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Hubbell Incorporated (NYSE: HUBB) is a leading global manufacturer of high-quality electrical and electronic products designed for diverse residential, commercial, industrial, and utility applications. Based in Shelton, Connecticut, Hubbell achieved revenues of $4.6 billion in 2019, and continues to innovate and grow, reaching $5.4 billion in revenues for 2023.
The company operates through two primary segments: Utility Solutions Segment and Electrical Solutions Segment. The Utility Solutions Segment, which generates the majority of Hubbell’s revenue, focuses on transmission and distribution products, utility communication and controls, and other related solutions. The Electrical Solutions Segment offers a broad range of electrical and electronic products, including wiring devices, lighting controls, and power management solutions.
Hubbell's comprehensive product portfolio serves critical areas of the U.S. electrical supply chain, from transmission and distribution to end markets in commercial, industrial, and residential spaces. The company's commitment to quality, reliability, and efficiency has solidified its reputation, ensuring the safe operation of vital infrastructure worldwide.
Recent achievements highlight Hubbell's strategic focus on grid modernization and electrification. In December 2023, Hubbell announced the sale of its Residential Lighting business to Kingswood Capital Management for $131 million. This divestiture aligns with Hubbell’s approach to creating a focused portfolio with strong growth and margin potential.
Furthermore, Hubbell's recent financial performance underscores its robust market position. The third quarter of 2023 showcased solid demand across transmission markets and improvements in industrial segments, particularly renewables and datacenters. Despite softer telecom and residential markets, Hubbell's strategic inventory management and enhanced supply chain dynamics have driven sequential growth.
Hubbell's forward-looking strategies and operational excellence are geared towards maintaining its leadership in the industry. With a clear vision for the future, Hubbell continues to execute its growth plans, ensuring it remains a key player in the electrification and energy infrastructure sectors.
Hubbell reported strong Q3 2022 results, with diluted EPS of $2.78 and adjusted EPS of $3.08, reflecting a 21% sales increase. The Utility Solutions segment saw a remarkable 29% sales growth, driven by robust demand in grid modernization and electrification. Operating margin expanded significantly, with adjusted operating income reaching $144.1 million. For FY 2022, the company raised its EPS guidance to $9.10-$9.30. Free cash flow improved to $194.3 million, showcasing strong operational performance despite ongoing supply chain challenges.
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.
Hubbell Incorporated (NYSE: HUBB) will release its third quarter 2022 financial results on October 25, 2022, before market opening. Following the release, a live Analysts' Conference Call will take place at 10:00 AM ET, where results will be discussed. Interested parties can access the webcast and related materials via Hubbell's corporate website. In 2021, Hubbell generated revenues of $4.2 billion, providing utility and electrical solutions to support critical infrastructure.
Hubbell Incorporated (NYSE: HUBB) announced the departure of Pete Lau as President of the Electrical Solutions (HES) segment, effective September 30, 2022. This mutual decision aims to transition HES into new leadership as Mr. Lau pursues other opportunities. Hubbell is currently searching for a successor and will consider both internal and external candidates. During this interim period, the heads of HES's four business units will report to Gerben Bakker, Chairman and CEO. Bakker remains confident in HES's financial outlook and ability to deliver customer value.
Hubbell Incorporated (NYSE: HUBB) will have its CFO, Bill Sperry, present at the Morgan Stanley Annual Laguna Conference on September 16, 2022, at 8:10 AM PT. The event will be webcasted, with live audio available through the company’s Investor Relations section. Hubbell, known for its utility and electrical solutions, achieved 2021 revenues of $4.2 billion, providing essential services to communities. Following the conference, the audio will be accessible on their website for those unable to attend the live session.
Hubbell reported robust Q2 2022 earnings per diluted share of $2.51 and adjusted EPS of $2.81, with net sales growing 19%, driven by a 20% organic increase. The company raised its FY2022 EPS guidance to $8.25-$8.65, while adjusted EPS is now projected at $9.40-$9.80. Key drivers include strong utility solutions orders, grid modernization, and acquisitions of PCX and Ripley Tools. Utility Solutions segment net sales surged by 24% to $729 million, with operating income rising to $111 million. The outlook remains positive with anticipated sales growth of 14-16% for the full year.
The Board of Directors of Hubbell declared a quarterly dividend of $1.05 per share on common stock, payable on September 15, 2022, to shareholders of record by August 31, 2022. In 2021, Hubbell generated revenues of $4.2 billion and is recognized as a leading manufacturer of utility and electrical solutions. With a global presence and headquarters in Shelton, CT, the company emphasizes the reliability and efficiency of critical infrastructure operations.
Hubbell Incorporated (NYSE: HUBB) will release its Q2 2022 financial results on July 26, 2022, before market open. The company will host a conference call at 10:00 AM ET to discuss these results. Interested parties can access the press release on Hubbell's corporate website under the Press Release section. Live audio and materials from the call will also be available in the Events and Presentations section of the site. Audio replays will be accessible via phone and online until August 25, 2022. Hubbell reported revenues of $4.2 billion in 2021.
Hubbell Incorporated (NYSE: HUBB) held its 2022 Investor Day, outlining a long-term strategy emphasizing growth and margin expansion. The company anticipates double-digit adjusted EPS growth through 2025, forecasting 2022 adjusted EPS between $9.00 to $9.40 per share. Hubbell's leadership highlighted its strong positioning in utility and electrical solutions, capitalizing on trends in grid modernization. The presentation is available on its website, reinforcing its commitment to creating value for customers and shareholders.
Hubbell reported first-quarter 2022 earnings with a diluted EPS of $1.88 and adjusted EPS of $2.12, reflecting a 21% increase in net sales. The company raised its FY22 diluted EPS guidance to $8.00-$8.40, and adjusted EPS to $9.00-$9.40. Significant demand in Utility and Electrical Solutions segments drove sales growth, with organic sales increasing by 21%. Margins improved year-over-year despite ongoing supply chain challenges. Net cash used in operating activities was $14.4 million, contrasting with a positive cash flow from 2021. The company anticipates total sales growth of 11-13% for the year.
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