Hubbell Inc. Reports Q1 2024 Results

TL;DR

<b>Hubbell Inc. reported a 3.3% increase in net sales to $1.19 billion for Q1 2024, driven by growth in its Utility Solutions segment.</b>

AI Summary

HUBBELL INC (HUBB) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Net sales for Q1 2024 were $1.19 billion, a 3.3% increase from $1.15 billion in Q1 2023. Operating income for Q1 2024 was $204.6 million, up from $197.1 million in Q1 2023. Net income attributable to Hubbell Inc. for Q1 2024 was $147.6 million, or $2.10 per diluted share, compared to $142.4 million, or $1.99 per diluted share, in Q1 2023. The Utility Solutions segment reported net sales of $613.1 million for Q1 2024, an increase of 7.5% compared to $570.4 million in Q1 2023. The Electrical segment reported net sales of $579.6 million for Q1 2024, a decrease of 0.4% compared to $581.9 million in Q1 2023.

Why It Matters

For investors and stakeholders tracking HUBBELL INC, this filing contains several important signals. The increase in net sales and operating income suggests continued demand for Hubbell's products, particularly in the utility sector, indicating potential for sustained revenue growth. The slight decline in the Electrical segment warrants monitoring, as it could signal market saturation or competitive pressures impacting a key business area.

Risk Assessment

Risk Level: low — HUBBELL INC shows low risk based on this filing. The company's financial performance shows consistent growth, with increases in net sales and income, indicating a stable business outlook.

Analyst Insight

Consider increasing exposure to HUBB given its consistent revenue growth and strong performance in the utility solutions segment.

Key Numbers

• 1.19 billion — Net Sales Q1 2024 (Net sales for Q1 2024 were $1.19 billion)
• 3.3% — Net Sales Growth Q1 2024 (a 3.3% increase from $1.15 billion in Q1 2023)
• 204.6 million — Operating Income Q1 2024 (Operating income for Q1 2024 was $204.6 million)
• 147.6 million — Net Income Q1 2024 (Net income attributable to Hubbell Inc. for Q1 2024 was $147.6 million)
• 2.10 — EPS Q1 2024 (or $2.10 per diluted share)
• 613.1 million — Utility Solutions Net Sales Q1 2024 (The Utility Solutions segment reported net sales of $613.1 million for Q1 2024)
• 7.5% — Utility Solutions Net Sales Growth Q1 2024 (an increase of 7.5% compared to $570.4 million in Q1 2023)
• 579.6 million — Electrical Segment Net Sales Q1 2024 (The Electrical segment reported net sales of $579.6 million for Q1 2024)

Key Players & Entities

• HUBBELL INC (company) — FILER
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240501 (date) — FILED AS OF DATE
• 40 WATERVIEW DR (address) — BUSINESS ADDRESS
• SHELTON (city) — BUSINESS ADDRESS
• CT (state) — BUSINESS ADDRESS
• 06484-1000 (zip_code) — BUSINESS ADDRESS
• 2037994100 (phone_number) — BUSINESS PHONE

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock - par value $0.01 per share HUBB New York Stock Exchange

Filing Documents

• hubb-20240331.htm (10-Q) — 1227KB
• hubb-20240331xex311.htm (EX-31.1) — 10KB
• hubb-20240331ex312.htm (EX-31.2) — 10KB
• hubb-20240331xex321.htm (EX-32.1) — 5KB
• hubb-20240331xex322.htm (EX-32.2) — 5KB
• hubb-20240331_g1.jpg (GRAPHIC) — 16KB
• 0001628280-24-019474.txt (&nbsp;) — 7996KB
• hubb-20240331.xsd (EX-101.SCH) — 55KB
• hubb-20240331_cal.xml (EX-101.CAL) — 95KB
• hubb-20240331_def.xml (EX-101.DEF) — 248KB
• hubb-20240331_lab.xml (EX-101.LAB) — 669KB
• hubb-20240331_pre.xml (EX-101.PRE) — 479KB
• hubb-20240331_htm.xml (XML) — 1291KB

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Statements of Income 3 Condensed Consolidated Statements of Comprehensive Income 4 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7 ITEM 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 ITEM 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 ITEM 4

Controls and Procedures

Controls and Procedures 42 PART II 43 ITEM 1A

Risk Factors

Risk Factors 43 ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds 43 ITEM 5 Other information 43 ITEM 6 Exhibits 44

Signatures

Signatures 45 HUBBELL INCORPORATED - Form 10-Q 2 Back to Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

ITEM 1 Financial Statements Condensed Consolidated Statements of Income (unaudited) Three Months Ended March 31, (in millions, except per share amounts) 2024 2023 Net sales $ 1,399.1 $ 1,285.4 Cost of goods sold 951.4 837.1 Gross profit 447.7 448.3 Selling & administrative expenses 219.2 199.5 Operating income 228.5 248.8 Interest expense, net ( 21.1 ) ( 9.7 ) Loss on disposition of business ( 5.3 ) — Other expense, net ( 0.7 ) ( 4.1 ) Total other expense ( 27.1 ) ( 13.8 ) Income before income taxes 201.4 235.0 Provision for income taxes 52.3 51.6 Net income 149.1 183.4 Less: Net income attributable to noncontrolling interest ( 1.3 ) ( 1.5 ) Net income attributable to Hubbell Incorporated $ 147.8 $ 181.9 Earnings per share: Basic earnings per share $ 2.75 $ 3.39 Diluted earnings per share $ 2.73 $ 3.37 See notes to unaudited Condensed Consolidated Financial Statements. HUBBELL INCORPORATED - Form 10-Q 3 Back to Contents Condensed Consolidated Statements of Comprehensive Income (unaudited) Three Months Ended March 31, (in millions) 2024 2023 Net income $ 149.1 $ 183.4 Other comprehensive income (loss): Foreign currency translation adjustments ( 11.9 ) 7.9 Defined benefit pension and post-retirement plans, net of taxes of $( 0.6 ) and $( 1.2 ) 2.5 1.4 Unrealized gain (loss) on investments, net of taxes of $ 0.1 and $( 0.1 ) ( 0.3 ) 0.3 Unrealized gain (loss) on cash flow hedges, net of taxes of $( 0.1 ) and $ 0.1 0.4 ( 0.3 ) Other comprehensive income (loss) ( 9.3 ) 9.3 Comprehensive income 139.8 192.7 Less: Comprehensive income attributable to noncontrolling interest 1.3 1.5 Comprehensive income attributable to Hubbell Incorporated $ 138.5 $ 191.2 See notes to unaudited Condensed Consolidated Financial Statements. Comprehensive income attributable to Hubbell Incorporated $ 138.5 $ 191.2 enotes to unaudited Condensed Consolidated Financial Statements. See notes to unaudited Condensed Consolidated Financial HUBBEL

View Full Filing

View this 10-Q filing on SEC EDGAR