Sector: Industrials|Industry: Electrical Equipment & Parts|Market Cap: $23.13B|Employees: 18.3K
Hubbell Incorporated is a global manufacturer of electrical and utility solutions. They provide products for electrical distribution, transmission, and telecommunications, as well as solutions for smart meters and energy management. Hubbell has a strong market position with a wide range of brands and a global presence, with manufacturing facilities in the US, Canada, Mexico, China, and Europe.
Net sales decreased by 2.4% to $1,365.2 million, primarily due to a 1.2% decline from divestitures (net of acquisitions) and a 0.6% contraction of organic net sales driven by lower volume. The sale of the residential lighting business impacted sales.
Operating margin expanded by 120 basis points to 17.5%, while adjusted operating margin contracted by 40 basis points to 19.3%. This reflects lower amortization of acquisition-related intangibles and transaction costs, offset by continued material and cost inflation.
Net income attributable to Hubbell Incorporated increased 14.8% to $169.7 million. This increase is primarily attributable to the factors described above, including higher net income and a lower use of cash for incentive payments compared to the prior year.