Orlando, FL, March 9, 2006--Hughes Supply, in what is likely to be its last financial report before being brought into the Home Depot fold, said Wednesday its fourth-quarter profit jumped 58% on surging demand in its water and sewer and utilities segments.
The construction and repair product maker Hughes posted a profit of $32.8 million, or $0.49 a share, up from $20.7 million, or $0.31 a share a year ago.
Revenue grew 23% to $1.37 billion, with a boost from higher PVC and copper prices. The water and sewer division, Hughes' biggest, turned in a 31% surge in sales to $361.9 million,
Analysts polled by Thomson First Call had expected a profit of $0.46 a share on sales of $1.27 billion.
In January, Home Depot said it would purchase Hughes Supply in a $3.47 billion deal that ranks as the home-improvement retailer's largest acquisition.
Because of the pending deal, which is expected to close next month, Hughes said it wouldn't hold a conference call to discuss results.
