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HUBB · Hubbell

50 filings

10-Q

HUBB 10-Q Quarterly Reports

Hubbell - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K110

HUBB filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 110 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Jan ’17Jan ’17
  2. Leadership change8-K · Mar ’19Mar ’19
  3. Material agreement8-K · Mar ’21Mar ’21
  4. Material agreement8-K · Nov ’25Nov ’25
  1. 2026-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2026

    Hubbell Incorporated's third-quarter 2026 results showed net sales of $1,872.5 million, up from $1,502.4 million in the third quarter of 2025, with the filing stating a 24.6% increase. Organic sales rose 11.3%, and acquisitions contributed 13.2%, mainly from NSI Industries, which was acquired on June 9, 2026 for $3.0 billion net of cash acquired. Operating income was $408.7 million (21.8% of net sales, versus 22.0% a year earlier), and net income attributable to Hubbell was $262.5 million, with diluted EPS of $4.94 compared with $4.77. The company reported adjusted operating margin of 25.5% for the quarter, which excludes amortization of acquisition-related intangibles and transaction costs, and the filing attributes the margin gain mainly to productivity, price realization, volume, acquisitions and a net tariff benefit, partly offset by material and other cost inflation. The acquisition materially changed the balance sheet and cost structure. Long-term debt rose to $4,506.4 million from $2,036.3 million at year-end 2025, and total debt was $5,120.2 million, giving a total debt to total capital ratio of 55% versus 38% at December 31, 2025. Interest expense, net was $58.0 million in the quarter versus $13.6 million a year earlier, which reduced the quarter's pre-tax income growth. Goodwill increased to $4,368.2 million and other intangible assets to $3,143.4 million. Cash and cash equivalents fell to $334.5 million. Nine-month operating cash flow was $659.0 million, and the company paid $225.4 million in dividends and repurchased $203.5 million of shares in that period. The filing also notes that the company received about $31 million of IEEPA tariff refunds in the quarter, recognized as a reduction to cost of goods sold, under a gain contingency model. The company repaid $300.0 million of its 2025 Term Loan in October 2026 using commercial paper, and $298.2 million remained under its share repurchase authorization at September 30, 2026. The company reported no share purchases under its publicly announced program during the third quarter.

    Oct 28, 2026
  2. 2026-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2026

    Hubbell Incorporated's second-quarter 2026 results show net sales of $1,711.8 million, up from $1,484.3 million a year earlier, with the filing stating organic net sales rose 10.2% and acquisitions contributed 4.8%. Operating income was $348.6 million versus $336.3 million, but operating margin fell to 20.4% from 22.7%, which the company attributes to amortization of acquisition intangibles and transaction, integration and separation costs. Net income attributable to Hubbell was $240.4 million, down 1.6%, and diluted EPS was $4.52 compared with $4.56. Adjusted operating margin, a non-GAAP measure, was 23.9%, down 50 basis points. The defining event of the period is the June 9, 2026 acquisition of NSI Industries for $3.0 billion, net of cash acquired, funded with a $900 million term loan, $1.9 billion of senior notes and commercial paper. Total debt rose to $5,372.6 million from $2,325.4 million at year-end 2025, and the filing reports a total debt to total capital ratio of 58% (non-GAAP net debt to total capital of 52%). Goodwill and other intangibles increased sharply as a result, and the purchase price allocation is preliminary and subject to a one-year measurement period. Other items include the company's gain-contingency accounting for IEEPA tariff refunds, with approximately $30 million received after June 30, 2026 but not yet recognized, and continued restructuring charges of $6.8 million for the six months. Segment results show Electrical Solutions organic growth of 18.3% in the quarter, while Utility Solutions organic growth was 5.5%. The company repurchased $203.5 million of shares in the first half and paid $150.4 million in dividends.

    Jul 29, 2026
  3. 2026-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2026

    Hubbell Incorporated's first quarter 2026 results showed net sales of $1,516.7 million, up from $1,365.2 million in the first quarter of 2025, with the filing stating an 11.1% increase driven by an 8.2% increase in organic sales from favorable price realization and higher volume. Acquisitions contributed a 2.3% increase, and foreign exchange a 0.6% increase. Operating income rose to $263.8 million from $230.4 million, with operating margin of 17.4% versus 16.9%. Adjusted operating margin, which excludes acquisition-related intangible amortization and transaction, integration and separation costs, was 19.8%, up 110 basis points. Diluted earnings per share were $3.41 compared with $3.03 a year earlier, and net income attributable to Hubbell Incorporated was $181.8 million. Total other expense rose to $27.4 million from $19.1 million, primarily due to higher net interest expense tied to the $600 million 2025 Term Loan used to fund the DMC Power acquisition. Total debt increased to $2,573.0 million from $2,325.4 million, largely due to higher short-term commercial paper borrowings of $534.0 million, and net debt rose to $1,956.3 million from $1,729.1 million. Net cash from operating activities was $86.6 million, compared with $37.4 million in the prior-year quarter. During the quarter the company repurchased $172.5 million of shares and paid $75.4 million in dividends, and $327.5 million remained under its share repurchase authorization at March 31, 2026. The filing notes that the U.S. Supreme Court ruled on February 20, 2026 that IEEPA tariffs were invalid, and that Hubbell may be entitled to refunds, though timing and amount are uncertain; no recovery has been recorded. Management also reports ongoing material and tariff-related cost inflation, partially offset by pricing and productivity. The revolving credit facility of $1.0 billion was undrawn and fully available at March 31, 2026.

    May 1, 2026
  4. 2025-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2025

    Hubbell Incorporated's third-quarter 2025 results show net sales of $1,502.4 million, up from $1,442.6 million a year earlier, with organic net sales growth of 3.2% and acquisitions adding 0.8%. Operating income rose to $330.6 million (22.0% of net sales) from $312.7 million, and diluted earnings per share were $4.77 versus $4.18. Net income attributable to Hubbell Incorporated was $255.5 million. For the nine months, net sales were $4,351.9 million and diluted EPS was $12.35, compared with $10.73 a year earlier. Utility Solutions net sales were $943.8 million in the quarter, with operating income flat at $219.3 million, while Electrical Solutions net sales rose 9.6% to $558.6 million and operating income rose to $111.3 million. The company changed its method for certain U.S. inventories from LIFO to FIFO in the second quarter of 2025 and applied it retrospectively. This raised cumulative inventory by $167.1 million at January 1, 2024. The change increased reported third-quarter operating income by $24.8 million relative to LIFO, and nine-month operating income by $45.0 million. Balance sheet liquidity shifted with cash and cash equivalents of $666.8 million at September 30, 2025, and short-term debt and current portion of long-term debt rising to $951.5 million, mainly from $399.7 million of 2026 Notes reclassified to current and $550.0 million of commercial paper. Subsequent to quarter-end, on October 1, 2025, Hubbell acquired DMC Power for approximately $825 million, net of cash acquired, funded partly by a $600 million unsecured term loan due September 29, 2028 and commercial paper. The filing notes that the initial purchase accounting for DMC Power is incomplete. During the nine months, the company repurchased $225.0 million of common stock and paid $211.1 million in dividends, and it reported a total share repurchase authorization of approximately $535.0 million at quarter-end.

    Oct 29, 2025
  5. 2025-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2025

    Hubbell Incorporated's second-quarter 2025 Form 10-Q shows net sales of $1,484.3 million, up from $1,452.5 million in the prior-year quarter, with organic net sales growth of 2.0% driven by price realization while volumes were flat. Operating income rose to $336.3 million (22.7% of net sales) from $306.3 million, and net income attributable to Hubbell Incorporated increased to $244.2 million. Diluted earnings per share were $4.56 versus $4.01 a year earlier. For the six months, net sales were $2,849.5 million, essentially flat year over year, while diluted EPS rose to $7.58 from $6.55. The company changed its U.S. inventory accounting method from LIFO to FIFO in the second quarter, applied retrospectively to all prior periods. The filing states the change provides better matching of costs and revenues, conforms to a single inventory method and improves comparability with peers. Under this change, inventories increased by $167.1 million at January 1, 2024, and the cumulative effect raised retained earnings by $126.7 million net of tax. Operating cash flow for the six months was $298.0 million, down from $331.8 million, mainly due to working capital increases in accounts receivable and accounts payable timing. Balance sheet activity included the Ventev acquisition for approximately $73 million in the first quarter, $225.0 million of share repurchases, $140.9 million of dividends paid, and total debt rising to $1,847.1 million, including $399.5 million of senior notes due March 2026 classified as current. Subsequent to quarter end, the company acquired Nicor for approximately $56 million, and the One Big Beautiful Bill Act was enacted on July 4, 2025, with the company assessing its impact.

    Jul 30, 2025
  6. 2025-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2025

    Hubbell Incorporated's first quarter 2025 results show net sales of $1,365.2 million, down from $1,399.1 million in the first quarter of 2024, with organic net sales decreasing 0.6% on lower volume. Operating income rose to $239.0 million from $228.5 million, and operating margin expanded to 17.5% from 16.3%. Net income attributable to Hubbell Incorporated increased to $169.7 million from $147.8 million, and diluted earnings per share rose to $3.15 from $2.73. The filing notes that adjusted operating margin was 19.3%, down from 19.7% in the prior year period, and adjusted net income attributable to Hubbell Incorporated decreased 3.4% to $188.6 million. Segment performance was mixed. Utility Solutions net sales declined 4.2% to $857.1 million, with organic sales down 3.7% due to lower Grid Automation volume after a strong prior-year metering and AMI quarter, and weakness in telecom-related enclosures. Electrical Solutions net sales rose 0.6% to $508.1 million, with organic growth of 4.8% led by datacenter demand. The company acquired Ventev, a wireless network solutions provider, for $73.3 million net of cash acquired, and it added to the Electrical Solutions segment. Cash generation weakened in the quarter. Operating cash flow was $37.4 million versus $92.2 million a year earlier, reflecting higher working capital, primarily accounts receivable, and a $20.0 million pension contribution. Hubbell repurchased $125.0 million of stock and paid $70.7 million in dividends. Total debt rose to $1,860.1 million, and the company classified $399.4 million of 2026 senior notes as current. The company also entered a $1.0 billion revolving credit facility in March 2025, which was undrawn at quarter end, and it reported a total share repurchase authorization of approximately $635.0 million.

