Hubbell Earnings: Here’s Why Shares are Up Now
Hubbell Inc. (NYSE:HUB.B) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.11%
Hubbell Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share were $1.10 in the quarter.
Revenue: Was $740.1 million in the quarter.
Quoting Management: David G. Nord, President and Chief Executive Officer, said, “The first quarter results were in line with our expectations with sales increasing 2% compared to the prior year. Acquisitions added 3% to sales in the quarter which included contributions from Continental Industries, Inc. that we acquired in January of this year. The level of organic sales in the quarter was essentially unchanged compared to last year`s strong start. From a profitability perspective, we reported operating margin of 13.2%, below last year due to costs of approximately $2 million associated with facility consolidations in our Power segment and lower sales of higher margin industrial products. We anticipate incurring additional charges related to these plant consolidations in the second quarter of this year. The total costs related to facility actions for the first half of 2013 are expected to be approximately $5 million.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)