Hubbell Incorporated (NYSE: HUBA, HUBB) of Shelton, Conn., reported net sales of $801.3 million during the second quarter of the year – an increase of 3 percent compared to the $778.4 million reported in the second quarter of 2012. The company’s operating income was $132.1 million, or 16.5 percent of net sales, compared to $124.5 million, or 16 percent of net sales, for the comparable period of 2012.
Hubbell’s net income for the second quarter was $82.1 million versus $77.5 million reported in the second quarter of 2012. Earnings per diluted share were $1.37 in the second quarter of 2013 compared to $1.29 reported in the second quarter of 2012. Free cash flow (defined as cash flow from operations less capital expenditures) was $52.8 million in the second quarter of 2013 versus $49.9 million reported in the comparable period of 2012.
For the first six months of 2013, Hubbell’s net sales were $1.5 billion, an increase of 3 percent compared to the same period last year. Operating income was $229.8 million, or 14.9 percent of net sales, compared to $226.2 million, or 15.1 percent of net sales, for the comparable period of 2012.
Hubbell’s electrical segment net sales in the second quarter of 2013 increased 5 percent to $564.5 million compared to $536.3 million reported in the second quarter of 2012. The increase was primarily due to acquisitions, which contributed 3 percent to sales in the quarter. Hubbell’s Power segment net sales in the second quarter of 2013 were $236.8 million compared to $242.1 million reported in the second quarter of 2012. The decrease was primarily due to lower levels of project related transmission spending and weaker distribution sales partially offset by the favorable impact of an acquisition.
“I am pleased with our performance in the quarter, which included both higher sales and operating margin compared to 2012,” said David G. Nord, president and CEO, in a press release. “The sales increase was due to the impact of acquisitions while our base business was in line with last year’s strong results. From a profitability perspective, we were able to expand our operating margin by fifty basis points despite incurring costs associated with facility consolidations in our power segment.”
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