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Mar 31, 2024
Hubbell Q1 2024 Earnings Report
Hubbell's Q1 2024 results were reported, showing a solid start to the year with strong organic growth in Electrical Solutions and acquisition-driven growth in Utility Solutions.
Key Takeaways
Hubbell reported a 9% increase in net sales, driven by organic growth and acquisitions. The company reaffirms its full-year outlook for diluted EPS of $14.10-$14.60 and adjusted diluted EPS of $16.00-$16.50.
Q1 diluted EPS was $2.73, with adjusted diluted EPS at $3.60.
Net sales increased by 9%, with organic growth of 2% and net M&A contributing 6%.
Operating margin decreased by 310 bps year-over-year, while adjusted operating margin decreased by 100 bps.
Full year 2024 diluted EPS is anticipated to be $14.10-$14.60; adjusted diluted EPS is reaffirmed at $16.00-$16.50.
Forward Guidance
Hubbell anticipates full year 2024 total sales growth of 8-10% and organic net sales growth of 3-5%, as compared to full year 2023. The Company anticipates acquisitions net of the residential lighting business divestiture contributing approximately 5% to full year sales growth.
Positive Outlook
- Full year 2024 total sales growth of 8-10%.
- Organic net sales growth of 3-5%.
- Acquisitions contributing approximately 5% to full year sales growth.
- Diluted EPS in the range of $14.10-$14.60.
- Adjusted diluted EPS in the range of $16.00-$16.50.
Challenges Ahead
- Excludes amortization of acquisition-related intangible assets.
- Excludes a $0.22 loss on disposition of the residential lighting business.
- Excludes $0.10 of transaction, integration, and separation costs.
- Ranges are based on an adjusted tax rate of approximately 22.5%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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