Hubbell Inc. : Hubbell Reports Second Quarter Results: Net Sales of $801.3 Million and Earnings Per Diluted Share of $1.37

  Hubbell Inc. : Hubbell Reports Second Quarter Results: Net Sales of $801.3
               Million and Earnings Per Diluted Share of $1.37

SHELTON, CT. (July 18, 2013) - Hubbell Incorporated (NYSE:HUBA, HUBB) today
reported operating results for the second quarter ended June 30, 2013.

Net sales in the second quarter of 2013 were $801.3 million, an increase of 3%
compared to  the  $778.4 million  reported  in  the second  quarter  of  2012. 
Operating income  was $132.1  million, or  16.5% of  net sales,  compared  to 
$124.5 million, or 16.0% of net sales, for the comparable period of 2012. Net
income in the second  quarter of 2013 was  $82.1 million versus $77.5  million 
reported in the second quarter of 2012. Earnings per diluted share were  $1.37 
in the second quarter of 2013 compared to $1.29 reported in the second quarter
of 2012. Free cash  flow (defined as cash  flow from operations less  capital 
expenditures) was $52.8  million in the  second quarter of  2013 versus  $49.9 
million reported in the comparable period of 2012. 

For the first six months of 2013  net sales were $1.5 billion, an increase  of 
3% compared  to  the same  period  last  year. Operating  income  was  $229.8 
million, or 14.9% of net  sales, compared to $226.2  million, or 15.1% of  net 
sales, for the comparable period of 2012. Net income in the first six  months 
of 2013 was $148.0 million, an increase  of 5% compared to the $140.7  million 
reported in the  first six months  of 2012. Earnings  per diluted share  were 
$2.47, or 6% above the $2.34 reported for the comparable period of 2012. Free
cash flow was $82.5  million compared to $83.6  million reported in the  first 
six months of 2012.

OPERATIONS REVIEW

David G. Nord, President and Chief Executive Officer, said, "I am pleased with
our performance in the quarter which included both higher sales and  operating 
margin compared  to  2012.  The sales  increase  was  due to  the  impact  of 
acquisitions while  our base  business was  in line  with last  year's  strong 
results. From  a  profitability  perspective,  we were  able  to  expand  our 
operating margin by fifty basis points despite incurring costs associated with
facility consolidations in our Power segment.  I am also pleased to  announce 
that we completed  the acquisition of  Connector Manufacturing Company  during 
the second quarter. CMC manufactures  high quality mechanical and  compression 
connectors and has been added to our Electrical segment." 

Mr. Nord  continued  "The  macroeconomic environment  in  the  second  quarter 
modestly improved  from  the  beginning  of  the  year.  U.S.  non-residential 
activity benefitted from  higher levels of  renovation projects,  particularly 
for our lighting  businesses. North  American electrical  utility demand  was 
below the prior year  which benefitted from unusually  strong spending due  to 
favorable weather conditions and high levels of transmission project activity.
Demand for our industrial businesses  was mixed while the residential  markets 
remained strong."

SEGMENT REVIEW

The comments and year-over-year percentages  in this segment review are  based 
on second quarter results in 2013 and 2012.

Electrical segment net  sales in the  second quarter of  2013 increased 5%  to 
$564.5 million compared to  $536.3 million reported in  the second quarter  of 
2012. The increase was primarily due to acquisitions which contributed 3%  to 
sales in the  quarter. Organic volume  increased due to  higher shipments  of 
lighting products partially offset by  weaker industrial demand, most  notably 
in high  voltage test  equipment. Compared  to the  second quarter  of  2012, 
operating income increased 9%  to $88.9 million, or  15.7% of net sales.  The 
increase in operating income was primarily  due to the benefit of pricing  and 
material costs while productivity offset all other cost increases.  