    May 2, 2025
  7. 2024-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2024

    Hubbell Incorporated reported third-quarter 2024 net sales of $1,442.6 million, up from $1,375.8 million in the third quarter of 2023, with operating income of $303.8 million (21.1% of net sales) versus $276.3 million (20.1%). Net income attributable to Hubbell Incorporated was $219.4 million, or $4.05 per diluted share, compared with $200.1 million, or $3.70 per diluted share, a year earlier. Growth was driven by acquisitions, which contributed 6% net of divestitures, partly offset by a 1% decline in organic net sales on lower volume. Utility Solutions net sales rose to $933.1 million, while Electrical Solutions net sales fell to $509.5 million, reflecting the divestiture of the residential lighting business. For the first nine months of 2024, net sales were $4,294.2 million versus $4,027.1 million, and net income attributable to Hubbell Incorporated was $580.8 million, or $10.73 per diluted share, compared with $588.8 million, or $10.89 per diluted share. Total other expense rose to $72.4 million, driven mainly by higher interest expense tied to the Systems Control acquisition, and the company recorded a $5.3 million pre-tax loss on the sale of the residential lighting business, which closed for $131 million in cash. Operating cash flow was $558.8 million for the nine months, and the company repaid $386.3 million of long-term debt, reducing total debt to $1,931.5 million from $2,140.6 million at year-end 2023. The balance sheet strengthened, with shareholders' equity rising to $3,215.0 million and cash and cash equivalents of $435.7 million at September 30, 2024. The company paid $196.5 million in dividends and repurchased $30.0 million of shares during the nine months, leaving $270.0 million remaining under its repurchase authorization. Net debt to total capital declined to 27% from 34%.

    Oct 30, 2024
  8. 2024-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2024

    Hubbell Incorporated's second-quarter 2024 Form 10-Q shows net sales of $1,452.5 million, up from $1,365.9 million a year earlier, with organic growth of 2% from price realization and 4% from acquisitions net of divestitures. Operating income was $301.2 million versus $287.8 million, while diluted earnings per share rose to $3.94 from $3.82. Electrical Solutions drove the quarter, with operating margin expanding to 20.0% from 16.5%, while Utility Solutions organic net sales declined 1.5% on weakness in telecom and distribution markets, and its operating margin fell to 21.2% from 24.0%. For the six months, net income attributable to Hubbell was $361.4 million, down from $388.7 million, and diluted EPS was $6.67 versus $7.19. Results were affected by higher interest expense tied to the Systems Control acquisition, a $5.3 million pre-tax loss on the sale of the residential lighting business, and higher intangible amortization. Operating cash flow was $331.8 million versus $341.4 million, and the company paid $131.0 million in dividends. Balance sheet leverage improved over the period. Long-term debt fell to $1,892.7 million from $2,023.2 million, largely through $128.8 million of Term Loan payments, and net debt to total capital was 30% versus 34% at year-end 2023. The company reported $397.2 million of cash and an undrawn $750 million revolving credit facility. Management expects inflation, telecom softness and restructuring costs to remain factors, with $5.3 million of remaining restructuring costs for 2024 actions.

    Jul 31, 2024
  9. 2024-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2024

    Hubbell Incorporated's Form 10-Q for the quarter ended March 31, 2024 reports first-quarter net sales of $1,399.1 million, up from $1,285.4 million a year earlier, with the filing stating growth of 9% that included 2% organic growth from price realization and 6% from acquisitions net of divestitures. Profitability declined: operating income fell to $228.5 million from $248.8 million, operating margin contracted to 16.3% from 19.4%, and net income attributable to Hubbell Incorporated was $147.8 million versus $181.9 million, with diluted earnings per share of $2.73 compared with $3.37. The filing attributes margin contraction primarily to material and other cost inflation, lower volume, and continuing investments, partly offset by favorable price realization and operational productivity. Interest expense, net rose to $21.1 million from $9.7 million, and a $5.3 million pre-tax loss was recorded on the disposition of the residential lighting business. Balance sheet and cash flow items show a lower debt load and a modest cash build. Long-term debt was $1,895.7 million at March 31, 2024, down from $2,023.2 million at December 31, 2023, after the company made $125 million of principal payments on its term loan. Cash and cash equivalents rose to $388.2 million, helped by $122.9 million of proceeds from the disposal of the residential lighting business. Operating cash flow was $92.2 million compared with $113.7 million a year earlier. The company paid $65.5 million in dividends and repurchased $10.0 million of shares in the quarter, with $290.0 million remaining under its repurchase authorization. The filing states that the Utility Solutions segment's organic sales were essentially flat, while the Electrical Solutions segment grew organically by 5.5%. The filing describes the 2023 acquisitions of EI Electronics, Balestro and Systems Control, which are reported in the Utility Solutions segment, as contributing to growth and to higher amortization and integration costs. Adjusted operating margin was 19.7% compared with 20.7% in the prior year period, and adjusted net income attributable to Hubbell Incorporated was $195.2 million, flat year over year. The company reported no material changes to its risk factors and stated that its disclosure controls were effective as of March 31, 2024.

    May 1, 2024
  10. 2023-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2023

    Hubbell Incorporated's third-quarter 2023 Form 10-Q reports net sales of $1,375.8 million, up from $1,316.2 million in the prior-year quarter, with operating income of $276.3 million versus $203.6 million and diluted earnings per share from continuing operations of $3.70 versus $2.78. Gross profit margin reached 35.4% of net sales compared with 30.3% a year earlier, which the company attributes primarily to favorable price realization, improved operational productivity and modestly lower material costs. For the first nine months, net sales were $4,027.1 million and net income attributable to Hubbell from continuing operations was $588.8 million, against $388.4 million in the prior-year period. By segment, Utility Solutions net sales rose to $837.9 million with an operating margin of 22.3%, driven by price realization, improved semiconductor availability and strong backlog, while Electrical Solutions net sales were $537.9 million, roughly flat, with residential softness offset by industrial, renewables and datacenter strength. Cash and cash equivalents were $572.8 million at September 30, 2023, long-term debt was $1,439.7 million, and the company paid $180.1 million in dividends and repurchased $30.0 million of shares in the first nine months. Subsequent to quarter-end, Hubbell acquired Indústria Eletromecânica Balestro Ltda. for approximately $89 million in cash on October 27, 2023, and agreed on October 28, 2023 to acquire Systems Control for an aggregate cash purchase price of $1.1 billion, subject to customary adjustments and regulatory clearance under the Hart-Scott-Rodino Act.

    Nov 1, 2023
  11. 2023-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2023

    Hubbell Incorporated's second-quarter 2023 results showed strong sales growth and margin expansion. Net sales were $1,365.9 million, up $109.9 million from the second quarter of 2022, with organic net sales up 5.8% and acquisitions contributing 3.0%. Operating income rose to $287.8 million from $190.6 million, and the operating margin was 21.1% versus 15.2% a year earlier. Net income from continuing operations attributable to Hubbell was $206.8 million, and diluted earnings per share from continuing operations were $3.82 versus $2.51. The filing attributes the margin gains mainly to favorable price realization and modestly lower material costs, with grid modernization and electrification cited as demand drivers. For the first six months, net sales were $2,651.3 million and diluted earnings per share from continuing operations were $7.19, compared with $4.39 in the prior-year period. Operating cash flow from continuing operations was $341.4 million, up from $174.2 million, and the company completed the acquisition of EI Electronics LLC for about $60 million in cash. The company also reported $492.6 million of cash and cash equivalents and a net debt to total capital ratio of 21%. Capital returns continued through $120.1 million of dividends paid in the first six months, while no shares were repurchased in the second quarter. The filing reports no material changes to risk factors from the 2022 Form 10-K. Management highlights ongoing inflation, residential market softness, and commercial customer inventory management as factors to monitor, particularly in the Electrical Solutions segment, where second-quarter organic net sales declined 3.9%.

    Jul 26, 2023
  12. 2023-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2023

    Hubbell Incorporated's Form 10-Q for the quarter ended March 31, 2023 reports net sales of $1,285.4 million, up from $1,156.1 million in the first quarter of 2022. Operating income rose to $248.8 million from $142.9 million, and gross profit increased to $448.3 million from $323.1 million. Net income attributable to Hubbell Incorporated was $181.9 million, compared with $180.2 million in the prior-year period, which included $77.7 million from discontinued operations (the C&I Lighting business sold in February 2022). Diluted earnings per share from continuing operations were $3.37, versus $1.88 a year earlier. The filing attributes margin expansion primarily to favorable price realization, modestly lower material costs and higher volumes, with Utility Solutions net sales of $781.6 million and Electrical Solutions net sales of $503.8 million. Cash flow from operating activities of continuing operations was $113.7 million, compared with cash used of $14.4 million a year earlier. Cash and cash equivalents were $429.8 million at March 31, 2023. Long-term debt was $1,438.5 million, and the 2021 Credit Facility of $750 million was undrawn. The company paid $60.0 million in dividends and repurchased $20.0 million of common stock during the quarter, leaving $386.7 million of total repurchase authorization. The filing states that the company's residential market showed continued softness and that inflation, supply chain conditions and interest rates remain key risks. Management reports no material changes to risk factors from the 2022 Form 10-K.

