Hubbell Inc. (HUBB) Tops Q3 EPS by 13c
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Hubbell Inc. (NYSE: HUBB) reported Q3 EPS of $1.63, $0.13 better than the analyst estimate of $1.50. Revenue for the quarter came in at $907 million, versus $877 million reported last year.
Hubbell Inc. sees FY2016 EPS of $5.60-$5.70, versus the consensus of $5.51.
"Acquisitions drove sales growth in the quarter in the face of flat end markets," said David G. Nord, Chairman, President and Chief Executive Officer. "Growth in lower margin non-residential and residential markets offset moderating declines in higher margin oil and core industrial markets. On the utility side, distribution markets increased while project delays impacted transmission markets.
"Our business model continues to perform well, despite the sluggish market environment," commented Mr. Nord. "We are investing in acquisitions, which are yielding sales growth. We are developing innovative products and expanding into both new and adjacent markets to even better serve our customers. We are implementing cost reduction actions and realizing productivity savings. And we are seeing the benefits of effective capital deployment in the form of lower share count while maintaining a healthy balance sheet." Mr. Nord added, "These actions supported seven percent growth in adjusted earnings per diluted share in the quarter and help position the Company for continued success."
For earnings history and earnings-related data on Hubbell Inc. (HUBB) click here.
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