T&B earnings up 217%

Thomas & Betts Corp. posted a 217 percent jump in net earnings in the second quarter thanks to the sale of equity interests and a favorable legal settlement, officials said Wednesday.

The company said it posted net earnings of $147.8 million, or $2.54 per share, on net sales of $641.3 million. That was up from net earnings of $46.6 million, or 80 cents per share, on net sales of $507.2 million a year ago.

Thomas & Betts officials say earnings were boosted by the sale of the company's minority interest in Leviton Manufacturing Co. and a $12 million benefit from an undisclosed legal claim.

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Thomas & Betts (NYSE: TNB) is based in Memphis and makes electrical components used in industrial, commercial, communications and utility markets.