    Apr 28, 2023
  13. 2022-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2022

    Hubbell Incorporated's Form 10-Q for the quarter ended September 30, 2022 reports third-quarter net sales of $1,316.2 million, up from $1,083.4 million a year earlier, with operating income of $203.6 million versus $145.9 million and net income attributable to Hubbell Incorporated of $139.1 million versus $108.4 million. Diluted earnings per share from continuing operations were $2.78 compared with $1.88. For the nine months, net sales were $3,728.3 million, operating income was $537.1 million, and diluted EPS from continuing operations was $7.16 versus $4.84. The filing states that organic net sales grew 20.2% in the quarter, driven mainly by favorable price realization and higher unit volume. Adjusted diluted EPS from continuing operations was $3.08 in the quarter versus $2.13 a year earlier, per the company's non-GAAP reconciliation. The nine-month results include the February 1, 2022 sale of the Commercial and Industrial Lighting business to GE Current, a Daintree Company, for total net cash consideration of $332.8 million, which is reported as a discontinued operation with a $73.7 million gain on disposal. In July 2022 the company acquired PCX Holdings LLC for approximately $114.0 million and Ripley Tools for approximately $49.6 million, both net of cash acquired. The company repurchased $150.0 million of common stock in the first nine months and, on October 21, 2022, its Board approved a new $300 million repurchase program. Balance sheet and liquidity remained solid: cash and cash equivalents were $366.9 million at September 30, 2022, long-term debt was $1,437.3 million, and the $750 million 2021 Credit Facility was undrawn. The filing notes continued inflationary pressure, supply chain disruptions, and higher freight, labor and commodity costs expected to persist through the rest of 2022 and into 2023, and management says it expects to continue pricing actions.

    Oct 26, 2022
  14. 2022-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2022

    Hubbell Incorporated's second-quarter 2022 results show net sales of $1,256.0 million, up from $1,054.3 million a year earlier, with operating income of $190.6 million versus $142.2 million. Diluted earnings per share from continuing operations were $2.51, compared with $1.62 in the prior-year quarter. Net income attributable to Hubbell was $122.0 million in the quarter, including a $13.6 million loss from discontinued operations tied to the sale of the Commercial and Industrial Lighting business, which closed on February 1, 2022 for $350 million in total cash consideration. Organic net sales grew 19.6% in the quarter, driven mainly by favorable price realization and higher unit volume, and both segments reported higher operating income. Adjusted diluted EPS from continuing operations was $2.81 for the quarter, compared with $2.22 a year earlier, per the company's non-GAAP reconciliation. For the six months ended June 30, 2022, net sales were $2,412.1 million and net income attributable to Hubbell was $302.2 million, which includes an $80.7 million pre-tax gain on the disposal of the C&I Lighting business. Gross margin rose to 29.3% from 27.9%, and cost of goods sold as a percentage of sales fell to 70.7%, while the company noted significant inflationary pressure and pricing actions taken to protect margins. Cash provided by operating activities from continuing operations was $174.2 million, down from $189.8 million, as working capital increased to support customer demand and backlog growth. The company repurchased $150.0 million of shares in the first half and paid $113.3 million in dividends. Balance sheet liquidity remained solid, with $424.2 million of cash and cash equivalents, $1,436.7 million of long-term debt, and an undrawn $750 million revolving credit facility at June 30, 2022. Total debt to total capital was 39%, and net debt to total capital was 25%, down from 29% at year-end 2021. Subsequent to quarter end, the company acquired PCX Holdings LLC for approximately $128 million and Ripley Tools for approximately $50 million in cash.

    Jul 27, 2022
  15. 2022-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2022

    Hubbell Incorporated's first-quarter 2022 Form 10-Q reports net sales of $1,156.1 million, up from $956.3 million in the first quarter of 2021, with operating income of $142.9 million versus $109.9 million. Net income attributable to Hubbell Incorporated was $180.2 million, or $3.31 per diluted share, compared with $77.7 million, or $1.42, a year earlier. Results were boosted by $77.7 million of income from discontinued operations, which includes an $88.5 million pre-tax gain on the February 1, 2022 sale of the Commercial and Industrial Lighting business to GE Current, a Daintree Company, for $350 million in total cash consideration. Net income from continuing operations attributable to Hubbell Incorporated was $102.5 million, or $1.88 diluted per share, versus $73.3 million and $1.33 a year earlier. The filing states that organic net sales grew 21.2%, driven primarily by favorable price realization and higher unit volume, and that Utility Solutions operating margin rose to 13.5% from 11.4%. Cash flow was weaker: operating cash flow from continuing operations was negative $14.4 million, compared with $53.1 million a year earlier, reflecting working capital investment in receivables and inventories to serve customer demand and order backlog growth. Investing cash flow was positive $317.9 million, mainly from $348.6 million of disposal proceeds. The company repurchased $150.0 million of stock during the quarter and paid $56.9 million in dividends. Cash and cash equivalents were $359.0 million at March 31, 2022, and long-term debt was $1,436.1 million. The company's $750 million revolving credit facility was undrawn, and the filing reports a remaining repurchase authorization of $138.8 million under its October 2020 program. The filing notes continued uncertainty from the COVID-19 pandemic, supply chain disruptions, and increased freight, labor and commodity costs that may persist through 2022. Management also indicates it expects continued investment in restructuring actions during 2022, with $8.4 million of total expected remaining restructuring costs as of March 31, 2022.

    Apr 27, 2022
  16. 2021-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2021

    Hubbell Incorporated's Form 10-Q for the quarter ended September 30, 2021 reports third-quarter net sales of $1,213.6 million, up from $1,108.6 million a year earlier, and net income attributable to Hubbell of $108.5 million versus $107.1 million. Diluted EPS was $1.98 compared with $1.96. Gross margin narrowed to 27.2% from 29.7%, with the filing attributing the decline mainly to material cost inflation that exceeded price realization, plus higher freight, logistics and manufacturing costs. Adjusted diluted EPS was $2.24 versus $2.30 in the prior-year quarter. Organic net sales grew 5.4% in the quarter, and both segments posted higher net sales, while Utility Solutions' operating income fell 14.1%. For the first nine months, net sales were $3,483.8 million, up from $3,148.1 million, and diluted EPS was $5.14 versus $4.95. Operating cash flow fell to $306.8 million from $455.6 million, as the company invested in working capital, including receivables and inventories, to serve customer demand and growth in its order backlog. Cash and cash equivalents were $257.9 million at quarter end, and the company reported $1,434.9 million of long-term debt. In March 2021 it issued $300 million of 2.300% senior notes due 2031 and used the proceeds, plus cash on hand, to redeem its 3.625% notes due 2022, recording a $16.8 million loss on extinguishment. A subsequent event is the October 26, 2021 agreement to sell the Commercial and Industrial Lighting business to GE Current, a Daintree company, for $350 million in cash, with closing expected in the first quarter of 2022. The filing also notes that supply chain disruptions limited shipments and that the company may face higher freight, labor and commodity costs through the fourth quarter of 2021 and into 2022.

    Oct 27, 2021
  17. 2021-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2021

    Hubbell Incorporated reported second-quarter 2021 net sales of $1,191.8 million, up from $949.2 million a year earlier, an increase of $242.6 million. The filing states that organic net sales grew 21.0%, driven mainly by higher volume and favorable price realization, with acquisitions adding 3.8% and foreign exchange adding 0.9%. Operating income rose to $152.7 million from $131.5 million, although gross margin fell to 27.8% from 29.6% as cost of goods sold rose to 72.2% of net sales from 70.4%, reflecting material cost inflation that exceeded price realization. Net income attributable to Hubbell Incorporated was $95.8 million, up 8.6%, and diluted earnings per share were $1.74 versus $1.62. Adjusted diluted earnings per share, which exclude acquisition-related amortization and the debt and disposition losses, were $2.36 versus $1.87. For the first six months, net sales were $2,270.2 million versus $2,039.5 million, and diluted earnings per share were $3.16 versus $2.99. Net cash provided by operating activities fell to $209.3 million from $303.7 million, which the filing attributes primarily to changes in working capital, including accounts receivable and inventories. Capital expenditures were $39.1 million. During the quarter, Hubbell redeemed all $300 million of its 3.625% Senior Notes due 2022, funded by a new $300 million 2.300% Senior Notes issue due 2031. The redemption produced a $16.8 million loss on extinguishment of debt, including a $16.0 million make-whole payment. The company also recorded a $6.8 million pre-tax loss on the sale of the Consumer Analytics Solutions business for $9.8 million. A new $750 million five-year revolving credit facility was entered into and remained undrawn at June 30, 2021. The company declared dividends of $0.98 per share in the quarter and had $288.8 million remaining under its share repurchase authorization.

    Jul 28, 2021
  18. 2021-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2021

    Hubbell Incorporated's first-quarter 2021 Form 10-Q reports net sales of $1,078.4 million, down from $1,090.3 million in the first quarter of 2020. Gross profit fell to $289.8 million from $313.5 million, and operating income was $117.6 million compared with $118.8 million a year earlier. Net income attributable to Hubbell Incorporated rose to $77.7 million from $75.0 million, and diluted earnings per share were $1.42 versus $1.37. The filing states that organic net sales declined 4.2%, primarily due to lower volume partially offset by favorable price realization, while acquisitions added 3.0%. Cost of goods sold rose to 73.1% of net sales from 71.2%, driven mainly by material cost inflation that exceeded price realization, higher transportation costs and lower volume. Cash from operating activities was $58.9 million, compared with $108.4 million in the prior-year quarter, reflecting working capital changes. During the quarter the company issued $300 million of 2.300% senior notes due 2031, with net proceeds of about $295.5 million, and used them together with cash on hand to redeem its $300 million 3.625% notes due 2022 on April 2, 2021. That redemption is expected to produce a $16.8 million loss on extinguishment in the second quarter. The company also entered a new $750 million five-year revolving credit facility, which was undrawn at March 31, 2021. Total debt rose to $1,794.5 million, and net debt to total capital was 33%. Cash and cash equivalents stood at $433.8 million. The filing notes that the COVID-19 pandemic still creates significant uncertainty, though order rates strengthened through the first quarter. The company also states that it repurchased $10.0 million of common stock and paid $53.2 million in dividends, leaving $290.0 million remaining under its October 2020 repurchase authorization.

