Hubbell Q3 2023 Earnings Report
Key Takeaways
Hubbell's Q3 2023 results showed a 5% increase in net sales and significant margin expansion. The company's performance reflects continued execution off of a strong first half in 2023.
Q3 diluted EPS from continuing operations was $3.70; adjusted diluted EPS from continuing operations was $3.95.
Q3 net sales increased by 5% (organic +4%, acquisitions +1%).
Operating margin expansion of 460 bps; adjusted operating margin expansion of 440 bps.
FY23 diluted EPS from continuing operations is expected to be $14.00-$14.25; adjusted diluted EPS of $15.00-$15.25.
Hubbell
Hubbell
Forward Guidance
Hubbell anticipates full year 2023 total sales growth of approximately 8% and organic net sales growth of approximately 7%, as compared to full year 2022. The Company anticipates net M&A contributing +1% to full year sales growth. The Company continues to expect full year 2023 free cash flow to be greater than $700 million.