Hubbell's Power segment net  sales in the second  quarter of 2013 were  $236.8 
million compared to  $242.1 million reported  in the second  quarter of  2012. 
The  decrease  was  primarily  due   to  lower  levels  of  project   related 
transmission spending and  weaker distribution sales  partially offset by  the 
favorable impact of an acquisition. Compared  to the second quarter of  2012, 
operating income declined slightly to $43.2 million. Operating margin in  the 
second quarter of 2013 was 18.2% compared to 17.9% reported in the  comparable 
period of  2012. The  increase in  operating  margin was  primarily due  to  a 
favorable product mix partially offset by facility consolidation costs.

SUMMARY & OUTLOOK

Mr. Nord commented,  "Looking to  our full year  outlook for  2013, we  expect 
overall sales to increase in the 4 to 6% range and operating margin to  expand 
approximately 30 basis points. The sales outlook has increased slightly due to
the impact of our recent  acquisition. From a profitability perspective,  the 
impact of our acquisition activity will  slightly mute the level of  operating 
margin improvement."

Mr. Nord  concluded,  "The  first  half results  were  largely  in  line  with 
expectations and we now  turn our attention to  navigating through the  second 
half of  the  year  where  we  will  be  focused  on  integrating  our  recent 
acquisitions and driving margin  improvement. Our financial position  remains 
strong and we plan to continue  deploying our capital in value creating  ways. 
I am encouraged that  the investments we have  made in productivity  programs 
and business development have translated into increased profitability."

Certain statements contained herein may constitute forward-looking  statements 
within the meaning of  the Private Securities Litigation  Reform Act of  1995. 
These include statements about capital  resources, performance and results  of 
operations and are based on the Company's reasonable current expectations. In
addition, all  statements  regarding  anticipated  growth  or  improvement  in 
operating results, anticipated  market conditions, and  economic recovery  are 
forward-looking.  These  statements   may  be   identified  by   the  use   of 
forward-looking words or phrases  such as "improved", "leading",  "improving", 
"continuing  growth",  "continued",  "ranging",  "contributing",  "primarily", 
"plan", "expect", "anticipated", "expected", "expectations," "should  result", 
"uncertain", "goals", "projected", "on track", "likely", "intend" and  others. 
Such  forward-looking  statements  involve  numerous  assumptions,  known  and 
unknown risks,  uncertainties and  other factors  which may  cause actual  and 
future performance or achievements of  the Company to be materially  different 
from any future results, performance, or achievements expressed or implied  by 
such forward-looking statements. Such factors include, but are not limited to:
achieving sales levels  to fulfill revenue  expectations; unexpected costs  or 
charges, certain of which may be outside the control of the Company;  expected 
benefits of  process  improvement and  other  lean initiatives;  the  expected 
benefit  and  effect  of  the  business  information  system  initiatives  and 
streamlining programs;  the  availability  and  costs  of  raw  materials  and 
purchased components; realization of price  increases; the ability to  achieve 
projected levels of efficiencies and cost reduction measures; general economic
and business  conditions;  competition; and  other  factors described  in  our 
Securities and Exchange  Commission filings, including  the "Business",  "Risk 
Factors", and  "Quantitative and  Qualitative Disclosures  about Market  Risk" 
Sections in the Annual  Report on Form  10-K for the  year ended December  31, 
2012.

Hubbell Incorporated is  an international manufacturer  of quality  electrical 
and electronic products for a  broad range of non-residential and  residential 
construction, industrial and utility applications. With 2012 revenues of $3.0
billion, Hubbell Incorporated operates manufacturing facilities in the  United 
States, Canada, Switzerland,  Puerto Rico,  Mexico, the  People's Republic  of 
China ("China"), Italy,  the United  Kingdom, Brazil  and Australia.  Hubbell 
also participates in  joint ventures in  Taiwan and Hong  Kong, and  maintains 
sales offices in Singapore, China, India, Mexico, South Korea and countries in
the Middle East. The corporate headquarters is located in Shelton, CT.