    Apr 28, 2021
  19. 2020-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2020

    Hubbell Incorporated's Form 10-Q for the quarter ended September 30, 2020 shows third-quarter net sales of $1.11 billion, down $95.4 million from $1.20 billion a year earlier, with organic net sales declining 8.2% mainly on lower unit volume tied to the COVID-19 pandemic. Net income attributable to Hubbell Incorporated was $107.1 million, versus $130.7 million in the prior-year quarter, and diluted EPS was $1.96 compared with $2.38. Operating income was $162.9 million, and the Electrical segment's operating margin fell to 11.9% while Utility Solutions' rose to 17.8%. The third-quarter results include a $6.6 million pension settlement charge. For the nine months, net sales were $3.15 billion versus $3.49 billion, and net income attributable to Hubbell Incorporated was $270.3 million, down from $299.0 million. Operating cash flow rose to $455.6 million from $385.1 million. Cash and cash equivalents ended the period at $269.2 million, and long-term debt was reduced to $1,436.3 million after the Term Loan was repaid in full in the third quarter. The company also borrowed $225.0 million under its revolving credit facility in March and April 2020 and repaid it by July 2020, leaving the full $750.0 million of capacity available at September 30, 2020. The filing notes that the pandemic continues to create significant uncertainty, and management expects the Electrical segment to see significant volume declines in 2020. Management also notes that Utility Solutions demand remained strong in the Power Systems business group. Subsequent events disclosed include the October 2020 acquisition of AccelTex Solutions for approximately $45 million and a new $300 million share repurchase program approved October 23, 2020.

    Oct 28, 2020
  20. 2020-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2020

    Hubbell Incorporated's second-quarter 2020 Form 10-Q shows net sales of $949.2 million, down from $1,196.4 million in the second quarter of 2019, and net income attributable to Hubbell Incorporated of $88.2 million versus $96.0 million a year earlier. Diluted EPS was $1.62 compared with $1.75. For the six months, net sales were $2,039.5 million against $2,283.7 million, and diluted EPS was $2.99 versus $3.07. The filing attributes the decline primarily to lower unit volume from the COVID-19 pandemic, along with temporary supply chain disruptions and manufacturing closures. The Electrical segment's Q2 net sales fell 26.3% to $507.1 million, while Utility Solutions declined 13.0% to $442.1 million. Operating margin in the quarter was 13.9% versus 14.0% a year earlier. Liquidity was strengthened as a precaution. Cash and cash equivalents rose to $485.0 million at June 30, 2020, from $182.0 million at December 31, 2019. The company borrowed $225.0 million under its 2018 Credit Facility in March and April, repaid $100.0 million in the second quarter, and held $125.0 million outstanding at June 30, which it settled in July 2020 using cash on hand and commercial paper. Net cash from operating activities was $303.7 million for the first half, compared with $209.6 million a year earlier. Total debt was $1,755.6 million, and net debt to total capital was 32%, compared with 38% at year-end 2019. Management withdrew its 2020 guidance in April and reinstated revised guidance in July. It expects Electrical segment volumes to decline significantly in 2020 and anticipates higher costs in the second half as temporary cost containment actions are lifted. Management also cited ongoing uncertainty about the scope and duration of the pandemic. The company adopted the CECL credit-loss standard in the first quarter, which increased allowances and bad-debt expense.

    Jul 31, 2020
  21. 2020-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2020

    Hubbell Incorporated's first-quarter 2020 Form 10-Q reports net sales of $1,090.3 million, essentially flat compared with $1,087.3 million in the first quarter of 2019. Net income attributable to Hubbell Incorporated rose to $75.0 million from $72.3 million, and diluted earnings per share were $1.37 versus $1.32. Operating income was $118.8 million, down from $120.9 million, with operating margin of 10.9% compared with 11.1%. The Electrical segment's net sales declined 3.8% to $606.1 million and its operating income fell to $58.0 million, while the Utility Solutions segment's net sales grew to $484.2 million and its operating income rose to $60.8 million. The filing states that the COVID-19 pandemic has significantly affected economic conditions and that the company withdrew its 2020 guidance. Management expects the Electrical segment to see significant volume declines over the balance of 2020, and it notes temporary plant shutdowns and disruptions in April 2020, including in Mexico and the United Kingdom. To preserve liquidity, the company borrowed $100 million under its revolving credit facility in March 2020 and an additional $125 million in April 2020, leaving $525 million of remaining capacity as of April 30, 2020. Cash and cash equivalents were $300.0 million at March 31, 2020, up from $182.0 million at year-end 2019, and total debt was $1,704.0 million. Cash provided by operating activities was $108.4 million, compared with $78.1 million a year earlier. The company repurchased $41.3 million of common stock in the quarter, and its remaining authorization under the October 2017 program was $283.7 million. Cash dividends were $0.91 per share, compared with $0.84 a year earlier.

    May 1, 2020
  22. 2019-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2019

    Hubbell Incorporated reported third-quarter 2019 net sales of $1,204.0 million, up from $1,179.7 million in the prior-year quarter, with operating income of $172.9 million versus $163.8 million. Net income attributable to Hubbell was $130.7 million, or $2.38 per diluted share, compared with $113.6 million, or $2.06 per diluted share, a year earlier. The results include a $21.7 million pre-tax gain on the August 2019 sale of Haefely Test, AG, and a $5.0 million loss on an investment in an available-for-sale debt security, which were recorded in total other expense. For the nine months, net sales were $3,487.7 million and diluted EPS was $5.45, with a $22.9 million multi-employer pension charge recorded in the second quarter. Cash provided by operating activities for the nine months was $385.1 million, up from $339.2 million, and cash and cash equivalents ended the period at $300.0 million. Hubbell paid $137.1 million in dividends and repurchased $35.0 million of common shares during the nine months. Total debt to total capital was 48% at September 30, 2019, compared with 50% at December 31, 2018, and the company had no commercial paper borrowings outstanding at quarter end. The company's $750 million 2018 Credit Facility remained undrawn. Management reported that Power segment net sales grew about five percent in the quarter on organic growth, with operating margin rising to 16.1% from 14.2%. Electrical segment net sales were $689.3 million and operating margin declined to 13.1% from 13.7%, reflecting lower unit volume in Lighting and higher restructuring costs. The company stated that restructuring actions initiated in 2019 carry an expected total cost of $20.9 million, with $7.1 million remaining at September 30, 2019.

    Oct 30, 2019
  23. 2019-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2019

    Hubbell Incorporated reported second-quarter 2019 net sales of $1,196.4 million, up from $1,166.7 million a year earlier, with net income attributable to Hubbell of $96.0 million compared with $100.3 million. Diluted earnings per share were $1.75 versus $1.82. The quarter absorbed a $22.9 million pre-tax charge related to the company's withdrawal from a multi-employer pension plan, which the company says is probable to result in mass withdrawal liability after another employer in the plan filed for Chapter 11 bankruptcy and is proceeding toward liquidation. Excluding amortization of acquisition-related intangibles and that pension charge, the company reported adjusted diluted earnings per share of $2.31 versus $2.09 in the prior-year quarter. For the first six months of 2019, net sales were $2,283.7 million compared with $2,157.9 million, and operating income rose to $287.8 million from $256.5 million. Operating cash flow was $209.6 million versus $152.3 million, and the company returned $91.5 million in dividends and repurchased $30.0 million of common shares. Cash and cash equivalents stood at $209.9 million, total debt at $1,777.0 million, and net debt at $1,499.7 million. The Power segment drove growth, with second-quarter net sales of $508.2 million, while Electrical net sales were $688.2 million, roughly flat year over year. The company adopted the ASC 842 lease standard on January 1, 2019, recognizing $109.3 million of right-of-use assets and lease liabilities. The filing reports that the company did not have any reporting units at risk of failing its goodwill impairment test and that its financial covenants were met as of June 30, 2019.

    Jul 31, 2019
  24. 2019-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2019

    Hubbell Incorporated's first-quarter 2019 Form 10-Q, filed May 1, 2019, reports net sales of $1,087.3 million, up from $991.2 million in the first quarter of 2018. Operating income rose to $120.9 million from $99.6 million, and net income attributable to Hubbell was $72.3 million, compared with $58.3 million a year earlier. Diluted earnings per share were $1.32, versus $1.05. Adjusted diluted EPS, a non-GAAP measure that excludes acquisition-related intangible amortization, was $1.57 versus $1.51. The Power segment, which includes the Aclara acquisition completed February 2, 2018, drove much of the sales growth, with net sales of $457.1 million versus $373.1 million, and the Electrical segment grew to $630.2 million from $618.1 million. Cash flow from operations was $78.1 million, compared with cash used of $0.4 million in the prior-year period. Cash and cash equivalents were $205.3 million at March 31, 2019, and total debt was $1,808.8 million. Net debt was $1,536.5 million, or 42% of total capital, versus 43% at December 31, 2018. The company paid $45.8 million in dividends and repurchased $10.0 million of common shares during the quarter, leaving $350 million of authorization under the October 2017 program. The filing notes that gross margin declined slightly to 28.3% from 28.5%, mainly due to the full-quarter inclusion of Aclara and unfavorable sales mix. The company also adopted the new lease standard (ASU 2016-02) on January 1, 2019, recognizing $109.3 million of right-of-use assets and lease liabilities, with no material impact on retained earnings. A multi-employer pension withdrawal dispute continues in arbitration, with the plan's remaining employer having filed for Chapter 11 protection in March 2019.

