Hubbell Reports Second Quarter 2025 Results
Hubbell (NYSE: HUBB) reported strong Q2 2025 results, with diluted EPS of $4.56 and adjusted EPS of $4.93. The company achieved a 2% increase in net sales and organic growth, driven by robust performance in Grid Infrastructure and Electrical Solutions segments. Operating margin reached 22.7%, with adjusted operating margin at 24.4%.
A significant accounting change from LIFO to FIFO method resulted in a $29 million decrease in Q2 cost of goods sold. The Utility Solutions segment saw 1% growth to $936 million, while Electrical Solutions grew 4% to $549 million. Based on strong performance, Hubbell raised its 2025 outlook, now expecting diluted EPS of $16.25-$16.75 and adjusted EPS of $17.65-$18.15, with anticipated total sales growth of 4-6%.
Hubbell (NYSE: HUBB) ha riportato solidi risultati per il secondo trimestre del 2025, con un utile per azione diluito di 4,56$ e un utile per azione rettificato di 4,93$. L'azienda ha registrato un aumento del 2% delle vendite nette e una crescita organica, trainata da una performance robusta nei segmenti Grid Infrastructure e Electrical Solutions. Il margine operativo ha raggiunto il 22,7%, con un margine operativo rettificato al 24,4%.
Un cambiamento contabile significativo, passando dal metodo LIFO al FIFO, ha comportato una riduzione di 29 milioni di dollari nel costo del venduto del secondo trimestre. Il segmento Utility Solutions è cresciuto dell'1% raggiungendo 936 milioni di dollari, mentre Electrical Solutions è aumentato del 4% arrivando a 549 milioni di dollari. Grazie a queste solide performance, Hubbell ha rivisto al rialzo le previsioni per il 2025, prevedendo ora un utile per azione diluito tra 16,25$ e 16,75$ e un utile per azione rettificato tra 17,65$ e 18,15$, con una crescita totale delle vendite stimata tra il 4% e il 6%.
Hubbell (NYSE: HUBB) reportó sólidos resultados en el segundo trimestre de 2025, con una utilidad por acción diluida de 4.56$ y una utilidad por acción ajustada de 4.93$. La compañía logró un aumento del 2% en ventas netas y crecimiento orgánico, impulsado por un desempeño robusto en los segmentos de Grid Infrastructure y Electrical Solutions. El margen operativo alcanzó el 22.7%, con un margen operativo ajustado del 24.4%.
Un cambio contable significativo, pasando del método LIFO al FIFO, resultó en una reducción de 29 millones de dólares en el costo de bienes vendidos del segundo trimestre. El segmento Utility Solutions creció un 1% hasta 936 millones de dólares, mientras que Electrical Solutions aumentó un 4% hasta 549 millones de dólares. Basado en este sólido desempeño, Hubbell elevó sus perspectivas para 2025, esperando ahora una utilidad por acción diluida entre 16.25$ y 16.75$ y una utilidad por acción ajustada entre 17.65$ y 18.15$, con un crecimiento total de ventas anticipado del 4-6%.
허벨(Hubbell, NYSE: HUBB)은 2025년 2분기에 희석 주당순이익(EPS) 4.56달러, 조정 주당순이익 4.93달러의 강력한 실적을 보고했습니다. 회사는 그리드 인프라(Grid Infrastructure) 및 전기 솔루션(Electrical Solutions) 부문의 견고한 성과에 힘입어 순매출 및 유기적 성장 2% 증가를 달성했습니다. 영업이익률은 22.7%에 도달했으며, 조정 영업이익률은 24.4%였습니다.
LIFO에서 FIFO 회계 방식으로의 중요한 변경으로 2분기 매출원가가 2,900만 달러 감소했습니다. 유틸리티 솔루션(Utility Solutions) 부문은 1% 성장하여 9억 3,600만 달러를 기록했고, 전기 솔루션(Electrical Solutions)은 4% 성장하여 5억 4,900만 달러를 기록했습니다. 강력한 실적을 바탕으로 허벨은 2025년 전망치를 상향 조정하여 희석 주당순이익을 16.25~16.75달러, 조정 주당순이익을 17.65~18.15달러로 예상하며, 총 매출 성장률은 4~6%로 전망했습니다.
Hubbell (NYSE : HUBB) a publié de solides résultats pour le deuxième trimestre 2025, avec un bénéfice par action dilué de 4,56 $ et un bénéfice par action ajusté de 4,93 $. La société a enregistré une augmentation de 2 % des ventes nettes et une croissance organique, portée par une performance robuste dans les segments Grid Infrastructure et Electrical Solutions. La marge opérationnelle a atteint 22,7 %, avec une marge opérationnelle ajustée de 24,4 %.