                                   #######

Contact:  James M. Farrell
 Hubbell Incorporated
 40 Waterview Drive
 P.O. Box 1000
 Shelton, Connecticut 06484
 (475) 882-4000

                             HUBBELL INCORPORATED
                  Condensed Consolidated Statement of Income
                                 (unaudited)
                   (in millions, except per share amounts)
                                 Three Months Ended       Six Months Ended
                                      June 30                 June 30
                                  2013      2012       2013        2012
Net Sales                       $ 801.3  $ 778.4  $ 1,541.4  $ 1,502.2
Cost of goods sold                529.3    518.6    1,033.1    1,008.3
Gross Profit                      272.0    259.8      508.3      493.9
Selling & administrative
expenses                          139.9    135.3      278.5      267.7
Operating income                  132.1    124.5      229.8      226.2
     Operating income as a % of
     Net sales                      16.5%      16.0%        14.9%        15.1%
Interest expense, net              (7.3)     (7.1)      (14.6)      (14.3)
Other expense, net                 (2.0)     (1.3)       (1.2)       (1.2)
Total other expense, net           (9.3)     (8.4)      (15.8)      (15.5)
Income before income taxes        122.8    116.1      214.0      210.7
Provision for income taxes         39.8     38.1       64.2       69.1
Net income                      $  83.0  $  78.0  $   149.8  $   141.6
Less: Net income attributable
to noncontrolling interest          0.9      0.5        1.8        0.9
Net income attributable to
Hubbell                         $  82.1  $  77.5  $   148.0  $   140.7
Earnings Per Share:
     Basic                      $  1.38  $  1.31  $     2.49  $    2.37
     Diluted                    $  1.37  $  1.29  $     2.47  $    2.34
Cash dividends per common share $  0.45  $  0.41  $     0.90  $    0.82

                             HUBBELL INCORPORATED
                     Condensed Consolidated Balance Sheet
                                 (unaudited)
                                (in millions)
                                            June 30, 2013    December 31, 2012
ASSETS
Cash and cash equivalents                 $       586.6  $           645.0
Short-term investments                              7.0                8.8
Accounts receivable, net                          468.8              405.2
Inventories, net                                  384.7              341.7
Deferred taxes and other                           57.7               55.5
 TOTAL CURRENT ASSETS                         1,504.8            1,456.2
Property, plant and equipment, net                370.0              364.7
Investments                                        39.5               36.7
Goodwill                                          794.5              755.5
Intangible assets, net                            293.0              288.1
Other long-term assets                             39.2               45.8
 TOTAL ASSETS                           $     3,041.0  $         2,947.0
LIABILITIES AND EQUITY
Accounts payable                          $       245.4  $           213.1
Accrued salaries, wages and employee
benefits                                           55.0               75.4
Accrued insurance                                  44.0               39.6
Other accrued liabilities                         108.0              119.3
 TOTAL CURRENT LIABILITIES                      452.4              447.4
Long-term debt                                    596.9              596.7
Other non-current liabilities                     248.2              235.0
 TOTAL LIABILITIES                            1,297.5            1,279.1
Hubbell Shareholders' Equity                    1,735.7            1,661.2
Noncontrolling interest                             7.8                6.7
 TOTAL EQUITY                                 1,743.5            1,667.9
TOTAL LIABILITIES AND EQUITY              $     3,041.0  $         2,947.0

                             HUBBELL INCORPORATED
                Condensed Consolidated Statement of Cash Flows
                                 (unaudited)
                                (in millions)
                                                      Six Months Ended June 30
                                                         2013         2012
Cash Flows From Operating Activities
 Net income attributable to Hubbell                 $    148.0   $ 140.7
 Depreciation and amortization                            34.4      33.0
 Stock-based compensation expense                          5.7       5.3
 Deferred income taxes                                     7.8       6.8
 Changes in working capital                              (90.2)     (76.1)
 Contributions to defined benefit pension plans           (1.9)      (6.3)
 Other, net                                                4.7       1.2
    Net cash provided by operating activities          108.5     104.6
Cash Flows From Investing Activities
 Capital expenditures                                    (26.0)     (21.0)
 Acquisition of businesses, net of cash acquired         (81.7)     (53.0)
 Net change in investments                                (1.1)       2.1
 Other, net                                                4.0       6.3
    Net cash used in investing activities             (104.8)     (65.6)
Cash Flows From Financing Activities
 Short-term debt repayments, net                             -      (2.7)
 Payment of dividends                                    (53.3)     (46.9)
 Repurchase of common shares                              (6.5)     (42.1)
 Proceeds from exercise of stock options                   1.1      19.8
 Other, net                                                5.0       8.8
    Net cash used in financing activities              (53.7)     (63.1)
Effect of foreign exchange rate changes on cash and
cash equivalents                                            (8.4)      (0.9)
Decrease in cash and cash equivalents                      (58.4)     (25.0)
Cash and cash equivalents
  Beginning of period                                    645.0     569.6
  End of period                                     $    586.6   $ 544.6

