Hubbell Inc. (NYSE: HUBB) reported Q3 EPS of $2.24, $0.10 worse than the analyst estimate of $2.34. Revenue for the quarter came in at $1.21 billion versus the consensus estimate of $1.24 billion.

GUIDANCE:

Hubbell Inc. sees FY2021 EPS of $8.30-$8.50, versus the consensus of $8.61.

• For the full year 2021, Hubbell anticipates sales growth of 12-13%. This expectation is comprised of 8-9% organic growth, including 5% price realization, bolstered by approximately 3-4% growth from acquisitions and a modest tailwind from foreign exchange.
• Hubbell anticipates 2021 earnings per diluted share in the range of $6.85-$7.05 and anticipates adjusted diluted earnings per share ("Adjusted EPS") in the range of $8.30-$8.50. Adjusted EPS excludes amortization of acquisition-related intangible assets, which the Company expects to be approximately $1.15 for the full year. Adjusted EPS also excludes a loss on the early extinguishment of debt from the 2022 Notes that were redeemed by the Company on April 2, 2021, as well as a loss recognized on the disposal of a business during the second quarter of 2021. The Company believes Adjusted EPS is a useful measure of underlying performance in light of our acquisition strategy and core operations.
• The earnings per share and adjusted earnings per share ranges are based on an adjusted tax rate of approximately 21% and include approximately $0.20-$0.25 per share of anticipated restructuring and related investment. The ranges also incorporate the impact of acquisitions, which we anticipate adding approximately $0.20 to full year adjusted earnings. The Company expects full year 2021 free cash flow conversion at approximately 100% of adjusted net income.

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