Un changement comptable important, passant de la méthode LIFO à la méthode FIFO, a entraîné une réduction de 29 millions de dollars du coût des marchandises vendues au deuxième trimestre. Le segment Utility Solutions a connu une croissance de 1 % pour atteindre 936 millions de dollars, tandis que Electrical Solutions a progressé de 4 % pour atteindre 549 millions de dollars. Fort de ces performances solides, Hubbell a relevé ses prévisions pour 2025, prévoyant désormais un bénéfice par action dilué entre 16,25 $ et 16,75 $ et un bénéfice par action ajusté entre 17,65 $ et 18,15 $, avec une croissance totale des ventes anticipée entre 4 % et 6 %.
Hubbell (NYSE: HUBB) meldete starke Ergebnisse für das zweite Quartal 2025 mit einem verwässerten Gewinn je Aktie (EPS) von 4,56 USD und einem bereinigten EPS von 4,93 USD. Das Unternehmen erzielte ein 2%iges Wachstum bei den Nettoumsätzen und organisches Wachstum, getrieben durch eine robuste Leistung in den Segmenten Grid Infrastructure und Electrical Solutions. Die operative Marge erreichte 22,7%, die bereinigte operative Marge lag bei 24,4%.
Eine bedeutende buchhalterische Änderung von der LIFO- zur FIFO-Methode führte zu einer Reduzierung der Herstellungskosten im zweiten Quartal um 29 Millionen USD. Das Segment Utility Solutions wuchs um 1% auf 936 Millionen USD, während Electrical Solutions um 4% auf 549 Millionen USD zulegte. Aufgrund der starken Leistung hat Hubbell seine Prognose für 2025 angehoben und erwartet nun ein verwässertes EPS von 16,25 bis 16,75 USD sowie ein bereinigtes EPS von 17,65 bis 18,15 USD, mit einem erwarteten Gesamtumsatzwachstum von 4-6%.
- Q2 adjusted EPS grew to $4.93, showing strong earnings performance
- Operating margin expanded to 22.7%, with adjusted operating margin reaching 24.4%
- Grid Infrastructure achieved 7% organic growth
- Electrical Solutions segment grew 4% organically
- Price and productivity gains exceeded cost inflation in both segments
- Raised full-year 2025 earnings guidance
- Free cash flow improved to $221 million from $206 million YoY
- Grid Automation sales declined double digits due to weak meters and AMI project activity
- Higher cost inflation, raw material costs, and tariffs affected both segments
- Ongoing softness in telecommunication markets and residential market of Electrical Solutions
- Facing challenges from geopolitical conditions including wars in Ukraine and Middle East
Insights
Hubbell delivered strong Q2 results with margin expansion and raised guidance, showing operational strength despite mixed segment performance.
Hubbell's Q2 results reflect solid execution in a mixed demand environment. The company reported $4.93 adjusted EPS, with
Looking at segment performance, Grid Infrastructure was the standout with
Particularly encouraging is Hubbell's ability to expand margins despite inflationary pressures. Both segments achieved price and productivity improvements that successfully offset higher cost inflation, raw material increases, and tariff impacts. This operational efficiency led management to raise full-year guidance to
The company's cash generation remains strong with
Shelton, CT, July 29, 2025 (GLOBE NEWSWIRE) --
HUBBELL REPORTS SECOND QUARTER 2025 RESULTS
- Transition to FIFO-based inventory accounting; results and outlook reported on FIFO basis
- 2Q diluted EPS of
$4.56 ; adjusted diluted EPS of$4.93 - 2Q net sales +
2% (organic +2% ) - 2Q operating margin
22.7% ; adjusted operating margin24.4% - Raising 2025 diluted EPS outlook to
$16.25 -$16.75 ; adj. diluted EPS of$17.65 -$18.15 - Change to FIFO method resulted in decrease of
$29 million in COGS for 2Q ($0.42 per diluted share) and a decrease of$20 million in COGS for 1H ($0.29 per diluted share)
Hubbell Incorporated (NYSE: HUBB) today reported operating results for the second quarter ended June 30, 2025.
“Hubbell delivered double digit adjusted earnings per share growth in the second quarter, driven by strong organic growth in Grid Infrastructure and Electrical Solutions, as well as year-over-year margin expansion” said Gerben Bakker, Chairman, President and CEO.
Mr. Bakker continued, “In our Utility Solutions segment, Grid Infrastructure achieved
Mr. Bakker concluded, “We are raising our 2025 adjusted earnings per share outlook, which anticipates mid single digit organic growth and continued adjusted operating margin expansion. Our outlook is consistent with our long-term financial framework which we are confident will deliver differentiated performance for our shareholders over time.”
Certain terms used in this release, including “net debt”, “free cash flow”, “organic net sales”, “organic net sales growth”, “restructuring-related costs”, “Adjusted EBITDA”, and certain other “adjusted” measures, are defined under the section entitled “Non-GAAP Definitions.” See page 9 for more information.
