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Hubbell 8-K Report, Financial Results (Feb 4, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 4, 2025
Period End
February 4, 2025
Security
HUBB
In the 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. Deal closed8-K · Feb ’18Feb ’18
  2. Leadership change8-K · Mar ’20Mar ’20
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Material agreement8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed February 4, 2025. Cited figures are marked; the original filing is the authoritative source.

Hubbell Incorporated (NYSE: HUBB) furnished a press release dated February 4, 2025 reporting results for the fourth quarter and full year ended December 31, 2024.

For Q4 2024, net sales were $1,334.3 milliona (down from $1,345.8 million), GAAP diluted EPS was $3.64 versus $3.16, and adjusted diluted EPS was $4.10 versus $3.69. Q4 GAAP operating margin was 19.3% and adjusted operating margin was 21.8%, up 240 bps year over year. Organic net sales declined 3.0% in the quarter, with acquisitions adding 5.6% and divestitures reducing sales by 3.1%.

Management said organic growth was below expectations, though operational execution drove margin expansion. For full year 2024, net sales were $5,628.5 millionb, up from $5,372.9 million, with GAAP diluted EPS of $14.37 and adjusted diluted EPS of $16.57. Full-year organic net sales grew 6.6%, and adjusted operating margin reached 21.9%, up 90 bps.

Net cash provided by operating activities was $991.2 millionc and free cash flow was $810.8 million. Total debt fell to $1,568.1 million from $2,140.6 million, and net debt to total capital declined to 24% from 34%. Utility Solutions net sales rose to $3,600.7 million for the year, while Electrical Solutions fell to $2,027.8 million, reflecting the residential lighting divestiture.

For 2025, Hubbell anticipates total and organic sales growth of 4-5%, GAAP diluted EPS of $16.00 to $16.50d, and adjusted diluted EPS of $17.35 to $17.85. The outlook includes approximately $20 million of restructuring and related investment, an adjusted tax rate of 22.0% to 22.5%, and free cash flow conversion of 90% or greater on adjusted net income. The filing also notes risks including geopolitical conditions, tariffs, and softness in telecommunications and residential markets.

02—Key points

Key Highlights

  1. Q4 2024 GAAP diluted EPS was $3.64 versus $3.16 a year earlier; adjusted diluted EPS was $4.10 versus $3.69, a 11% increase.
  2. Q4 2024 net sales were $1,334.3 million, down from $1,345.8 million, with organic net sales down 3.0%.
  3. Full-year 2024 net sales rose to $5,628.5 million from $5,372.9 million, and organic net sales grew 6.6%.
  4. Full-year 2024 GAAP diluted EPS was $14.37 and adjusted diluted EPS was $16.57, versus $15.33 in 2023.
  5. Free cash flow was $810.8 million for 2024 versus $715.1 million in 2023; Q4 free cash flow was $364.4 million.
  6. Total debt was reduced to $1,568.1 million from $2,140.6 million, and net debt to total capital fell to 24% from 34%.
  7. 2025 outlook calls for 4-5% sales growth and adjusted diluted EPS of $17.35 to $17.85, with free cash flow conversion of 90% or greater on adjusted net income.

03—Questions

Frequently Asked Questions

  1. How did Hubbell perform in the fourth quarter of 2024?

    Net sales were $1,334.3 million, slightly below $1,345.8 million a year earlier. GAAP diluted EPS rose to $3.64 from $3.16, and adjusted diluted EPS rose to $4.10 from $3.69. Adjusted operating margin was 21.8%, up 240 bps, though the company said organic growth was below its expectations.

  2. What is Hubbell's 2025 outlook?

    Hubbell expects total and organic sales growth of 4-5%, GAAP diluted EPS from continuing operations of $16.00 to $16.50, and adjusted diluted EPS of $17.35 to $17.85. The outlook assumes an adjusted tax rate of 22.0% to 22.5% and about $20 million of restructuring and related investment.

  3. How strong was Hubbell's cash generation and balance sheet in 2024?

    Net cash from operating activities was $991.2 million and free cash flow was $810.8 million for 2024. Total debt declined to $1,568.1 million from $2,140.6 million, and net debt to total capital fell to 24% from 34%.

  4. What drove the change in segment performance?

    In Q4 2024, Utility Solutions net sales rose 4% to $847.1 million, with acquisitions adding 9%, while organic sales fell 5%. Electrical Solutions net sales fell 9% to $487.2 million, mainly due to a divestiture, but its adjusted operating margin rose to 20.0% from 16.5%.

  5. What risks does Hubbell identify in the filing?

    The filing cites geopolitical conditions including the wars in Ukraine and the Middle East and trade tensions with China, tariffs and trade restrictions, softness in telecommunications and residential markets, inflation, higher interest rates, integration of acquired businesses, and the ability to offset cost increases through pricing and volume.

04—Continue

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