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Mar 31, 2023
Hubbell Q1 2023 Earnings Report
Hubbell's Q1 2023 results were reported, with strong performance driven by grid modernization and electrification.
Key Takeaways
Hubbell reported a strong start to 2023, with robust demand for products and solutions driving net sales growth of 11% and organic growth of 10%. The company is raising its full-year EPS guidance due to the strong first quarter results.
Q1 diluted EPS from continuing operations was $3.37; adjusted diluted EPS from continuing operations was $3.61.
Q1 net sales increased by 11% (organic +10%).
Operating margin expanded by 700 bps; adjusted operating margin expanded by 680 bps.
Full year 2023 diluted EPS from continuing operations is raised to $12.00-$12.50; adjusted diluted EPS of $13.00-$13.50.
Revenue by Segment
Forward Guidance
For the full year 2023, Hubbell anticipates diluted earnings per share from continuing operations in the range of $12.00-$12.50 and anticipates adjusted diluted earnings per share from continuing operations in the range of $13.00-$13.50. Hubbell anticipates full year 2023 total sales growth of 8-10% and organic net sales growth of 7-9%, as compared to full year 2022.
Positive Outlook
- Diluted earnings per share from continuing operations in the range of $12.00-$12.50.
- Adjusted diluted earnings per share from continuing operations in the range of $13.00-$13.50.
- Full year 2023 total sales growth of 8-10%.
- Organic net sales growth of 7-9% as compared to full year 2022.
- Full year 2023 free cash flow conversion of 90% to 95% of adjusted net income from continuing operations.
Challenges Ahead
- Adjusted EPS excludes amortization of acquisition-related intangible assets, which the Company expects to be approximately $1.00 for the full year.
- The diluted EPS and Adjusted EPS ranges are based on an adjusted tax rate of 22.5% to 23.0%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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