CHANGE IN INVENTORY ACCOUNTING
During the second quarter of 2025, the Company elected to change its method of accounting for certain inventories in the United States from the last-in, first out (LIFO) method to the first-in, first out (FIFO) method. The change to FIFO method of accounting for these inventories is preferable because it provides better matching of costs and revenues, conforms the Company's inventory to a single method of accounting and improves comparability with the Company's peers. The impact of the change in inventory accounting as reported under the FIFO method compared with the amount if it continued to be reported under the LIFO method was a
SECOND QUARTER FINANCIAL HIGHLIGHTS
The comments and year-over-year comparisons in this segment review are based on second quarter results in 2025 and 2024.
Utility Solutions segment net sales in the second quarter of 2025 increased
Electrical Solutions segment net sales in the second quarter of 2025 increased
Adjusted diluted EPS in the second quarter 2025 excludes
Net cash provided by operating activities was
SUMMARY & OUTLOOK
For the full year 2025, Hubbell anticipates diluted earnings per share ("EPS") in the range of
Hubbell anticipates full year 2025 total sales growth and organic net sales growth of 4
CONFERENCE CALL
Hubbell will conduct an earnings conference call to discuss its second quarter 2025 financial results today, July 29, 2025 at 10:00 a.m. ET. A live audio of the conference call will be available and can be accessed by visiting Hubbell's "Investor Relations - Events/Presentations" section of www.hubbell.com. Audio replays will also be available at the conclusion of the call by visiting www.hubbell.com and selecting "Investors" from the options at the bottom of the page and then "Events/Presentations" from the drop-down menu.
FORWARD-LOOKING STATEMENTS
Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements generally relate to our expectations and beliefs regarding our financial results, condition and outlook, projections of future performance, anticipated growth and end markets, changes in operating results, market conditions and economic conditions, expected capital resources, liquidity, financial performance, pension funding, results of operations, plans, strategies, opportunities, developments and productivity initiatives, competitive positioning, and trends in particular markets or industries. In addition, all statements set forth in the “Summary & Outlook” section above, as well as other statements that are not strictly historic in nature are forward-looking. These statements may be identified by the use of forward-looking words or phrases such as “believe”, “expect”, “anticipate”, “intend”, “depend”, “plan”, “estimated”, “predict”, “target”, “should”, “could”, “may”, “subject to”, “continues”, “growing”, “prospective”, “forecast”, “projected”, “purport”, “might”, “if”, “contemplate”, “potential”, “pending”, “target”, “goals”, “scheduled”, “will”, “will likely be”, and similar words and phrases. Such forward-looking statements are based on our current expectations and involve numerous assumptions, known and unknown risks, uncertainties and other factors which may cause actual and future performance or the Company’s achievements 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: business conditions, geopolitical conditions (including the wars in Ukraine and the Middle East, as well as trade tensions with China) and changes in general economic conditions in particular industries, markets or geographic regions, and ongoing softness in the telecommunication markets and residential market of Electrical Solutions, as well as the potential for a significant economic slowdown, macro-economic effects of the U.S. government federal deficit, continued inflation, stagflation or recession, higher interest rates, and higher energy costs; our ability to offset increases in material and non-material costs through price recovery and volume growth; effects of unfavorable foreign currency exchange rates and the potential use of hedging instruments to hedge the exposure to fluctuating rates of foreign currency exchange on inventory purchases; the outcome of contingencies or costs compared to amounts provided for such contingencies, including those with respect to pension withdrawal liabilities; achieving sales levels to meet revenue expectations; unexpected costs or charges, certain of which may be outside the Company’s control; the effects of trade tariffs, import quotas and other trade restrictions or actions taken by the United States, Mexico, the United Kingdom, member states of the European Union, and other countries, including changes in U.S. trade policies that may be made by the current or a future presidential administration and changes in trade policies in other countries made in response to changes in U.S. trade policies; failure to achieve projected levels of efficiencies, cost savings and cost reduction measures, including those expected as a result of our lean initiatives and strategic sourcing plans, regulatory issues, changes in tax laws and policies, including changes in current U.S. income tax rates, multijurisdictional implementation of the Organisation for Economic Co-operation and Development’s comprehensive base erosion and profit shifting plan, or changes in geographic profit mix affecting tax rates and availability of tax incentives; the impact of and ability to fully manage and integrate acquired businesses, including the acquisitions of Northern Star Holdings, Inc. (the Systems Control business) and Alliance USAcqCo 2, Inc., a Delaware corporation (the Ventev business) as well as the failure to realize expected synergies and benefits anticipated when we make an acquisition due to potential adverse reactions or changes to business or employee relationships resulting from completion of the transaction, competitive responses to the transaction, the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the acquired business, diversion of management’s attention from ongoing business operations and opportunities, and litigation relating to the transaction; the impact of certain divestitures, including the benefits and costs of the sale of the residential lighting business; the ability to effectively develop and introduce new products, expand into new markets and deploy capital; and other factors described in our Securities and Exchange Commission filings, including in the “Business”, “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Forward-Looking Statements” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Annual Report on Form 10-K for the year ended December 31, 2024.
