Hubbell Inc. (HUBB) reported Q4 EPS of $2.60, $0.21 better than the analyst estimate of $2.39. Revenue for the quarter came in at $1.22 billion versus the consensus estimate of $1.24 billion.
GUIDANCE:
Hubbell Inc. sees FY2023 EPS of $11.00-$11.50, versus the consensus of $11.14.
- For the full year 2023, Hubbell anticipates total sales growth of 5-7% and organic sales growth of 4-6%. Acquisitions are anticipated to contribute approximately 1% to total sales growth.
- Hubbell expects 2023 GAAP diluted earnings per share in the range of $10.00 to $10.50 and adjusted diluted earnings per share from continuing operations (“Adjusted EPS”) in the range of $11.00 to $11.50. Adjusted EPS excludes amortization of acquisition-related intangible assets, which the Company expects to be approximately $1.00 per share for the full year. The Company believes Adjusted EPS is a useful measure of underlying financial performance in light of our acquisition strategy.
- The earnings per share and adjusted earnings per share ranges are based on an adjusted tax rate of 22.5 to 23.0% and include approximately $0.25 of anticipated restructuring and related investment. The Company expects full year 2023 free cash flow conversion of 90 to 95% of adjusted net income.