Hubbell Inc. (HUBB) Tops Q2 EPS by 10c

Hubbell Inc. (NYSE: HUBB) reported Q2 EPS of $1.51, $0.10 better than the analyst estimate of $1.41. Revenue for the quarter came in at $948 million versus the consensus estimate of $937.35 million.

GUIDANCE:

Hubbell Inc. sees FY2017 EPS of $5.40-$5.60.

For the full year 2017, Hubbell is modestly increasing its expected range for end market growth to 2.5% to 3.0% in the aggregate, while acquisitions completed to date are still expected to contribute approximately 2% to net sales. This end market outlook includes growth of 1% to 3% for T&D compared with 0% to 2% previously. All other end market expectations remain unchanged: growth in oil and gas, industrial and non-residential markets of 2% to 4%; growth in residential of 4% to 6%.

The Company continues to expect 2017 diluted earnings per share in the range of $5.40 to $5.60. This expectation reflects the improved market outlook, as well as restructuring and related costs of approximately $0.30 (compared with $0.25 previously). Hubbell continues to expect free cash flow to equal net income in 2017.

"We are optimistic about accelerating organic growth across end markets and our ability to benefit from these trends. Our portfolio of strong, high quality brands is prepared to satisfy increasing customer demand. We expect the higher growth in T&D will more than offset the lingering softness in heavy industry, which is recovering a bit more slowly than we anticipated." Mr. Nord added, "The traction we are realizing on restructuring and related savings supports our vision of a more efficient and flexible cost structure going forward. I am confident we are taking the appropriate and necessary steps to position the Company for continued success."

For earnings history and earnings-related data on Hubbell Inc. (HUBB) click here.

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