Hubbell Q1 2022 Earnings Report
Key Takeaways
Hubbell reported a strong first quarter in 2022, with a 21% increase in organic net sales, driven by both price and volume growth. Diluted EPS was reported at $1.88, and adjusted diluted EPS at $2.12. The company has raised its full-year 2022 diluted EPS guidance to $8.00-$8.40 and adjusted diluted EPS to $9.00-$9.40.
Q1 net sales increased by 21% (organic +21%).
Diluted EPS for Q1 was $1.88; adjusted diluted EPS was $2.12.
Full year 2022 diluted EPS guidance raised to $8.00-$8.40; adjusted diluted EPS guidance raised to $9.00-$9.40.
Grid modernization and electrification drove strong demand.
Hubbell
Hubbell
Forward Guidance
For the full year 2022, Hubbell anticipates diluted earnings per share in the range of $8.00-$8.40 and anticipates adjusted diluted earnings per share in the range of $9.00-$9.40. Hubbell anticipates 2022 total sales growth and organic net sales growth of 11-13%. The Company continues to expect full year 2022 free cash flow conversion of 90-100% of adjusted net income.
Positive Outlook
- Diluted earnings per share in the range of $8.00-$8.40
- Adjusted diluted earnings per share in the range of $9.00-$9.40
- 2022 total sales growth of 11-13%
- 2022 organic net sales growth of 11-13%
- Full year 2022 free cash flow conversion of 90-100% of adjusted net income
Challenges Ahead
- Amortization of acquisition-related intangible assets, which the Company expects to be approximately $1.00 for the full year.
- Adjusted EPS excludes amortization of acquisition-related intangible assets
- The earnings per share and adjusted earnings per share ranges are based on an adjusted tax rate of 22 to 22.5%
- Includes approximately $0.30 per share of anticipated restructuring and related investment.
- Persisting supply chain headwinds resulting in manufacturing and transportation inefficiencies