Hubbell Sales, Earnings Jump in 1Q

Dow Jones04-30

By Emon Reiser

Hubbell saw higher first-quarter sales as revenue in utility solutions, its largest segment by revenue, grew double digits.

The Shelton, Conn.-based company, which sells, designs and manufactures electrical and electronic products for non-residential and residential construction, on Tuesday reported a profit of $149.1 million, or $2.73 a share, for the quarter ended March 31. In the year-ago quarter, Hubbell reported a profit of $183.4 million, or $3.37 a share.

Adjusted for certain one-time items, Hubbell reported earnings of $3.60 a share compared with $3.61 a share in the year-ago quarter. Analysts expected $3.54 a share.

Sales increased to $1.4 billion from $1.285 billion in the year-ago quarter. Analysts expected $1.39 billion.

Hubbell Chief Executive Gerben Bakker said strong organic growth in the company's electrical solutions business boosted operating performance. Acquisitions drove 14% growth in its utility solutions unit.

"Price traction is healthy, supported by our strong positions and leading service levels," Bakker said.

"As anticipated, investments in long-term growth and productivity initiatives impacted year-over-year operating margins in the first quarter, including increased restructuring and related investment."

Hubbell reaffirmed its 2024 outlook. The company said it anticipates earnings per share in the range of $14.10 to $14.60. Adjusted earnings are expected to be between $16.00 and $16.50.

Hubbell sees 2024 sales growth ranging between 8% and 10%.

Write to Emon Reiser at emon.reiser@wsj.com

(END) Dow Jones Newswires

April 30, 2024 08:00 ET (12:00 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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