    May 1, 2019
  25. 2018-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2018

    Hubbell Incorporated's third-quarter 2018 Form 10-Q shows net sales of $1,179.7 million for the three months ended September 30, 2018, up from $950.5 million a year earlier, and operating income of $163.8 million versus $150.1 million. Net income attributable to Hubbell was $113.6 million, or $2.06 per diluted share, compared with $80.8 million, or $1.47 per diluted share, in the prior-year quarter. For the nine months, net sales were $3,337.6 million and diluted EPS was $4.93, versus $4.02. Management attributes the sales growth primarily to the Aclara acquisition, completed February 2, 2018 for approximately $1.1 billion, along with higher organic volume and favorable price realization. Aclara-related acquisition and transaction costs were $11.4 million in the quarter and $45.5 million year to date, and the company reported gross margin of 29.6% versus 32.4% a year earlier. The balance sheet and cash flow picture shifted materially. Long-term debt rose to $1,792.5 million from $987.1 million at December 31, 2017, and total debt to total capital was 52.3% at September 30, 2018 versus 39.2% at year-end 2017. Cash and cash equivalents fell to $228.8 million. Nine-month operating cash flow was $339.2 million, while investing outflows of $1,185.5 million were driven by the Aclara acquisition, and the company paid $126.5 million in dividends and repurchased $20.0 million of shares. Goodwill increased to $1,766.4 million and intangible assets, net, to $847.3 million, reflecting the acquisition. The Power segment's operating margin fell to 14.2% from 20.8%, largely reflecting Aclara costs and material cost pressure. The filing also discloses an unresolved multi-employer pension withdrawal dispute: the plan trustees demanded an additional $23.3 million on October 4, 2018, which the company disputes and has taken to arbitration.

    Oct 24, 2018
  26. 2018-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2018

    Hubbell Incorporated's second-quarter 2018 results were driven by the acquisition of Meter Readings Holding Group, LLC (Aclara Technologies), completed February 2, 2018 for approximately $1.1 billion and added to the Power segment. Net sales for the three months ended June 30, 2018 were $1,166.7 million, up from $948.3 million, and net income attributable to Hubbell rose to $100.3 million from $79.1 million. Diluted EPS was $1.82 versus $1.43. The company reports that Aclara acquisition-related and transaction costs of $10.6 million reduced second-quarter operating income, and that adjusted diluted EPS was $1.97. For the six months, net sales were $2,157.9 million and diluted EPS was $2.87 versus $2.56. Margins compressed. Gross profit margin was 29.8% versus 31.2% a year earlier, with the filing citing material and commodity cost increases outpacing pricing, and operating margin fell to 13.4% from 14.2%. Power segment operating margin declined to 13.7% from 20.7%, which the company attributes partly to Aclara-related costs and about 3 points of drag from Aclara's own operating results. Interest expense rose following the financing of the acquisition with a $450 million 3.50% Senior Notes due 2028 and a $500 million term loan. Balance sheet leverage increased substantially. Long-term debt was $1,897.6 million at June 30, 2018 versus $987.1 million at December 31, 2017, and the company reports net debt of $1,726.1 million, or 47% of total capital, compared with $608.0 million, or 23%, at year-end 2017. Cash and cash equivalents fell to $195.1 million from $375.0 million. The filing discloses approximately $600 million of unsatisfied performance obligations, primarily from Aclara's multi-year meter installation contracts, and states the company is in compliance with its financial covenants.

    Jul 25, 2018
  27. 2018-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2018

    Hubbell Incorporated's first-quarter 2018 results show net sales of $991.2 million, up from $852.3 million a year earlier, driven by the acquisition of Aclara and higher organic volume. Net income attributable to Hubbell was $58.3 million, compared with $62.8 million in the prior-year quarter, and diluted earnings per share were $1.05 versus $1.13. The decline in profitability reflects Aclara acquisition-related and transaction costs of $21.9 million recorded in operating income, along with higher interest expense. Excluding those costs, the company reports adjusted net income attributable to Hubbell of $76.9 million and adjusted diluted EPS of $1.39. The company completed the approximately $1.1 billion all-cash acquisition of Meter Readings Holding Group, LLC (Aclara Technologies) on February 2, 2018, adding it to the Power segment. Goodwill rose to $1,760.1 million and intangible assets, net, to $889.5 million, and total assets reached $4,975.4 million at March 31, 2018. The acquisition was financed with a $500 million term loan, $450 million of 3.50% Senior Notes due 2028, and commercial paper, which lifted long-term debt to $1,903.2 million and total debt to $2,080.7 million. Operating cash flow was negative $0.4 million for the quarter, compared with $62.9 million a year earlier, primarily due to working capital, foreign cash repatriation withholding taxes and Aclara-related items. Management expects 2018 aggregate end-market growth of approximately two to four percent, with acquisitions contributing approximately 15% to net sales growth, and targets free cash flow greater than net income attributable to Hubbell for 2018. The company also reports approximately $700 million of unsatisfied performance obligations, primarily from Aclara's long-term meter installation contracts, and $400 million remaining under its October 2017 share repurchase authorization.

    Apr 25, 2018
  28. 2017-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2017

    Hubbell Incorporated reported third-quarter 2017 net sales of $950.5 million, up from $907.4 million in the third quarter of 2016, with net income attributable to Hubbell of $80.8 million, down from $86.7 million, and diluted EPS of $1.47 versus $1.56. The filing attributes the sales increase to higher organic volume and acquisitions, and notes that operating income rose to $146.4 million from $136.0 million. Results were affected by a $10.1 million pre-tax loss on early extinguishment of debt from redeeming its $300 million 5.95% notes due 2018, and by Restructuring and Related Costs of $5.8 million. Excluding these items, adjusted diluted EPS was $1.65 compared with $1.63 a year earlier, per the filing's non-GAAP reconciliation. For the first nine months of 2017, net sales were $2,751.1 million versus $2,651.0 million, and net income attributable to Hubbell was $222.7 million versus $228.6 million. Operating cash flow was $228.6 million compared with $269.2 million, which the company attributed primarily to higher inventory to meet increased demand. Total debt rose to $1,080.5 million, and net debt to total capital was 23%, up from 19% at year-end 2016. The company issued $300 million of 3.15% notes due 2027, repurchased $92.6 million of shares in the first nine months, and in October 2017 approved a new $400 million repurchase program and raised its quarterly dividend from $0.70 to $0.77 per share. Management's outlook for 2017 projects diluted EPS of $5.40 to $5.50, including about $0.30 of Restructuring and Related Costs and an $0.11 loss on debt extinguishment. For 2018, the company expects end-market growth of approximately two to four percent in aggregate and targets a return to double-digit diluted EPS growth. The company also expects to adopt the new revenue recognition standard in the first quarter of 2018 using the modified-retrospective method, with the vast majority of revenue recognition patterns expected to be unchanged.

    Oct 25, 2017
  29. 2017-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2017

    Hubbell Incorporated reported second-quarter 2017 net sales of $948.3 million, up from $908.8 million in the second quarter of 2016, with growth attributed to higher organic volume and acquisitions, partially offset by foreign currency translation. Operating income was $130.6 million versus $132.1 million a year earlier, and gross margin declined to 31.1% from 32.3%, reflecting price and material cost headwinds. Net income attributable to Hubbell was $79.1 million, and diluted earnings per share were $1.43 compared with $1.45. Adjusted diluted EPS, which excludes Restructuring and Related Costs, was $1.51 versus $1.53. For the first six months of 2017, net sales were $1,800.6 million compared with $1,743.6 million, and diluted EPS was $2.56 versus $2.53. The company completed four acquisitions in the period for an aggregate purchase price of $100.2 million, net of cash received, including iDevices for $59.2 million and Advance Engineering Corporation for $31.5 million. Cash provided by operating activities was $132.1 million, and the company repurchased $92.6 million of common shares. Total debt rose to $1,095.2 million at June 30, 2017, with $299.5 million of long-term notes classified as current because they are due June 1, 2018. Management now expects 2017 end-market growth of approximately two and a half to three percent and 2017 diluted EPS in a range of $5.40 to $5.60, including approximately $0.30 of Restructuring and Related Costs. Management also expects iDevices to be dilutive to operating margin in 2017 and expects free cash flow to equal net income attributable to Hubbell in 2017.

    Jul 26, 2017
  30. 2017-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2017

    Hubbell Incorporated reported first-quarter 2017 net sales of $852.3 million, up from $834.8 million in the first quarter of 2016, with net income attributable to Hubbell of $62.8 million, or $1.13 per diluted share, compared with $60.9 million, or $1.08 per diluted share, a year earlier. Operating income was $104.1 million versus $101.9 million, and the company's Electrical segment operating income declined to $50.0 million from $55.4 million, while the Power segment rose to $54.1 million from $46.5 million. Restructuring and related costs were $8.3 million in the quarter, compared with $6.7 million a year earlier, and adjusted diluted EPS was $1.23 versus $1.16. The company's cash flow from operations was $63.0 million, roughly flat versus $62.3 million, and it repurchased $52.6 million of common shares during the quarter, leaving $101.0 million of remaining authorization. Total debt was $996.0 million at March 31, 2017, and net debt was $546.0 million, against cash and cash equivalents of $381.0 million. Subsequent to quarter end, the company completed acquisitions of Advance Engineering Corporation and Perfect Pipe & Supply Corporation for approximately $30 million and iDevices, LLC for approximately $60 million, funded in part by commercial paper. Management revised its 2017 diluted EPS estimate to a range of $5.40 to $5.60, which includes approximately $0.25 of restructuring and related costs and approximately $0.10 of dilution from the iDevices acquisition. Management also noted expected headwinds from facility consolidations in the Lighting business and pricing challenges in that business, and expects end-market growth of approximately two to three percent in aggregate for 2017.

