•
Jun 30, 2023
Hubbell Q2 2023 Earnings Report
Hubbell reported a strong operating performance driven by grid modernization and electrification.
Key Takeaways
Hubbell reported strong Q2 2023 results with a 9% increase in net sales and a 50% increase in operating profit. The company is raising its full-year 2023 diluted EPS guidance.
Q2 diluted EPS from continuing operations was $3.82; adjusted diluted EPS from continuing operations was $4.07.
Q2 net sales increased by 9% (organic +6%, acquisitions +3%).
Operating margin expanded by 590 bps; adjusted operating margin expanded by 580 bps.
Full year 2023 diluted EPS from continuing operations is expected to be $13.75-$14.25; adjusted diluted EPS is expected to be $14.75-$15.25.
Hubbell
Hubbell
Forward Guidance
Hubbell anticipates full year 2023 total sales growth of 8-10% and organic net sales growth of 7-9%. Full year 2023 free cash flow is expected to be greater than $700 million.
Positive Outlook
- Full year 2023 total sales growth of 8-10%.
- Organic net sales growth of 7-9%.
- Net M&A contributing +1% to full year sales growth.
- Adjusted tax rate of 22.5% to 23.0%.
- Full year 2023 free cash flow to be greater than $700 million.