SHELTON, CT. — Hubbell Incorporated (NYSE: HUBA, HUBB) reported operating results for the first quarter ended March 31, 2015.
Net sales in the first quarter of 2015 were $809.7 million, an increase of 7% compared to the $759.5 million reported in the first quarter of 2014. Operating income in the quarter was $105.0 million and flat compared to the same period in 2014. Excluding $4.4 million of restructuring and related costs, operating income increased 4% (1). Net income in the first quarter of 2015 was $62.4 million compared to $64.2 million reported in the comparable period of 2014. Earnings per diluted share for the first quarter of 2015 were $1.07, compared to $1.08 reported in the first quarter of 2014. Excluding restructuring and related costs, earnings per diluted share increased 4% to $1.12 (1). Free cash flow (defined as cash flow from operations less capital expenditures) was $9.5 million in the first quarter of 2015 versus $30.7 million reported in the comparable period of 2014.
David G. Nord, Chairman, President and Chief Executive Officer, said, “Hubbell had a solid start to the year, with a 7% sales increase driven by a balance of organic and acquisition growth. End markets performed largely as expected, as notable strength in non-residential was partially offset by ongoing weakness in energy-related industries.” Nord continued, “We are progressing nicely with our cost reduction efforts, which include rationalizing facilities, reducing personnel cost, and streamlining back-office processes. We are focused on continuing to identify and execute opportunities to improve our cost structure and position the Company over the long-term for strong conversion on top line growth.
“Turning to capital deployment, we previously announced the closing of three acquisitions in January totaling $126 million. I am pleased to report that the integration of these businesses into the Hubbell family is progressing smoothly and we continue to see an attractive acquisition pipeline that we believe will support our future growth,” Nord added.
Electrical segment net sales in the first quarter of 2015 increased 6% to $569.7 million compared to $538.8 million reported in the first quarter of 2014. Hubbell’s Power segment net sales in the first quarter of 2015 increased 9% to $240.0 million compared to $220.7 million reported in the first quarter of 2014.Tagged with Hubbell, tED