    Apr 26, 2017
  31. 2016-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2016

    Hubbell Incorporated's third-quarter 2016 Form 10-Q reports net sales of $907.4 million, up from $877.0 million a year earlier, with the filing stating that acquisitions added four percentage points to growth and foreign currency translation reduced it by one point, while organic volume including pricing headwinds was flat. Operating income rose to $136.0 million from $131.0 million, and diluted earnings per share were $1.56 versus $1.27. Adjusted diluted EPS, a non-GAAP measure that excludes restructuring and related costs and prior-year reclassification costs, was $1.63, up from $1.53. Gross margin declined to 31.8% from 33.1%, reflecting unfavorable business and product mix, pricing and material cost headwinds, and acquisition effects. For the first nine months of 2016, net sales were $2,651.0 million and diluted EPS was $4.08, compared with $3.71 in the prior-year period. Hubbell completed three acquisitions (Lyall, EMC and Longbow) for an aggregate purchase price of $185.8 million and repurchased shares for $237.8 million, completing its $250 million repurchase plan. In March 2016 it issued $400 million of 3.35% senior notes due 2026, which lifted long-term debt to $990.1 million from $595.9 million. Net debt to total capital rose to 22% from 10%. Management's full-year 2016 outlook calls for diluted EPS of $5.25 to $5.35, including approximately $0.35 of restructuring and related costs, and free cash flow of at least 90% of net income. The October 2016 board action raising the quarterly dividend from $0.63 to $0.70 per share is also disclosed.

    Oct 26, 2016
  32. 2016-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2016

    Hubbell Incorporated's second-quarter 2016 Form 10-Q reports net sales of $908.8 million, up from $874.0 million in the second quarter of 2015, with the filing attributing the increase to acquisitions and higher organic volume, partially offset by foreign currency translation. Operating income was $132.1 million versus $126.7 million a year earlier, and diluted earnings per share were $1.45 compared with $1.37. Net income attributable to Hubbell was $81.0 million. Adjusted operating income, which excludes restructuring and related costs, was $138.5 million compared with $142.5 million, and adjusted diluted EPS was $1.53 versus $1.56, according to the filing's non-GAAP reconciliation. For the first six months of 2016, net sales were $1,743.6 million and diluted EPS was $2.53. Net cash provided by operating activities was $122.2 million. The company spent $171.6 million on acquisitions (Lyall and EMC), repurchased $246.8 million of common shares, and completed a $400 million senior notes offering at 3.35% due 2026. Long-term debt rose to $989.7 million from $595.9 million at December 31, 2015, and total debt to total capital was 40% at June 30, 2016 versus 27% at year-end 2015. The company reaffirmed its 2016 outlook, expecting diluted EPS in the range of $5.20 to $5.40 including approximately $0.35 of restructuring and related costs. The filing also discloses a settlement stipulation, submitted to the court for preliminary approval on July 11, 2016, resolving the Norfolk County Retirement System litigation over the Class A/Class B stock reclassification. The company completed the $250 million repurchase program previously announced, leaving $153.6 million of remaining authorization under the August 2015 program.

    Jul 27, 2016
  33. 2016-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2016

    Hubbell Incorporated's first-quarter 2016 Form 10-Q shows net sales of $834.8 million, up from $809.7 million in the first quarter of 2015, driven by acquisitions and higher organic volume, partially offset by foreign currency translation. Operating income was $101.9 million versus $105.0 million a year earlier, and net income attributable to Hubbell was $60.9 million compared with $62.4 million. Diluted earnings per share were $1.08, versus $1.07, and adjusted diluted EPS, which excludes Restructuring and Related Costs, was $1.16 versus $1.12. The Electrical segment's operating margin fell to 9.5% from 11.1%, while the Power segment's rose to 18.4% from 17.3%. Capital deployment was significant in the quarter. Hubbell completed the acquisitions of R.W. Lyall & Company, Inc. for $129.2 million and Electric Motion Company, Inc. for $43.0 million, and issued $400 million of 3.35% senior notes due 2026, with net proceeds of $393.4 million. Share repurchases totaled $202.5 million in the quarter, and by April 26, 2016 the company had completed the $250 million repurchase under its plan. Long-term debt rose to $989.5 million from $595.9 million, and total debt to total capital increased to 39% from 27%. Management expects 2016 diluted EPS in the range of $5.20 to $5.40, including approximately $0.35 of restructuring and related costs, and expects free cash flow of at least 90% of net income. The company also noted that end markets are expected to be flat in aggregate, with an anticipated decline of approximately fifteen to twenty percent in oil and gas markets.

    Apr 27, 2016
  34. 2015-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2015

    Hubbell Incorporated's third-quarter 2015 Form 10-Q shows net sales of $877.0 million, down from $895.3 million a year earlier, with operating income of $131.0 million versus $142.8 million and diluted EPS of $1.27 versus $1.51. The decline reflects lower organic volume, unfavorable foreign currency translation, and $11.9 million of restructuring and related costs, plus $7.4 million of one-time reclassification costs recorded in other expense. For the first nine months, net sales rose to $2,560.7 million from $2,510.6 million, while diluted EPS was $3.71 versus $4.10. Net income attributable to Hubbell was $215.8 million for the nine months, compared with $244.0 million a year earlier. The central corporate event is the proposed reclassification of the two-class common stock structure. Under the agreement with the trustee of the Louie E. Roche and Harvey Hubbell Trusts, each Class A share would receive $28.00 in cash, with the aggregate payment expected to be about $200 million, and all remaining Class A and Class B shares would become one class of common stock. The company expects closing in the fourth quarter of 2015 or first quarter of 2016, subject to shareholder approval and other conditions, and a putative class action lawsuit challenges the transaction. Management guided 2015 diluted EPS excluding reclassification costs to $4.95 to $5.05, and up to $250 million of share repurchases are planned after the reclassification or if it is not consummated. Cash flow from operations fell to $193.1 million for the nine months from $238.3 million, and cash and cash equivalents declined to $433.8 million at September 30, 2015 from $653.9 million at December 31, 2014. Total debt to total capital was 24%, and the company declared a quarterly dividend increase from $0.56 to $0.63 per share in October 2015.

    Oct 23, 2015
  35. 2015-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2015

    Hubbell Incorporated's Form 10-Q for the quarter ended June 30, 2015 reports second-quarter net sales of $874.0 million, up from $855.8 million a year earlier, driven by completed acquisitions and higher organic volume, partly offset by unfavorable foreign currency translation. Operating income fell to $126.7 million from $143.7 million, and operating margin declined to 14.5% from 16.8%, reflecting $15.8 million of restructuring and related costs, unfavorable product and business mix, and higher costs. Net income attributable to Hubbell was $80.1 million, and diluted EPS was $1.37 versus $1.51 in the prior-year quarter. For the six months, net sales were $1,683.7 million and operating income was $231.7 million, compared with $248.5 million a year earlier. Diluted EPS was $2.44 versus $2.59. Cash and cash equivalents declined to $444.3 million at June 30, 2015 from $653.9 million at December 31, 2014, as the company made $127.0 million of acquisition payments, repurchased $76.0 million of common shares, and paid $64.9 million in dividends. Net cash provided by operating activities was $98.7 million, and net debt was $100.2 million. Management's outlook calls for 2015 diluted EPS of $4.95 to $5.15, including about $0.45 of restructuring and related costs, and full-year net sales growth of approximately three to four percent. The company increased its expected 2015 share repurchases to approximately $150 million.

    Jul 24, 2015
  36. 2015-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2015

    Hubbell Incorporated's first-quarter 2015 Form 10-Q reports net sales of $809.7 million, up from $759.5 million in the first quarter of 2014, driven by higher organic volume and completed acquisitions, partly offset by foreign currency translation. Operating income was $105.0 million versus $104.8 million, and operating margin fell to 13.0% from 13.8%, reflecting restructuring and related costs of $4.4 million, unfavorable product and business mix, and pricing and cost pressures. Net income attributable to Hubbell was $62.4 million, and diluted earnings per share were $1.07 compared with $1.08 a year earlier. The company completed three acquisitions in the quarter (Acme Electric, Turner Electric and EC&M) for total cash consideration of $126.5 million, net. Cash and cash equivalents fell to $413.3 million from $653.9 million at December 31, 2014, largely due to $76.0 million of share repurchases, $126.8 million of acquisition spending, and a $20 million voluntary pension contribution that reduced operating cash flow to $25.8 million. Net debt rose to $129.3 million from a net cash position of $106.8 million at year-end 2014. For full-year 2015, Hubbell expects net sales growth of five to seven percent and diluted earnings per share in the range of $5.35 to $5.55, including approximately $0.25 of restructuring and related costs. Free cash flow is expected to be about 90% of net income. The company's $500 million revolving credit facility remained undrawn at quarter end.

    Apr 24, 2015
  37. 2014-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2014

    Hubbell Incorporated's Form 10-Q for the quarter ended September 30, 2014 shows third-quarter net sales of $895.3 million, up from $835.9 million a year earlier, driven by higher organic volume and completed acquisitions. Operating income fell to $142.8 million from $151.6 million, and net income attributable to Hubbell declined to $89.6 million from $96.5 million, with diluted EPS of $1.51 versus $1.62. The company cites cost inflation in excess of productivity, unfavorable business and product mix, higher warranty costs, and a $4.0 million accrual increase tied to the Powerweb litigation, which the company says could have a material adverse effect if not resolved favorably. For the first nine months of 2014, net sales were $2,510.6 million versus $2,377.3 million, while net income attributable to Hubbell was $244.0 million versus $244.5 million, and diluted EPS was $4.10 versus $4.09. Operating cash flow rose to $238.3 million from $225.9 million. The company completed six acquisitions in 2014 for $163.9 million net of cash acquired, and it had $653.8 million in cash and cash equivalents at September 30, 2014. Management's 2014 outlook calls for net sales growth at the low end of five to six percent, an operating margin decline of 60 to 70 basis points, and net income and diluted EPS below 2013 levels. In October 2014 the Board raised the quarterly dividend from $0.50 to $0.56 per share and approved a new $300 million share repurchase program.

