Last $106.98 USD
Change Today -1.84 / -1.69%
Volume 252.1K
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hubbell inc -cl b (HUB/B) Key Developments

Hubbell Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Year 2014

Hubbell Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net sales of $895.3 million, an increase of 7% compared to the $835.9 million reported in the third quarter of 2013. Operating income was $142.8 million, or 15.9% of net sales, compared to $151.6 million, or 18.1% of net sales, for the comparable period of 2013. Net income was $89.6 million, a decrease of 7% compared to the $96.5 million reported in the third quarter of 2013. Earnings per diluted share were $1.51, a decrease of 7% compared to the $1.62 reported in the third quarter of 2013. Free cash flow was $121.6 million versus $103.0 million reported in the comparable period of 2013. The company reported income before income taxes of $134.8 million compared to $143.3 million for the last year. For the nine months, the company reported net sales of $2.5 billion, an increase of 6% compared to $2.4 billion in the same period last year. Operating income was $391.3 million, or 15.6% of net sales, compared to $381.4 million, or 16.0% of net sales, for the comparable period of 2013. Net income was $244.0 million, slightly below the $244.5 million reported in the first nine months of 2013. Earnings per diluted share were $4.10 slightly above the $4.09 reported for the comparable period of 2013. Free cash flow was $195.7 million compared to $185.5 million reported in the first nine months of 2013. The company reported income before income taxes of $367.3 million compared to $357.3 million, net cash provided by operating activities of $238.3 million compared to $225.9 million and capital expenditures of $42.6 million compared to $40.4 million for the last year. Net debt as at September 30, 2014 was $100.0 million compared to $189.1 million as at December 31, 2013. The company expected overall sales for 2014 to increase in the low end of the 5 to 6% range with balanced growth from acquisitions and organic volume. From a profitability standpoint, operating margins are expected to be lower than 2013 by sixty to seventy basis points as the less favorable product mix, lower than previously anticipated volume and costs issues that impacted the third quarter are expected to continue for the rest of the year.

Hubbell Approves Dividend, Payable on December 15, 2014

Hubbell announced that its board of directors approved a dividend increase of 12%. The board declared an annual payment rate of $2.24 per share, or $0.56 per quarter, versus the prior rate of $2 or $0.50 quarterly. The payment will be made on December 15, 2014 to shareholders of record on November 28, 2014.

Hubbell Inc. Revises Earnings Guidance for the Third Quarter and Full Year 2014

Hubbell Inc. revised earnings guidance for the third quarter and full year 2014. For the period, the company expects sales to increase by 7% while operating margin is anticipated to be 15.9%, which although strong, is below the company's previous expectations. For the full year 2014, the company expects revenue to increase in the low end of the previously provided 5-6% range. Full year operating margins are expected to decrease by 60 to 70 basis points compared to the prior year as most of the headwinds from the third quarter are likely to persist through the remainder of 2014.

Hubbell Inc. to Report Q3, 2014 Results on Oct 23, 2014

Hubbell Inc. announced that they will report Q3, 2014 results at 10:00 AM, US Eastern Standard Time on Oct 23, 2014

Hubbell Inc., Q3 2014 Earnings Call, Oct 23, 2014

Hubbell Inc., Q3 2014 Earnings Call, Oct 23, 2014

 

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Valuation HUB/B Industry Range
Price/Earnings 19.6x
Price/Sales 1.9x
Price/Book 3.1x
Price/Cash Flow 17.0x
TEV/Sales 1.3x
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