Hubbell Incorporated Declares 7% Dividend Increase and New Share Repurchase Program

Rhea-AI Summary

On October 21, 2022, Hubbell Incorporated (NYSE:HUBB) announced a 7% increase in its common stock dividend, raising the annual payment to $4.48 per share. The new quarterly dividend of $1.12 will be distributed on December 15, 2022, to shareholders of record by November 30, 2022. In addition, the company authorized a $300 million share repurchase program set to expire in October 2025. These financial moves reflect Hubbell's ongoing commitment to enhancing shareholder value, following reported revenues of $4.2 billion in 2021.

Positive

• 7% increase in quarterly dividend to $1.12 per share, enhancing shareholder returns.
• New $300 million share repurchase program to potentially boost stock price and shareholder value.
• Significant revenue of $4.2 billion in 2021 indicating strong business performance.

Negative

• None.

Shelton, CT, Oct. 21, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of Hubbell Incorporated (NYSE:HUBB) today declared a 7% increase in its common stock dividend rate. The new annual payment of $4.48 per share, or $1.12 per quarter, compares to the former rate of $4.20 per share, or $1.05 per quarter. The dividend will be paid on December 15, 2022 to shareholders of record on November 30, 2022. 

Additionally, the Board of Directors approved a new share repurchase authorization of up to $300 million. This new program is set to expire in October 2025.

Hubbell Incorporated is a leading manufacturer of utility and electrical solutions enabling customers to operate critical infrastructure reliably and efficiently. With 2021 revenues of $4.2 billion, Hubbell solutions empower and energize communities in front of and behind the meter. The corporate headquarters is located in Shelton, CT.

Contact:     Dan Innamorato
                   Hubbell Incorporated
                   40 Waterview Drive
                   P.O Box 1000
                   Shelton, CT 06484

FAQ

What is the new dividend rate announced by Hubbell Incorporated (HUBB)?

Hubbell Incorporated announced a new dividend rate of $4.48 per share, which is a 7% increase from the previous rate.

When will the new dividend be paid to shareholders of Hubbell (HUBB)?

The new dividend will be paid on December 15, 2022, to shareholders of record as of November 30, 2022.

How much is the new share repurchase authorization for Hubbell Incorporated (HUBB)?

Hubbell Incorporated has authorized a new share repurchase program of up to $300 million.

When does the new share repurchase program for Hubbell (HUBB) expire?

The new share repurchase program is set to expire in October 2025.

What were Hubbell's revenues for 2021?

Hubbell Incorporated reported revenues of $4.2 billion for the year 2021.