    Oct 24, 2014
  38. 2014-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2014

    Hubbell Incorporated's second-quarter 2014 Form 10-Q, filed July 22, 2014, reports net sales of $855.8 million, up from $801.3 million a year earlier, with the filing attributing the increase primarily to completed acquisitions and higher organic volume. Operating income rose to $143.7 million from $132.1 million, and net income attributable to Hubbell was $90.2 million, or $1.51 per diluted share, compared with $82.1 million, or $1.37 per diluted share, in the second quarter of 2013. For the six months ended June 30, 2014, net sales were $1,615.3 million and diluted EPS was $2.59, versus $2.47 a year earlier. Cash flow was softer in the first half: operating cash flow was $101.2 million versus $108.5 million, while investing outflows rose to $174.3 million, driven by $147.3 million of acquisitions (Reuel, Litecontrol, Powerohm, Pen-Cell and FCA). Cash and cash equivalents fell to $597.4 million from $740.7 million at year-end 2013. Total debt to total capital was 23%, and the company reported net cash (negative net debt) of $47.1 million. Management's 2014 outlook calls for net sales growth of five to six percent, with acquisitions contributing more than half, and a full-year operating margin expansion of about 20 to 30 basis points. Management expects second-half margin pressure from product mix, acquisition dilution and competitive pricing, and anticipates the tax rate rising to about 33.0%. The filing also discloses ongoing litigation with Powerweb Energy, Inc., where summary judgment was granted in part to the company, with the remaining claims still pending and no trial date set.

    Jul 22, 2014
  39. 2014-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2014

    Hubbell Incorporated's first-quarter 2014 Form 10-Q, filed April 22, 2014, reports net sales of $759.5 million, up from $740.1 million a year earlier, with the filing attributing the increase primarily to completed acquisitions and partly offsetting unfavorable foreign currency translation. Organic net sales were essentially flat because of adverse weather. Operating income rose to $104.8 million from $97.7 million, with operating margin of 13.8% versus 13.2%. Net income attributable to Hubbell fell to $64.2 million from $65.9 million, and diluted EPS was $1.08 compared with $1.10, as higher income tax expense (effective tax rate of 32.0% versus 26.8%) and foreign currency transaction losses offset the operating gain. During the quarter the company completed three acquisitions (Powerohm Resistors, Pen-Cell Plastics/English Road Holdings, and Fiber and Cable Accessories) for $90.9 million net of cash acquired, adding $48.9 million of goodwill and $31.8 million of intangible assets. Cash and cash equivalents declined to $647.3 million from $740.7 million at year-end 2013, reflecting acquisition spending, $29.6 million of dividends and $11.5 million of share repurchases. Total debt to total capital was 24%, and net debt was negative at $95.2 million, meaning cash and investments exceeded debt. The $500 million revolving credit facility was undrawn, and management reiterated its 2014 outlook for net sales growth of five to six percent and an operating margin expansion of 20 to 30 basis points. The filing also discloses an ongoing litigation matter with Powerweb Energy, Inc. Management believes it has meritorious defenses and does not expect a material loss beyond the existing accrual, but notes the ultimate outcome is uncertain and could have a material adverse effect.

    Apr 22, 2014
  40. 2013-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2013

    Hubbell Incorporated's Form 10-Q for the quarter ended September 30, 2013 reports third-quarter net sales of $835.9 million, up from $789.7 million a year earlier, driven by completed acquisitions and higher organic volume partially offset by foreign currency translation. Operating income rose to $151.6 million from $135.1 million, and net income attributable to Hubbell was $96.5 million, or $1.62 per diluted share, compared with $1.45 in the prior-year quarter. Gross margin improved to 34.8% from 34.0%, which management attributed to realized productivity and lower material costs. For the first nine months of 2013, net sales were $2,377.3 million and net income attributable to Hubbell was $244.5 million, or $4.09 per diluted share. Operating cash flow was $225.9 million versus $192.0 million a year earlier. The company completed three acquisitions in 2013 (Continental, CMC and Norlux) for $96.5 million in total cash consideration, and cash and cash equivalents stood at $630.4 million at quarter-end. Total debt was $597.2 million, and net debt was negative at $79.4 million. Management's outlook for 2013 calls for net sales growth of approximately five percent, operating margin expansion of about 40 basis points, and a tax rate of roughly 31.2%. The Board also raised the quarterly dividend from $0.45 to $0.50 per share in October 2013, and the company had $93.4 million remaining under its stock repurchase authorization.

    Oct 18, 2013
  41. 2013-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2013

    Hubbell Incorporated's second-quarter 2013 results showed modest top-line growth with improved profitability. Net sales were $801.3 million for the quarter, up from $778.4 million a year earlier, driven by completed acquisitions, higher organic volume and price realization, partially offset by foreign currency translation. Operating income rose to $132.1 million from $124.5 million, and net income attributable to Hubbell increased to $82.1 million, or $1.37 per diluted share, compared with $1.29 in the prior-year quarter. For the six months, net sales were $1.54 billion and diluted EPS was $2.47 versus $2.34. Segment performance was mixed. The Electrical segment grew net sales 5% in the quarter and expanded operating margin to 15.7%, aided by price realization and lower material costs, while the Power segment's net sales declined 2% on lower organic volume, with operating margin rising to 18.2% on favorable product mix. The effective tax rate fell to 30.0% for the six months, reflecting retroactive application of the 2012 Relief Act. Management expects 2013 net sales to rise four to six percent and operating margin to expand about 30 basis points. The balance sheet remained strong. Cash and cash equivalents were $586.6 million, long-term debt was $596.9 million, and net debt was negative $36.2 million. During the first half, the company completed two acquisitions (CMC and Continental) for a combined $81.7 million in cash consideration. Operating cash flow was $108.5 million, and $117.9 million remained authorized under the share repurchase program.

    Jul 19, 2013
  42. 2013-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2013

    Hubbell Incorporated's first-quarter 2013 Form 10-Q reports net sales of $740.1 million, up from $723.8 million in the first quarter of 2012, with the filing stating the increase came from acquisitions contributing three percentage points, partially offset by one percentage point of lower organic volume. Operating income was $97.7 million compared with $101.7 million a year earlier, and operating margin was 13.2% versus 14.1%, reflected by facility consolidation costs of $1.9 million and unfavorable product mix. Net income attributable to Hubbell was $65.9 million, and diluted earnings per share were $1.10 compared with $1.05. The effective tax rate fell to 26.8% from 32.8%, aided by a $4.3 million tax benefit from the retroactive application of the American Taxpayer Relief Act of 2012. Cash flow from operations was $42.7 million, down from $45.1 million, mainly due to greater working capital use. The company spent $37.5 million, net of cash received, to acquire Continental Industries, Inc., which was added to the Electrical segment and produced $19.3 million of goodwill and $10.9 million of intangible assets. Cash and cash equivalents were $606.2 million at March 31, 2013, and long-term debt was $596.8 million, giving a net debt position of $(60.9) million on the company's definition. No shares were repurchased in the quarter, and $124.4 million remained authorized under the repurchase program. For 2013, the company expects net sales to rise three to five percent, expects operating margin to expand by approximately 40 basis points, anticipates a tax rate of approximately 31.5%, and expects free cash flow to approximate net income.

    Apr 19, 2013
  43. 2012-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2012

    Hubbell Incorporated's Form 10-Q for the quarter ended September 30, 2012 shows continued top-line and earnings growth. Net sales for the third quarter were $789.7 million, up from $764.3 million, and net income attributable to Hubbell was $87.1 million versus $82.4 million a year earlier. Diluted EPS rose to $1.45 from $1.37. For the first nine months, net sales reached $2,291.9 million (versus $2,131.6 million), operating income was $361.3 million (versus $314.0 million), and diluted EPS was $3.80 (versus $3.25). Management attributed the growth to organic volume, acquisitions (TayMac and Cableform), and price realization, partly offset by unfavorable foreign currency translation. Segment performance was positive in both businesses. The Electrical segment's nine-month operating income rose to $235.7 million from $208.3 million, with operating margin of 14.8%, while the Power segment's operating income rose to $125.6 million from $105.7 million, with operating margin of 18.0%. Cash from operations declined to $192.0 million from $217.2 million for the nine months, mainly due to higher working capital use and $20.0 million of voluntary pension contributions. The company repurchased $55.6 million of common shares in 2012 and had $144.4 million remaining under its authorization. Balance sheet strength was evident, with cash and cash equivalents of $605.6 million, long-term debt of $596.6 million, and a net debt position of $(55.8) million at September 30, 2012. Management's full-year 2012 outlook calls for net sales growth of approximately six percent, an operating margin expansion of about 70 basis points, an effective tax rate near 32.0%, and free cash flow approximately equal to net income. The company also flagged a new conflict-free minerals risk factor.