About the Company
Hubbell Incorporated is a leading manufacturer of utility and electrical solutions enabling customers to operate critical infrastructure safely, reliably and efficiently. With 2024 revenues of
Contact:
| Dan Innamorato |
| Hubbell Incorporated |
| 40 Waterview Drive |
| P.O. Box 1000 |
| Shelton, CT 06484 |
| (475) 882-4000 |
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NON-GAAP DEFINITIONS
References to "adjusted" operating measures exclude the impact of certain costs, gains or losses. Management believes these adjusted operating measures provide useful information regarding our underlying performance from period to period and an understanding of our results of operations without regard to items we do not consider a component of our core operating performance. Adjusted operating measures are non-GAAP measures, and include adjusted operating income, adjusted operating margin, adjusted net income attributed to Hubbell Incorporated, adjusted net income available to common shareholders, adjusted earnings per diluted share, and Adjusted EBITDA. These non-GAAP measures exclude, where applicable:
- Amortization of all intangible assets associated with our business acquisitions, including inventory step-up amortization associated with those acquisitions. The intangible assets associated with our business acquisitions arise from the allocation of the purchase price using the acquisition method of accounting in accordance with Accounting Standards Codification 805, “Business Combinations.” These assets consist primarily of customer relationships, developed technology, trademarks and tradenames, and patents, as reported in Note 7—Goodwill and Other Intangible Assets, under the heading “Total Definite-Lived Intangibles,” within the Company’s audited consolidated financial statements set forth in its Annual Report on Form 10-K for Fiscal Year Ended December 31, 2024. The Company excludes these non-cash expenses because we believe it (i) enhances management’s and investors’ ability to analyze underlying business performance, (ii) facilitates comparisons of our financial results over multiple periods, and (iii) provides more relevant comparisons of our results with the results of other companies as the amortization expense associated with these assets may fluctuate significantly from period to period based on the timing, size, nature, and number of acquisitions. Although we exclude amortization of these acquired intangible assets and inventory step-up from our non-GAAP results, we believe that it is important for investors to understand that revenue generated, in part, from such intangibles is included within revenue in determining adjusted net income attributable to Hubbell Incorporated.
- Transaction, integration, and separation costs associated with our business acquisitions and divestitures. The effects that acquisitions and divestitures may have on our results fluctuate significantly based on the timing, size, and number of transactions, and therefore results in significant volatility in the costs to complete transactions and integrate or separate the businesses. The size of acquisition and divestiture actions taken by the Company in the fourth quarter of 2023 has resulted in a significant increase in these costs, and as a result we believe excluding costs, relating to these fourth quarter transactions provides useful and more comparative information to investors to better assess our operating performance.
- Gains or losses from the disposition of a business. The Company excludes these gains or losses because we believe it enhances management's and investors' ability to analyze underlying business performance and facilitates comparisons of our financial results over multiple periods. In the first quarter of 2024 the Company recognized a
$5.3 million pre-tax loss on the disposition of the residential lighting business. In the second quarter of 2025 the Company recognized a$0.4 million pre-tax loss on the disposition of a product line in the HES segment. - The income tax effect directly related to the disposition of the residential lighting business. In the first quarter of 2024 the Company recognized
$6.8 million of income tax expense on the sale of the residential lighting business, primarily driven by differences between book and tax basis in goodwill. - Income tax effects of the above adjustments, which are calculated using the statutory tax rate, taking into consideration the nature of the item and the relevant taxing jurisdiction, unless otherwise noted.
Adjusted EBITDA is a non-GAAP measure that excludes the items noted above and also excludes the Other income (expense), net, Interest expense, net, and Provision for income taxes captions of the Condensed Consolidated Statement of Income, as well as depreciation and amortization expense.
Net debt (defined as total debt less cash and investments) to total capital is a non-GAAP measure that we believe is a useful measure for evaluating the Company's financial leverage and the ability to meet its funding needs.
Free cash flow is a non-GAAP measure that we believe provides useful information regarding the Company's ability to generate cash without reliance on external financing. 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.
In connection with our restructuring and related actions, we have incurred restructuring costs as defined by U.S. GAAP, which are primarily severance and employee benefits, asset impairments, accelerated depreciation, as well as facility closure, contract termination and certain pension costs that are directly related to restructuring actions. We also incur restructuring-related costs, which are costs associated with our business transformation initiatives, including the consolidation of back-office functions and streamlining our processes, and certain other costs and gains associated with restructuring actions. We refer to these costs on a combined basis as "restructuring and related costs", which is a non-GAAP measure.
Organic net sales, a non-GAAP measure, represents net sales according to U.S. GAAP, less net sales from acquisitions and divestitures during the first twelve months of ownership or divestiture, respectively, less the effect of fluctuations in net sales from foreign currency exchange. The period-over-period effect of fluctuations in net sales from foreign currency exchange is calculated as the difference between local currency net sales of the prior period translated at the current period exchange rate as compared to the same local currency net sales translated at the prior period exchange rate. We believe this measure provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. When comparing net sales growth between periods excluding the effects of acquisitions, business dispositions and currency exchange rates, those effects are different when comparing results for different periods. For example, because net sales from acquisitions are considered inorganic from the date we complete an acquisition through the end of the first year following the acquisition, net sales from such acquisition are reflected as organic net sales thereafter.
