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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 Incorporated (NYSE: HUBB) has corrected the date for its fourth quarter 2021 earnings release to February 3, 2022. The financial results will be disclosed before market opening, followed by a conference call at 10:00 AM ET to discuss the outcomes. Investors can find the full press release on Hubbell's corporate website under the 'Press Release' section. Additionally, audio replays of the call will be available through various methods, including phone, website, and podcast.
Hubbell Incorporated (NYSE: HUBB) will announce its fourth quarter 2021 financial results before market opening on February 3, 2021. Following this, the company will host a webcast Analysts' Conference Call at 10:00 AM ET to discuss the results. Interested parties can access the full press release and conference call materials via Hubbell's corporate website under the 'Press Releases' and 'Events and Presentations' sections. Audio replays will be available through multiple channels, including a dedicated phone number and podcast format.
Hubbell reported Q3 2021 earnings with a diluted EPS of $1.98 and adjusted EPS of $2.24, reflecting a 9% increase in net sales year-over-year. Despite challenges from material inflation and supply chain issues, price increases helped mitigate operational headwinds. The company anticipates full-year sales growth of 12-13% and adjusted EPS between $8.30 and $8.50. Operational highlights include a strong customer demand for utility solutions, although unit volumes were slightly down due to supply constraints. Free cash flow for Q3 was $70 million, down from $135.2 million in the prior year.
Hubbell Incorporated (NYSE: HUBB) announced the sale of its Commercial and Industrial Lighting business to GE Current for $350 million. This transaction aims to streamline Hubbell's portfolio, focusing on higher growth and margin opportunities. The lighting business generated approximately $515 million in sales in 2020. The deal is expected to close in Q1 2022, pending regulatory approvals, with proceeds potentially used for acquisitions and share repurchases. The CEO expressed confidence in the strategic partnership with GE Current.
The Board of Directors of Hubbell Incorporated declared a 7% increase in its common stock dividend, raising the annual rate to $4.20 per share, or $1.05 quarterly, up from $3.92 per share. This dividend will be paid on December 15, 2021, to shareholders on record as of November 30, 2021. In 2020, the company reported revenues of $4.2 billion, highlighting its strong position as a manufacturer of utility and electrical solutions.
Hubbell Incorporated (NYSE: HUBB) will announce its third quarter 2021 financial results on October 26, 2021, before the market opens. An Analysts' Conference Call will follow at 10:00 AM ET to discuss these results. Investors can access the full press release on Hubbell's website under the Press Release section. Live audio and materials from the conference call will also be available on their Events and Presentations page. Replays of the call will be accessible via phone and online until November 25, 2021.
Hubbell Incorporated (NYSE: HUBB) announced that CEO Gerben Bakker and CFO Bill Sperry will present at the Morgan Stanley Annual Laguna Conference on September 13, 2021, starting at 1:30 PM ET. The event will be webcast live, and interested parties can access it through the Investor Relations section of Hubbell's website. The recorded audio will be available 24 hours post-event. Hubbell, headquartered in Shelton, CT, reported revenue of $4.2 billion in 2020, specializing in high-quality electrical and utility solutions.
Hubbell reported strong second quarter 2021 results, with a net sales increase of 26%, reflecting 21% organic growth. The diluted EPS was $1.74, with adjusted EPS of $2.36. For FY21, the company updated its diluted EPS forecast to $7.05-$7.35 and adjusted EPS to $8.50-$8.80. Demand surged in Electrical and Utility segments, driven by grid modernization and infrastructure needs. However, the company faced challenges from tight supply chains and increased raw material costs. Nonetheless, Hubbell remains optimistic about sustained growth in the second half of 2021.
The Board of Directors of Hubbell Incorporated has declared a quarterly dividend of $0.98 per share on common stock. This dividend will be paid on September 15, 2021, to shareholders of record by August 31, 2021. Hubbell, an international manufacturer in electrical and utility solutions, reported revenues of $4.2 billion in 2020 and operates multiple manufacturing facilities globally.
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