SHELTON, Conn. (AP) — Hubbell Inc. on Tuesday reported first-quarter earnings of $72.3 million.
The Shelton, Connecticut-based company said it had profit of $1.32 per share. Earnings, adjusted for non-recurring costs, came to $1.57 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.55 per share.
The electrical products manufacturer posted revenue of $1.09 billion in the period, which met Street forecasts.
Hubbell expects full-year earnings in the range of $7.80 to $8.20 per share.
Hubbell shares have climbed 24% since the beginning of the year. The stock has climbed 18% in the last 12 months.
“Hubbell achieved another strong quarter of organic growth,” said David G. Nord, Chairman, President and Chief Executive Officer. “We remain disciplined on driving price to offset inflationary headwinds, while end markets overall continued to grow at a modest pace as expected. Most major end markets expanded in the quarter, and we saw particular strength in industrial, gas distribution, and electrical T&D. Oil markets were soft in the quarter, while Aclara revenue contribution was ahead of expectations driven by strong customer demand.”
“In both Electrical and Power segments, though we continue to face inflationary pressures, we achieved price realization in excess of material cost inflation and tariffs in the quarter.” Nord continued, “Power segment margins continued to be impacted by the wraparound of Aclara, along with unfavorable mix which we expect to normalize over the balance of the year. We are on track with regard to our previously announced footprint consolidation initiative, and plan to accelerate our investment in restructuring and related activities in the second quarter.”
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