There are limitations to the use of non-GAAP measures. Non-GAAP measures do not present complete financial results. We compensate for this limitation by providing a reconciliation between our non-GAAP financial measures and the respective most directly comparable financial measure calculated and presented in accordance with GAAP. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported GAAP financial results, and should be viewed in conjunction with the most comparable GAAP financial measures and the provided reconciliations thereto. We believe, however, that these non-GAAP financial measures, when viewed together with our GAAP results and related reconciliations, provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.
Reconciliations of each of these non-GAAP measures to the most directly comparable GAAP measure can be found in the tables below. When we provide our expectations for organic net sales, adjusted effective tax rate, adjusted diluted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected net sales, effective tax rate, diluted EPS and net cash flows provided by operating activities) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, certain financing costs, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.
HUBBELL INCORPORATED
Condensed Consolidated Statement of Income
(unaudited)
(in millions, except per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net sales | $ | 1,484.3 | $ | 1,452.5 | $ | 2,849.5 | $ | 2,851.6 | |||||||
| Cost of goods sold | 932.2 | 938.7 | 1,854.8 | 1,904.2 | |||||||||||
| Gross profit | 552.1 | 513.8 | 994.7 | 947.4 | |||||||||||
| Selling & administrative expenses | 215.8 | 207.5 | 428.0 | 426.7 | |||||||||||
| Operating income | 336.3 | 306.3 | 566.7 | 520.7 | |||||||||||
| Operating income as a % of Net sales | 22.7 | % | 21.1 | % | 19.9 | % | 18.3 | % | |||||||
| Loss on disposition of business | (0.4 | ) | — | (0.4 | ) | (5.3 | ) | ||||||||
| Interest expense, net | (14.5 | ) | (19.8 | ) | (28.3 | ) | (40.9 | ) | |||||||
| Other expense, net | (6.2 | ) | (1.2 | ) | (11.5 | ) | (1.9 | ) | |||||||
| Total other expense, net | (21.1 | ) | (21.0 | ) | (40.2 | ) | (48.1 | ) | |||||||
| Income before income taxes | 315.2 | 285.3 | 526.5 | 472.6 | |||||||||||
| Provision for income taxes | 69.7 | 66.2 | 116.5 | 115.1 | |||||||||||
| Net income | 245.5 | 219.1 | 410.0 | 357.5 | |||||||||||
| Less: Net income attributable to noncontrolling interest | (1.3 | ) | (1.6 | ) | (2.6 | ) | (2.9 | ) | |||||||
| Net income attributable to Hubbell Incorporated | $ | 244.2 | $ | 217.5 | $ | 407.4 | $ | 354.6 | |||||||
| Earnings Per Share: | |||||||||||||||
| Basic earnings per share | $ | 4.58 | $ | 4.04 | $ | 7.62 | $ | 6.59 | |||||||
| Diluted earnings per share | $ | 4.56 | $ | 4.01 | $ | 7.58 | $ | 6.55 | |||||||
HUBBELL INCORPORATED
Condensed Consolidated Balance Sheet
(unaudited)
(in millions)
| June 30, 2025 | December 31, 2024 | ||||
| ASSETS | |||||
| Cash and cash equivalents | $ | 382.6 | $ | 329.1 | |
| Short-term investments | 17.0 | 15.9 | |||
| Accounts receivable (net of allowances of | 899.7 | 756.0 | |||
| Inventories, net | 1,029.6 | 1,010.4 | |||
| Other current assets | 147.5 | 146.5 | |||
| TOTAL CURRENT ASSETS | 2,476.4 | 2,257.9 | |||
| Property, plant and equipment, net | 745.6 | 726.6 | |||
| Investments | 96.0 | 84.9 | |||
| Goodwill | 2,562.1 | 2,500.8 | |||
| Other intangible assets, net | 1,066.1 | 1,080.0 | |||
| Other long-term assets | 202.8 | 197.5 | |||
| TOTAL ASSETS | $ | 7,149.0 | $ | 6,847.7 | |
| LIABILITIES AND EQUITY | |||||
| Short-term debt and current portion of long-term debt | $ | 802.7 | $ | 125.4 | |
