Hubbell Reports Higher Q4 Profit, Better Than Consensus

(RTTNews) - Hubbell Incorporated (HUBB), a manufacturer of electrical and electronic products, Tuesday reported net income from continuing operations of $171 million or $3.16 per share for the fourth quarter, higher than $122.9 million or $2.27 per share in the same quarter a year ago.

Excluding special items, earnings from continuing operations were $199.1 million or $3.69 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $3.57 per share. Analysts' estimates typically exclude special items.

Sales for the quarter increased to $1.346 billion from $1.219 billion last year. The consensus estimate stood at $1.32 billion.

For 2024, Hubbell expects sales growth in the range of 8 percent-10 percent. Adjusted earnings per share from continuing operations are expected between $16.00 and $16.50. Analysts, on average, expect the company to report earnings of $16.42 per share on sales growth of 8.6 percent for the year.