Hubbell Incorporated (NYSE: HUBA, HUBB) reported net sales of $848.8 million in the fourth quarter. This represents an increase of 5% compared to the $806.6 million reported during the same period in 2013.
Hubbell’s operating income was $126.1 million, or 14.9 percent of net sales, compared to $126.2 million, or 15.6 percent of net sales, for the comparable period of 2013. Net income in the fourth quarter of 2014 was $81.3 million, a decrease of less than 1 percent compared to the $82.0 million reported in the fourth quarter of 2013.
According to a company press release, Hubbell’s earnings per diluted share for the fourth quarter of 2014 were $1.38, including approximately $5 million in restructuring costs, compared to $1.38 reported in the fourth quarter of 2013. Free cash flow (defined as cash flow from operations less capital expenditures) was $135.5 million in the fourth quarter of 2014 versus $137.5 million reported in the comparable period of 2013.
For the full year, Hubbell posted net sales of $3.4 billion, an increase of 6 percent compared to 2013. The company’s operating income was $517.4 million, or 15.4 percent of net sales, compared to $507.6 million, or 15.9 percent of net sales, for the comparable period of 2013. Net income for the full year 2014 was $325.3 million, a decrease of 0.4 percent compared to the $326.5 million reported in 2013. Hubbell’s earnings per diluted share were $5.48 for the full year 2014 and $5.47 for the full year 2013, while its free cash flow was $331.2 million compared to $323.0 million during the same period in the previous year.
“Hubbell performed well in the fourth quarter as the organization remained focused on finishing the year strong and initiating our restructuring plans,” said David G. Nord, president and CEO, in the company press release. “Our sales increased 5 percent in the quarter with acquisitions contributing three percent to the growth. Earnings per diluted share were $1.38 which included approximately $0.06 of restructuring costs within our electrical segment.”
Nord said that these actions provide an important foundation for future improvements and that the company planning for an increased level of restructuring activity over the next year. “I am also pleased to announce that we completed three acquisitions already in 2015,” said Nord.
“We have added two to the electrical segment, one that provides a product line addition to our commercial construction business while the other adds a market leading brand in one of our industrial businesses,” he continued. “The third acquisition will join the power segment and is a great addition to our existing product lines in transmission and substation switching. These acquisitions in aggregate are expected to add approximately $100 million in annual sales.”Tagged with tED