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Hubbell Reports Fourth Quarter and Full Year 2022 Results

Published: 2023-01-31 12:30:00 ET

Shelton, CT, Jan. 31, 2023 (GLOBE NEWSWIRE) --

HUBBELL REPORTS FOURTH QUARTER 2022 AND FULL YEAR RESULTS FROM CONTINUING OPERATIONS

Q4 diluted EPS from continuing operations of $2.27; adjusted diluted EPS from continuing operations of $2.60
Q4 net sales from continuing operations +11% (organic +10%)
FY 2022 diluted EPS from continuing operations of $9.43; adjusted diluted EPS from continuing operations of $10.62
FY 2023 diluted EPS from continuing operations expected range of $10.00-$10.50; adjusted diluted EPS of $11.00-$11.50

SHELTON, CT. (January 31, 2023) – Hubbell Incorporated (NYSE: HUBB) today reported operating results for the fourth quarter and full year ended December 31, 2022.

“2022 was a great year for Hubbell,” said Gerben Bakker, Chairman, President and Chief Executive Officer. “Attractive markets underpinned by grid modernization and electrification, along with strong price realization driven by our leading positions and service levels, drove organic net sales growth of 18% for the full year. Consistent execution through a dynamic operating environment contributed to strong full year operating margin expansion and significant operating profit growth.”

Mr. Bakker continued, “Hubbell’s performance in the fourth quarter reflected a continuation of these strong fundamental trends. Utility Solutions demand remained strong, and orders continued to outpace shipment levels as customers actively invested to harden and modernize critical utility and communications infrastructure. In Electrical Solutions, orders and shipments softened in the fourth quarter as expected, driven by customer inventory management. Operationally, we delivered another quarter of strong operating margin expansion as we continued to actively manage price/cost while investing for future growth and productivity.”

Mr. Bakker concluded, “I am proud of our employees who worked so hard throughout 2022 to deliver these strong results for our customers and shareholders, while also driving significant progress in executing on our strategy as an integrated operating company. Looking ahead, with a high quality portfolio and leading positions in attractive markets, Hubbell is well positioned to continue delivering differentiated results for our shareholders in 2023 and beyond.”

Certain terms used in this release, including "Net debt", "Free Cash Flow", "Organic net sales", "Organic net sales growth", "Restructuring-related costs", "EBITDA", and certain "adjusted" measures, are defined under the section entitled "Non-GAAP Definitions." See page 8 for more information.

FINANCIAL HIGHLIGHTS

The comments and year-over-year comparisons in this segment review are based on fourth quarter results in 2022 and 2021.

Utility Solutions segment net sales in the fourth quarter of 2022 increased 17% to $716 million compared to $612 million reported in the fourth quarter of 2021. Organic net sales increased 17% compared to the fourth quarter of 2021, while acquisitions added 1% and foreign exchange caused a

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.