SHELTON, Conn. (AP) — Hubbell Inc. on Tuesday reported third-quarter net income of $130.2 million.
On a per-share basis, the Shelton, Connecticut-based company said it had net income of $2.38. Earnings, adjusted for non-recurring gains, came to $2.34 per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $2.28 per share.
The electrical products manufacturer posted revenue of $1.2 billion in the period.
Hubbell expects full-year earnings in the range of $7.95 to $8.10 per share.
Hubbell shares have climbed 41% since the beginning of the year. The stock has increased 41% in the last 12 months.
“Hubbell delivered another strong quarter of operating performance,” said David G. Nord, Chairman and Chief Executive Officer. “Organic growth of 3% continued to be driven by our utility facing end markets, with strength in Electrical T&D. Our Power segment achieved another quarter of strong top- and bottom-line performance, and remains well-positioned to deliver differentiated results. Electrical segment end markets were mixed as growth in gas distribution, non-residential, and residential markets was offset by weakness in lighting national account business and softening in heavy industrial markets.”
Read the full press release.