| Accounts payable | 529.5 | 541.7 | |||
| Accrued salaries, wages and employee benefits | 106.1 | 145.7 | |||
| Accrued insurance | 81.3 | 89.0 | |||
| Other accrued liabilities | 388.8 | 372.4 | |||
| TOTAL CURRENT LIABILITIES | 1,908.4 | 1,274.2 | |||
| Long-term debt | 1,044.4 | 1,442.7 | |||
| Other non-current liabilities | 697.4 | 720.2 | |||
| TOTAL LIABILITIES | 3,650.2 | 3,437.1 | |||
| Hubbell Incorporated Shareholders' Equity | 3,487.7 | 3,396.2 | |||
| Noncontrolling interest | 11.1 | 14.4 | |||
| TOTAL EQUITY | 3,498.8 | 3,410.6 | |||
| TOTAL LIABILITIES AND EQUITY | $ | 7,149.0 | $ | 6,847.7 | |
HUBBELL INCORPORATED
Condensed Consolidated Statement of Cash Flows
(unaudited)
(in millions)
| Six Months Ended June 30, | |||||||
| 2025 | 2024 | ||||||
| Cash Flows From Operating Activities | |||||||
| Net income attributable to Hubbell | $ | 407.4 | $ | 354.6 | |||
| Depreciation and amortization | 95.2 | 109.5 | |||||
| Deferred income taxes | (18.4 | ) | 7.6 | ||||
| Stock-based compensation expense | 20.7 | 18.9 | |||||
| Loss on disposition of business | 0.4 | 5.3 | |||||
| (Gain) Loss on sale of assets | (1.3 | ) | 0.2 | ||||
| Changes in assets and liabilities, net of acquisitions | |||||||
| Accounts receivable, net | (140.4 | ) | (115.2 | ) | |||
| Inventories, net | (15.1 | ) | (27.8 | ) | |||
| Accounts payable | (11.9 | ) | 29.1 | ||||
| Current liabilities | (21.9 | ) | (56.9 | ) | |||
| Other assets and liabilities, net | (0.5 | ) | 17.3 | ||||
| Contributions to defined benefit pension plans | (21.4 | ) | (1.3 | ) | |||
| Other, net | 5.2 | (9.5 | ) | ||||
| Net cash provided by operating activities | 298.0 | 331.8 | |||||
| Cash Flows From Investing Activities | |||||||
| Capital expenditures | (65.9 | ) | (74.2 | ) | |||
| Acquisition of businesses, net of cash acquired | (73.2 | ) | 5.9 | ||||
| Proceeds from disposal of business, net of cash | 2.6 | 122.9 | |||||
| Purchases of available-for-sale investments | (15.5 | ) | (9.7 | ) | |||
| Proceeds from sales of available-for-sale investments | 5.4 | 10.6 | |||||
| Other, net | 6.0 | 0.6 | |||||
| Net cash (used in) provided by investing activities | (140.6 | ) | 56.1 | ||||
| Cash Flows From Financing Activities | |||||||
| Payment of long-term debt | — | (128.8 | ) | ||||
| Borrowing of short-term debt, net | 277.7 | (10.9 | ) | ||||
| Payment of dividends | (140.9 | ) | (131.0 | ) | |||
| Repurchase of common shares | (225.0 | ) | (20.0 | ) | |||
| Other, net | (29.3 | ) | (28.6 | ) | |||
| Net cash used in financing activities | (117.5 | ) | (319.3 | ) | |||
| Effect of foreign exchange rate changes on cash and cash equivalents | 13.1 | (8.0 | ) | ||||
| Increase in cash, cash equivalents and restricted cash | 53.0 | 60.6 | |||||
| Cash and cash equivalents, beginning of year | 329.1 | 336.1 | |||||
| Restricted cash, included in other assets, beginning of year | 2.5 | 3.2 | |||||
| Less: Restricted cash, included in other assets | 2.0 | 2.7 | |||||
| Cash and cash equivalents, end of quarter | $ | 382.6 | $ | 397.2 | |||
HUBBELL INCORPORATED
Earnings Per Share
(unaudited)
(in millions, except per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||
| Net income attributable to Hubbell (GAAP measure) | $ | 244.2 | $ | 217.5 | 12 | % | $ | 407.4 | $ | 354.6 | 15 | % | |||||||||
| Amortization of acquisition-related intangible assets | 25.2 | 28.5 | 49.9 | 67.9 | |||||||||||||||||
| Transaction, integration & separation costs | 0.7 | 1.7 | 1.1 | 9.0 | |||||||||||||||||
| Loss on disposition of business | 0.4 | — | 0.4 | 5.3 | |||||||||||||||||
| Subtotal | $ | 270.5 | $ | 247.7 | $ | 458.8 | $ | 436.8 | |||||||||||||