                             HUBBELL INCORPORATED
                             Segment Information
                                 (unaudited)
                                (in millions)
                          Three Months Ended June 30  Six Months Ended June 30
                              2013         2012        2013        2012
Net Sales
  Electrical            $    564.5   $  536.3  $ 1,079.8  $ 1,041.4
  Power                      236.8      242.1      461.6      460.8
     Total Net
Sales                      $    801.3   $  778.4  $ 1,541.4  $ 1,502.2
Operating Income
  Electrical            $     88.9   $   81.2  $   150.5  $   145.0
  Power                       43.2       43.3       79.3       81.2
     Total
Operating Income           $    132.1   $  124.5  $   229.8  $   226.2
Operating Income as a % of Net Sales
  Electrical                   15.7%        15.1%        13.9%        13.9%
  Power                        18.2%        17.9%        17.2%        17.6%
     Total                   16.5%        16.0%        14.9%        15.1%

                             HUBBELL INCORPORATED
                        Earnings Per Share Calculation
                                 (unaudited)
                   (in millions, except per share amounts)
                                        Three Months Ended   Six Months Ended
                                             June 30             June 30
                                         2013     2012     2013     2012
Numerator:
 Net income attributable to Hubbell     $  82.1  $  77.5  $ 148.0  $ 140.7
 Less: Earnings allocated to
 participating securities                  0.3     0.3     0.5     0.5
 Net income available to common
 shareholders                           $  81.8  $  77.2  $ 147.5  $ 140.2
Denominator:
 Average number of common shares
 outstanding                              59.1    59.1    59.1    59.2
 Potential dilutive shares                 0.5     0.6     0.5     0.6
 Average number of diluted shares
 outstanding                              59.6    59.7    59.6    59.8
Earnings per Share:
 Basic                                  $ 1.38  $ 1.31  $ 2.49  $ 2.37
 Diluted                                $ 1.37  $ 1.29  $ 2.47  $ 2.34

                             HUBBELL INCORPORATED
                         Non-GAAP Financial Measures
                                 (unaudited)
                                (in millions)
Ratios of Total Debt to Total Capital and Net Debt to Total Capital
                                        June 30, 2013       December 31, 2012
 Total Debt                            $        596.9      $         596.7
 Total Hubbell's Shareholders' Equity         1,735.7              1,661.2
 Total Capital                         $      2,332.6      $       2,257.9
 Total Debt to Total Capital                        26%                    26%
 Total Debt                            $        596.9      $         596.7
               Cash and cash
 Less:         equivalents                     (586.6)               (645.0)
               Investments                      (46.5)                (45.5)
 Net Debt                              $        (36.2)      $         (93.8)
 Net Debt to Total Capital                         (2%)                   (4%)
 Note: Management believes that net debt to capital is a useful measure
 regarding Hubbell's financial leverage for evaluating the Company's ability
 to meet its funding needs.
Free Cash Flow Reconciliation
                                              Six Months Ended June 30
                                            2013                 2012
 Net cash provided by operating
 activities                            $        108.5      $         104.6
 Less:         Capital Expenditures             (26.0)                (21.0)
 Free cash flow                        $         82.5      $          83.6
 Note: Management believes that free cash flow provides useful information
 regarding Hubbell's ability to generate cash without reliance on external
 financings. In addition, management uses free cash flow to evaluate the
 resources available for investments in the business, strategic acquisitions
 and further strengthening the balance sheet.

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Source: Hubbell Inc. via Thomson Reuters ONE
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