong direction with that. The synergies from the acquisitions? it looks like the electrical operating margin, at least sequentially was just kind of in line with your normal operating leverage. Maybe there was some price cost in there as well, but did you realize the full kind of $5 million run rate or is that more of fourth-quarter event?

Kenneth W. Fluke - Senior Vice President and Chief Financial Officer

That's going to be more towards the back half of the year Chris. I think, I called out in my prepared remarks that we had about $2.5 million in the quarter.

Christopher Glynn - Oppenheimer & Co., Inc.

Okay. Okay, so you?

Kenneth W. Fluke - Senior Vice President and Chief Financial Officer

And, we are pretty comfortable of where we are, and I expect we will be at those run rates sometime in the fourth quarter.

Christopher Glynn - Oppenheimer & Co., Inc.

And then, just to be clear on the guidance, because we've had a lot of moving parts this year, but the $5.35 to $5.45 that would reflect the 429 all-in number year-to-date?

Kenneth W. Fluke - Senior Vice President and Chief Financial Officer

That will reflect total GAAP. Yes, that will be the total GAAP bottom line including discontinued ops the wholesale bank [ph].

Christopher Glynn - Oppenheimer & Co., Inc.

Okay.

Kenneth W. Fluke - Senior Vice President and Chief Financial Officer

Including the gain on Leviton and things like that we had in the second quarter.

Christopher Glynn - Oppenheimer & Co., Inc.

Okay. And any further tax outflow related to Leviton or is that put to rest?

Kenneth W. Fluke - Senior Vice President and Chief Financial Officer

Yeah. There still be some more drag on cash in the fourth quarter from that.

Christopher Glynn - Oppenheimer & Co., Inc.

Okay. And then the mid single-digit sales guidance that excludes the acquisitions for the fourth quarter?

Kenneth W. Fluke - Senior Vice President and Chief Financial Officer

 

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