SHELTON, Conn.—Hubbell Incorporated (NYSE: HUBB) today reported operating results for the first quarter ended March 31, 2016.
Net sales in the first quarter of 2016 were $835 million, an increase of 3% compared to the $810 million reported in the first quarter of 2015. Operating income in the quarter was $102 million as compared to $105 million in the same period of 2015. Excluding $6.7 million and $4.4 million of restructuring and related costs in the first quarters of 2016 and 2015, respectively, adjusted operating income was 1% lower in 2016 (1).
Net income attributable to Hubbell in the first quarter of 2016 was $61 million, down from $62 million reported in the same period of 2015.
“Our first quarter results were generally in line with expectations, with notable top line performance driven by organic growth and acquisitions,” said David G. Nord, Chairman, President and Chief Executive Officer. “Construction-related markets grew solidly during the quarter, as we experienced double digit growth in our lighting products. Oil and core industrial markets remained weak. The Power segment benefited from strong growth in telecommunications products.
Electrical segment net sales in the first quarter of 2016 increased 2% to $583 million compared to $570 million reported in the first quarter of 2015.
Power segment net sales in the first quarter of 2016 increased 5% to $252 million compared to $240 million reported in the first quarter of 2015.
“First quarter performance, namely non-residential and residential construction market strength, telecommunications growth, and lower levels of declines in oil markets, may indicate an improving outlook, but it is still early given the short-cycle nature of our businesses and our expectation of a prolonged recovery in the oil market,” Nord commented. “As such, our view of end markets for 2016 continues to be flat in the aggregate, which we expect to outperform.”Tagged with tED