By Jasmine Li
Hubbell reported better-than-expected profits in the third quarter and raised its outlook for the year, saying it is well-positioned for grid modernization and electrification trends.
Shelton, Conn.-based Hubbell posted net income of $219.4 million, or $4.05 per share, compared with $200.1 million, or $3.70 per share, in the same quarter a year ago.
On an adjusted basis, the industrial manufacturer reported $4.49 per share, up from $3.95 in the year-ago quarter. Analysts polled by FactSet had expected $4.46 per share.
Sales rose to $1.44 billion from $1.38 billion in the year-ago quarter. Analysts had expected $1.48 billion.
Net sales in the utility solutions segment increased 11% to $933 million from $838 million in the year-ago quarter. Transmission, substation and grid protection and controls markets were strong, while the telcom market remained weak, said Chief Executive Gerben Bakker.
In the electrical solutions segment, net sales decreased 5% to $510 million from $538 million year over year. The segment's performance was led by strength in data center and renewables verticals, as well as productivity, operating efficiencies and portfolio transformation efforts, Bakker said.
Hubbell raised its 2024 outlook, and now expects adjusted earnings of $16.35 to $16.55 per share. It had previously forecast between $16.20 and $16.50 per share.
Write to Jasmine Li at jasmine.li@wsj.com
(END) Dow Jones Newswires
October 29, 2024 07:55 ET (11:55 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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