Hubbell reported Q2 2020 earnings per diluted share of $1.62 and adjusted EPS of $1.87, with net sales down 21% due to COVID-19. Free cash flow was strong at $178 million. The company reinstated FY20 diluted EPS guidance of $6.00-$6.25, and adjusted EPS of $7.00-$7.25. Operational transformation efforts yielded an operating margin expansion despite challenges. However, supply chain disruptions affected revenue, particularly in Aclara. Hubbell remains cautious on near-term volumes but is confident in long-term prospects driven by strong brand reliability.
Hubbell Incorporated has consolidated its Electrical segment into a single operating group, Hubbell Electrical Solutions, combining its Commercial & Industrial, Construction & Energy, and Lighting groups. This strategic move is aimed at enhancing growth opportunities and operational efficiencies. Peter Lau has been appointed as the new President of Hubbell Electrical Solutions, bringing nearly 20 years of experience from Honeywell. Rodd Ruland will transition to Executive Vice President, supporting the consolidation efforts. This new alignment seeks to strengthen Hubbell's market position and customer service capabilities.
The Board of Directors of Hubbell (NYSE: HUBB) has declared a quarterly dividend of $0.91 per share on its common stock. This dividend is set for payment on September 15, 2020, to shareholders recorded as of August 31, 2020. With 2019 revenues reaching $4.6 billion, Hubbell operates globally, delivering high-quality electrical and utility solutions across various markets.
Hubbell Incorporated (NYSE: HUBB) will announce its second quarter 2020 financial results on July 30, 2020, before the market opens. Following this, a conference call will be held at 10:00 AM ET to discuss the results. The full press release will be available on their corporate website. Audio replays of the call can be accessed via various platforms, including by phone and on their website. In 2019, Hubbell reported revenues of $4.6 billion and operates globally from its headquarters in Shelton, CT.
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