Hubbell beats quarterly profit estimates, driven by demand in utilities unit
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E-mail(Reuters) - Electrical equipment maker Hubbell beat estimates for fourth-quarter profit on Tuesday, helped by strong demand in its utility segment for devices used in power grids.
Hubbell, which manufactures and sells electrical and utility solutions, has benefitted from ongoing upgrades to the U.S. power grid system.
Sales in the company's utilities solutions unit rose 4.4% to $847.1 million.
The Shelton, Connecticut-based company reported an adjusted profit of $4.10 per share for the quarter ended Dec. 31, compared with analysts' average estimates of $4.02 per share, according to data compiled by LSEG.
Its revenue fell about 1% year-on-year to $1.33 billion, compared with an estimate of $1.41 billion, due to weakness in grid automation and electrical business.
(Reporting by Rupali Chaudhary; Editing by Pooja Desai and Vijay Kishore)
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