| Income tax effects | 6.2 | 7.3 | 12.1 | 11.9 | |||||||||||||||||
| Adjusted net income | $ | 264.3 | $ | 240.4 | 10 | % | $ | 446.7 | $ | 424.9 | 5 | % | |||||||||
| Numerator: | |||||||||||||||||||||
| Net income attributable to Hubbell (GAAP measure) | $ | 244.2 | $ | 217.5 | $ | 407.4 | $ | 354.6 | |||||||||||||
| Less: Earnings allocated to participating securities | (0.4 | ) | (0.4 | ) | (0.7 | ) | (0.7 | ) | |||||||||||||
| Net income available to common shareholders (GAAP measure) [a] | $ | 243.8 | $ | 217.1 | 12 | % | $ | 406.7 | $ | 353.9 | 15 | % | |||||||||
| Adjusted net income | $ | 264.3 | $ | 240.4 | $ | 446.7 | $ | 424.9 | |||||||||||||
| Less: Earnings allocated to participating securities | (0.5 | ) | (0.5 | ) | (0.8 | ) | (0.9 | ) | |||||||||||||
| Adjusted net income available to common shareholders [b] | $ | 263.8 | $ | 239.9 | 10 | % | $ | 445.9 | $ | 424.0 | 5 | % | |||||||||
| Denominator: | |||||||||||||||||||||
| Average number of common shares outstanding [c] | 53.2 | 53.7 | 53.4 | 53.7 | |||||||||||||||||
| Potential dilutive shares | 0.3 | 0.4 | 0.3 | 0.4 | |||||||||||||||||
| Average number of diluted shares outstanding [d] | 53.5 | 54.1 | 53.7 | 54.1 | |||||||||||||||||
| Earnings per share (GAAP measure): | |||||||||||||||||||||
| Basic [a] / [c] | $ | 4.58 | $ | 4.04 | $ | 7.62 | $ | 6.59 | |||||||||||||
| Diluted [a] / [d] | $ | 4.56 | $ | 4.01 | 14 | % | $ | 7.58 | $ | 6.55 | 16 | % | |||||||||
| Adjusted earnings per diluted share [b] / [d] | $ | 4.93 | $ | 4.44 | 11 | % | $ | 8.31 | $ | 7.85 | 6 | % | |||||||||
HUBBELL INCORPORATED
Segment Information
(unaudited)
(in millions)
| Hubbell Incorporated | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||
| Net Sales [a] | $ | 1,484.3 | $ | 1,452.5 | 2 | % | $ | 2,849.5 | $ | 2,851.6 | — | % | |||||||||
| Operating Income | |||||||||||||||||||||
| GAAP measure [b] | $ | 336.3 | $ | 306.3 | 10 | % | $ | 566.7 | $ | 520.7 | 9 | % | |||||||||
| Amortization of acquisition-related intangible assets | 25.2 | 28.5 | 49.9 | 67.9 | |||||||||||||||||
| Transaction, integration & separation costs | 0.7 | 1.7 | 1.1 | 9.0 | |||||||||||||||||
| Adjusted operating income [c] | $ | 362.2 | $ | 336.5 | 8 | % | $ | 617.7 | $ | 597.6 | 3 | % | |||||||||
| Operating margin | |||||||||||||||||||||
| GAAP measure [b] / [a] | 22.7 | % | 21.1 | % | +160 bps | 19.9 | % | 18.3 | % | +160 bps | |||||||||||
| Adjusted operating margin [c] / [a] | 24.4 | % | 23.2 | % | +120 bps | 21.7 | % | 21.0 | % | +70 bps | |||||||||||
| Utility Solutions | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||
| Net Sales [a] | $ | 935.5 | $ | 926.5 | 1 | % | $ | 1,792.6 | $ | 1,820.5 | (2) % | ||||||||||
| Operating Income | |||||||||||||||||||||
| GAAP measure [b] | $ | 218.2 | $ | 197.2 | 11 | % | $ | 369.0 | $ | 344.9 | 7 | % | |||||||||
| Amortization of acquisition-related intangible assets | 20.0 | 24.4 | 39.8 | 59.6 | |||||||||||||||||
| Transaction, integration & separation costs | 0.5 | 1.7 | 0.6 | 4.2 | |||||||||||||||||
| Adjusted operating income [c] | $ | 238.7 | $ | 223.3 | 7 | % | $ | 409.4 | $ | 408.7 | — | % | |||||||||
| Operating margin | |||||||||||||||||||||
| GAAP measure [b] / [a] | 23.3 | % | 21.3 | % | +200 bps | 20.6 | % | 18.9 | % | +170 bps | |||||||||||
| Adjusted operating margin [c] / [a] | 25.5 | % | 24.1 | % | +140 bps | 22.8 | % | 22.4 | % | +40 bps | |||||||||||
| Electrical Solutions | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||
| Net Sales [a] | $ | 548.8 | $ | 526.0 | 4 | % | $ | 1,056.9 | $ | 1,031.1 | 3 | % | |||||||||
| Operating Income | |||||||||||||||||||||
| GAAP measure [b] | $ | 118.1 | $ | 109.1 | 8 | % | $ | 197.7 | $ | 175.8 | 12 | % | |||||||||
