Hubbell Incorporated
(NYSE: HUBA, HUBB) of Shelton,
Conn., reported net sales in the first quarter of 2013 of $740.1 million, an
increase of 2 percent compared to the $723.8 million reported in the first
quarter of 2012.
For the first quarter,
Hubbell’s operating income was $97.7 million, or 13.2 percent of net sales,
compared to $101.7 million, or 14.1 percent of net sales, for the comparable
period of 2012. Net income in the first quarter of 2013 was $65.9 million versus
$63.2 million reported in the first quarter of 2012.
Hubbell’s earnings per
diluted share were $1.10 in the first quarter of 2013 compared to $1.05
reported in the first quarter of 2012. Free cash flow (defined as cash flow
from operations less capital expenditures) was $29.7 million in the first
quarter of 2013 versus $33.7 million reported in the comparable period of
2012.
Electrical segment net sales
in the first quarter of 2013 increased 2 percent to $515.3 million. The
increase was due to acquisitions, which contributed 3 percent to sales in the
quarter. Hubbell’s power segment net sales in the first quarter of 2013 were
$224.8 million compared to $218.7 million reported in the first quarter of
2012.
“The first quarter
results were in line with our expectations with sales increasing 2 percent
compared to the prior year,” said David G. Nord, president and CEO, in a press
release. From a profitability perspective, Hubbell reported operating margin of
13.2 percent, below last year due to costs of approximately $2 million
associated with facility consolidations in its power segment and lower sales of
higher margin industrial products.