Hubbell Q2 2022 Earnings Report
Key Takeaways
Hubbell reported strong Q2 2022 results, with a 19% increase in net sales and a 20% organic net sales growth. The company's diluted EPS was $2.51, and adjusted diluted EPS was $2.81. Hubbell also raised its full-year 2022 diluted EPS guidance to $8.25-$8.65 and adjusted diluted EPS to $9.40-$9.80. Additionally, Hubbell closed on two bolt-on acquisitions in July, PCX and Ripley Tools.
Q2 net sales increased by 19% with organic growth of 20%.
Diluted EPS for Q2 was $2.51, while adjusted diluted EPS reached $2.81.
Full-year 2022 diluted EPS guidance raised to $8.25-$8.65; adjusted diluted EPS to $9.40-$9.80.
Closed two bolt-on acquisitions in July, PCX and Ripley Tools.
Hubbell
Hubbell
Forward Guidance
Hubbell anticipates full year 2022 total sales growth of +14-16% and organic net sales growth of +13-15%. The Company anticipates net M&A contributing +1% to full year sales growth and approximately $0.10 of full year Adjusted EPS.
Positive Outlook
- Full year 2022 total sales growth of +14-16%.
- Organic net sales growth of +13-15%.
- Net M&A contributing +1% to full year sales growth.
- Approximately $0.10 of full year Adjusted EPS from M&A.
- Free cash flow conversion of 90-100% of adjusted net income.
Challenges Ahead
- Anticipation of accelerated investments in the second half of 2022.
- Approximately $0.40 per share of anticipated restructuring and related investments for the full year 2022.
- The earnings per share and adjusted earnings per share ranges continue to be based on an adjusted tax rate of 22.0% to 22.5%.
- Unspecified accelerated investments in restructuring, footprint optimization, capacity expansion and innovation initiatives
- Unspecified restructuring and related investments anticipated for full year 2022