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Mar 31, 2021
Hubbell Q1 2021 Earnings Report
Hubbell reported first quarter earnings with EPS of $1.42 and adjusted EPS of $1.72.
Key Takeaways
Hubbell achieved year-over-year earnings growth and adjusted operating margin expansion in the first quarter. The company saw improvement in demand across each of its end markets, reflected in sequential sales growth in the quarter, as well as strengthening orders across both segments.
Q1 net sales -1% (organic -4%)
Q1 diluted EPS of $1.42; adjusted diluted EPS of $1.72
Raise FY21 adjusted diluted EPS to $8.20-$8.60
Raise FY21 reported diluted EPS of $6.80-$7.20
Forward Guidance
For the full year 2021, Hubbell anticipates sales growth of 8-10%, consisting of 5-7% organic growth and approximately 3% growth from acquisitions. Hubbell anticipates 2021 earnings per diluted share in the range of $6.80-$7.20 and anticipates adjusted diluted earnings per share in the range of $8.20-$8.60.
Positive Outlook
- expects growth of 3-5% in Utility T&D Components
- expects growth of 4-6% in Utility Communications and Controls
- expects growth of 4-6% in Industrial
- expects growth of 3-5% in Residential
- expects full year 2021 free cash flow conversion of approximately 110% on adjusted net income
Challenges Ahead
- expects (1-3%) in Non-Residential
- Adjusted EPS excludes amortization of acquisition-related intangible assets, which the Company expects to be approximately $1.15 for the full year.
- Adjusted EPS also excludes a loss on the early extinguishment of debt from the 2022 Notes that were redeemed by the Company on April 2, 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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