    Oct 19, 2012
  44. 2012-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2012

    Hubbell Incorporated's Form 10-Q for the quarter ended June 30, 2012 shows second-quarter net sales of $778.4 million, up from $709.2 million a year earlier, with operating income of $124.5 million versus $105.1 million and net income attributable to Hubbell of $77.5 million versus $65.2 million. Diluted earnings per share were $1.29 compared with $1.07. For the first six months, net sales were $1,502.2 million and diluted EPS was $2.34, compared with $1.89. The filing attributes the sales increase to higher organic volume, acquisitions and price realization, partly offset by foreign currency translation, and reports that organic volume added eight percentage points to first-half net sales growth. By segment, the Electrical segment's second-quarter operating margin rose to 15.1% from 13.9%, and the Power segment's rose to 17.9% from 17.0%. Operating cash flow for the six months was $104.6 million, down from $116.4 million, mainly due to greater working capital use, higher tax payments and higher pension funding. The company completed the TayMac and Cableform acquisitions for $42.1 million and $10.9 million, and repurchased $42.1 million of common shares in 2012, leaving $157.9 million authorized under the program. Total debt was $596.7 million against cash and investments of $598.3 million, and the $500 million revolving credit facility was undrawn at June 30, 2012. For 2012, management expects net sales to rise six to eight percent, expects operating margin to expand by at least 50 basis points, and anticipates an effective tax rate of approximately 32.5%. It also expects free cash flow approximately equal to net income.

    Jul 20, 2012
  45. 2012-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2012

    Hubbell Incorporated's first quarter 2012 results showed net sales of $723.8 million, up from $658.1 million in the first quarter of 2011, driven by higher organic volume, price realization and acquisitions. Operating income rose to $101.7 million from $83.6 million, and net income attributable to Hubbell was $63.2 million, or $1.05 per diluted share, compared with $50.3 million, or $0.82 per diluted share, a year earlier. The Electrical segment posted net sales of $505.1 million and operating income of $63.8 million, while the Power segment posted net sales of $218.7 million and operating income of $37.9 million, with a 17.3% operating margin. Cash flow was weaker in the quarter, with operating cash flow of $45.1 million versus $53.5 million a year earlier, as working capital used $38.6 million. The company repurchased $42.1 million of Class B shares, leaving $157.9 million authorized under its $200 million program, and cash and cash equivalents ended the period at $562.4 million. Total debt was $596.7 million and net debt was negative $21.1 million, meaning cash and investments exceeded debt. Management's 2012 outlook calls for net sales growth of six to eight percent, operating margin expansion of about 50 basis points, a tax rate of approximately 32.5%, and free cash flow approximately equal to net income. The company also completed the Cableform acquisition for $10.9 million and disclosed an April 2012 acquisition of TayMac Corporation for approximately $42 million. The quarterly dividend was raised from $0.38 to $0.41 per share.

    Apr 20, 2012
  46. 2011-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2011

    Hubbell Incorporated reported third-quarter 2011 net sales of $764.3 million, up 12% from $685.0 million a year earlier, driven by higher organic volume, price realization and favorable foreign currency translation. Operating income rose to $125.3 million from $117.6 million, though operating margin slipped to 16.4% from 17.2% as higher commodity costs outpaced price realization and mix turned less favorable. Net income attributable to Hubbell was $82.4 million, or $1.37 per diluted share, compared with $71.3 million, or $1.18 per diluted share, in the prior-year quarter. The Electrical segment's operating income fell 3% in the quarter, while the Power segment's operating income rose 30% on strong distribution and transmission volume. For the first nine months, net sales were $2.13 billion, up 12%, and diluted EPS was $3.25 versus $2.77. Operating cash flow was $217.2 million, and the company spent $137.7 million repurchasing common shares, completing its December 2007 program. Management approved a new $200 million repurchase authorization in September 2011. Total debt to total capital was 29% at September 30, 2011, unchanged from December 31, 2010. Management's 2011 outlook calls for net sales growth of approximately 12% and an operating margin expansion of about 20 to 30 basis points, with commodity cost increases expected to exceed price realization. For 2012, the company expects low single-digit organic sales growth. In October 2011, Hubbell entered into a five-year $500 million revolving credit facility to replace its $350 million facility.

    Oct 21, 2011
  47. 2011-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2011

    Hubbell Incorporated's Form 10-Q for the quarter ended June 30, 2011, filed July 22, 2011, reports second-quarter net sales of $709.2 million, up 10% from $646.4 million a year earlier, driven by higher organic volume, price realization and favorable foreign currency translation. Operating income rose to $105.1 million from $93.5 million, with operating margin of 14.8% versus 14.5%. Net income attributable to Hubbell was $65.2 million, or $1.07 per diluted share, compared with $57.6 million, or $0.95 per diluted share, in the prior-year quarter. For the six months, net sales were $1,367.3 million, up 12%, and diluted EPS was $1.89 versus $1.59. By segment, Electrical net sales rose 9% in the quarter to $497.9 million, and Power net sales rose 12% to $211.3 million. The company noted commodity cost increases in steel, copper, zinc and aluminum, which it expects price increases to offset for the full year. Management's 2011 outlook calls for net sales growth of approximately seven to nine percent, a roughly 50 basis point expansion in operating margin, a tax rate of about 31.5%, and free cash flow approximately equal to net income. Cash and cash equivalents were $510.4 million at June 30, 2011, against long-term debt of $596.1 million. Operating cash flow for the six months was $116.4 million, and the company spent $82.2 million repurchasing common shares, with approximately $56 million remaining under its repurchase authorization.

    Jul 22, 2011
  48. 2011-Q1

    Hubbell Quarterly Report for Q1 Ended Mar 31, 2011

    Hubbell Incorporated reported first-quarter 2011 net sales of $658.1 million, up 15% from $570.5 million in the first quarter of 2010, driven by higher organic volume, favorable foreign currency translation and price realization. Operating income rose to $83.6 million from $65.7 million, with operating margin at 12.7% versus 11.5%. Net income attributable to Hubbell was $50.3 million, or $0.82 per diluted share, compared with $38.6 million, or $0.64 per diluted share, a year earlier. The Electrical segment drove much of the growth, with net sales of $466.1 million (up 14%) and operating margin of 12.4%, while the Power segment's net sales rose 19% to $192.0 million but its operating margin fell to 13.5% from 15.9% on higher commodity costs. Cash flow and balance sheet activity were shaped by share repurchases and capital spending. Operating cash flow was $53.5 million, compared with $23.9 million a year earlier. The company spent $59.9 million repurchasing common shares and $22.0 million on capital expenditures, including the purchase of a Swiss facility for approximately $13 million. Cash and cash equivalents ended the quarter at $496.9 million, and total debt was $597.8 million, giving a total debt to total capital ratio of 29%. The quarterly dividend was raised from $0.36 to $0.38 per share, and the $350 million committed credit facility remained undrawn. For 2011, management expects net sales to rise approximately five to seven percent over 2010, operating margin to expand about 50 basis points, a tax rate of about 31.5%, and free cash flow approximately equal to net income. Management also said it expects to continue pursuing acquisitions, and it noted that commodity cost increases for steel, copper, zinc and aluminum are a key challenge to price realization.

    Apr 22, 2011
  49. 2010-Q3

    Hubbell Quarterly Report for Q3 Ended Sep 30, 2010

    Hubbell Incorporated reported third-quarter 2010 net sales of $685.0 million, up 15% from $593.9 million a year earlier, driven by the Burndy acquisition and higher organic volume. Operating income rose to $117.6 million from $91.3 million, and net income attributable to Hubbell increased 24% to $71.3 million. Diluted earnings per share were $1.18 versus $1.01. For the first nine months of 2010, net sales were $1,901.9 million, up 8%, and diluted EPS was $2.77 versus $2.31. The Electrical segment drove the improvement, with operating margin rising to 17.1% in the quarter, while the Power segment's operating income fell 15% to $33.7 million on higher commodity costs and unfavorable mix. Balance sheet and cash flow results were mixed. Net cash provided by operating activities for the nine months fell to $176.0 million from $297.1 million, primarily due to higher working capital. Net debt to total capital declined to 6% from 12%, and cash and investments rose to $385.2 million. Management expects 2010 net sales to increase approximately 7% and operating margin to improve about 180 basis points, while organic demand is expected to be comparable to 2009. For 2011, management expects net sales to modestly increase, with non-residential construction declining in the mid-single digit range. The filing also disclosed an immaterial revision to the December 31, 2009 balance sheet, reducing deferred tax assets and liabilities related to a fourth-quarter 2009 acquisition. An IRS audit of 2006 and 2007 federal returns added $2.2 million of tax expense in the third quarter, and a $12.7 million cash payment related to that audit was made in October 2010.

    Oct 22, 2010
  50. 2010-Q2

    Hubbell Quarterly Report for Q2 Ended Jun 30, 2010

    Hubbell Incorporated's Form 10-Q for the quarter ended June 30, 2010 (filed July 23, 2010) reports second-quarter net sales of $646.4 million, up from $584.2 million a year earlier, with operating income of $93.5 million versus $66.6 million and net income attributable to Hubbell of $57.6 million versus $39.4 million. Diluted EPS was $0.95 compared with $0.70. The filing attributes the sales increase mainly to the Burndy acquisition, with organic volume up one percentage point in the quarter. For the first six months, net sales were $1,216.9 million and diluted EPS was $1.59, compared with $1.30 a year earlier, while organic volume decreased 5%. Gross margin improved to 32.6% in the quarter from 29.8%, driven by productivity gains and lower workforce reduction costs, partly offset by higher commodity costs and unfavorable price realization. The Electrical segment's operating margin rose to 13.3% from 7.9%, while the Power segment's fell to 17.2% from 18.9%. Operating cash flow for the six months declined to $93.1 million from $153.7 million, mainly due to higher working capital. Cash and cash equivalents were $287.8 million at June 30, 2010, and total debt was $504.0 million. Management's outlook expects 2010 net sales to rise by mid-single digits, primarily from Burndy, with non-residential construction now expected to decline in the mid-teens range. Management anticipates free cash flow approximately equal to net income for 2010. The filing also notes that the quarterly dividend was raised to $0.36 per share and that about $158 million remained under the stock repurchase program.

    Jul 23, 2010