SHELTON, Conn. (AP) — Hubbell Inc. (HUBB) on Tuesday reported second-quarter net income of $79.1 million.
On a per-share basis, the Shelton, Connecticut-based company said it had net income of $1.43. Earnings, adjusted for restructuring costs, came to $1.51 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.40 per share.
The electrical products manufacturer posted revenue of $948.3 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $942.2 million.
Hubbell expects full-year earnings in the range of $5.70 to $5.90 per share.
Hubbell shares have declined slightly since the beginning of the year. The stock has increased 10 percent in the last 12 months.
“We are optimistic about accelerating organic growth across end markets and our ability to benefit from these trends. Our portfolio of strong, high quality brands is prepared to satisfy increasing customer demand. We expect the higher growth in T&D will more than offset the lingering softness in heavy industry, which is recovering a bit more slowly than we anticipated,” said David G. Nord, Chairman, President and Chief Executive Officer. “The traction we are realizing on restructuring and related savings supports our vision of a more efficient and flexible cost structure going forward. I am confident we are taking the appropriate and necessary steps to position the Company for continued success.”
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