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Hubbell Incorporated (NYSE: HUBB) reported a Q1 diluted EPS of $2.73 and adjusted diluted EPS of $3.60. Q1 net sales increased by 9% (organic +2%; net M&A +6%). Operating margin decreased by 310 bps year-over-year, with adjusted operating margin down by 100 bps. The company anticipates FY24 diluted EPS of $14.10-$14.60 and reaffirms adj. diluted EPS of $16.00-$16.50. Hubbell had a solid start in 2024 with strong organic growth in Electrical Solutions and continued strength in Utility Solutions. However, Telcom markets were weak in the quarter. The company's first quarter results position them well to achieve their reaffirmed 2024 outlook.
Hubbell Incorporated, a leading manufacturer of utility and electrical solutions, declared a regular quarterly dividend of $1.22 per share on its common stock. The dividend will be paid on June 17, 2024, to shareholders of record on May 31, 2024. With 2023 revenues of $5.4 billion, Hubbell plays a vital role in energizing economies and electrifying communities.