| Amortization of acquisition-related intangible assets | 5.2 | 4.1 | 10.1 | 8.3 | |||||||||||||||||
| Transaction, integration & separation costs | 0.2 | — | 0.5 | 4.8 | |||||||||||||||||
| Adjusted operating income [c] | $ | 123.5 | $ | 113.2 | 9 | % | $ | 208.3 | $ | 188.9 | 10 | % | |||||||||
| Operating margin | |||||||||||||||||||||
| GAAP measure [b] / [a] | 21.5 | % | 20.7 | % | +80 bps | 18.7 | % | 17.0 | % | +170 bps | |||||||||||
| Adjusted operating margin [c] / [a] | 22.5 | % | 21.5 | % | +100 bps | 19.7 | % | 18.3 | % | +140 bps | |||||||||||
HUBBELL INCORPORATED
Organic Net Sales Growth
(unaudited)
(in millions and percentage change)
| Hubbell Incorporated | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | Inc/(Dec)% | 2024 | Inc/(Dec)% | 2025 | Inc/(Dec)% | 2024 | Inc/(Dec)% | ||||||||||||||||||||
| Net sales growth (decline) (GAAP measure) | $ | 31.8 | 2.2 | $ | 86.6 | 6.3 | $ | (2.1 | ) | (0.1 | ) | $ | 200.3 | 7.6 | |||||||||||||
| Impact of acquisitions | 4.9 | 0.3 | 108.8 | 8.0 | 9.4 | 0.3 | 217.3 | 8.2 | |||||||||||||||||||
| Impact of divestitures | — | — | (47.2 | ) | (3.5 | ) | (21.1 | ) | (0.7 | ) | (75.3 | ) | (2.8 | ) | |||||||||||||
| Foreign currency exchange | (2.1 | ) | (0.1 | ) | (1.2 | ) | (0.1 | ) | (10.7 | ) | (0.4 | ) | 2.0 | 0.1 | |||||||||||||
| Organic net sales growth (non-GAAP measure) | $ | 29.0 | 2.0 | $ | 26.2 | 1.9 | $ | 20.3 | 0.7 | $ | 56.3 | 2.1 | |||||||||||||||
| Utility Solutions | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | Inc/(Dec)% | 2024 | Inc/(Dec)% | 2025 | Inc/(Dec)% | 2024 | Inc/(Dec)% | ||||||||||||||||||||
| Net sales growth (decline) (GAAP measure) | $ | 9.0 | 0.9 | $ | 95.7 | 11.5 | $ | (27.9 | ) | (1.5 | ) | $ | 208.1 | 12.9 | |||||||||||||
| Impact of acquisitions | — | — | 108.8 | 13.1 | — | — | 217.3 | 13.5 | |||||||||||||||||||
| Impact of divestitures | — | — | — | — | — | — | — | — | |||||||||||||||||||
| Foreign currency exchange | (1.4 | ) | (0.2 | ) | (1.0 | ) | (0.1 | ) | (5.6 | ) | (0.3 | ) | 0.3 | — | |||||||||||||
| Organic net sales growth (decline) (non-GAAP measure) | $ | 10.4 | 1.1 | $ | (12.1 | ) | (1.5 | ) | $ | (22.3 | ) | (1.2 | ) | $ | (9.5 | ) | (0.6 | ) | |||||||||
| Electrical Solutions | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | Inc/(Dec)% | 2024 | Inc/(Dec)% | 2025 | Inc/(Dec)% | 2024 | Inc/(Dec)% | ||||||||||||||||||||
| Net sales growth (decline) (GAAP measure) | $ | 22.8 | 4.3 | $ | (9.1 | ) | (1.7 | ) | $ | 25.8 | 2.5 | $ | (7.8 | ) | (0.8 | ) | |||||||||||
| Impact of acquisitions | 4.9 | 0.9 | — | — | 9.4 | 0.9 | — | — | |||||||||||||||||||
| Impact of divestitures | — | — | (47.2 | ) | (8.8 | ) | (21.1 | ) | (2.0 | ) | (75.3 | ) | (7.3 | ) | |||||||||||||
| Foreign currency exchange | (0.7 | ) | (0.1 | ) | (0.2 | ) | (0.1 | ) | (5.1 | ) | (0.5 | ) | 1.7 | 0.2 | |||||||||||||
| Organic net sales growth (non-GAAP measure) | $ | 18.6 | 3.5 | $ | 38.3 | 7.2 | $ | 42.6 | 4.1 | $ | 65.8 | 6.3 | |||||||||||||||
HUBBELL INCORPORATED
Adjusted EBITDA
(unaudited)
(in millions)
| Three Months Ended June 30, | ||||||||
| 2025 | 2024 | Change | ||||||
| Net income | $ | 245.5 | $ | 219.1 | 12 | % | ||
| Provision for income taxes | 69.7 | 66.2 | ||||||
| Interest expense, net | 14.5 | 19.8 | ||||||
| Other expense, net | 6.2 | 1.2 | ||||||
| Depreciation and amortization | 48.3 | 49.6 | ||||||
| Loss on disposition of business | 0.4 | — | ||||||
| Subtotal | 139.1 | 136.8 | ||||||
| Adjusted EBITDA | $ | 384.6 | $ | 355.9 | 8 | % | ||
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | Change | ||||||
| Net income | $ | 410.0 | $ | 357.5 | 15 | % | ||
| Provision for income taxes | 116.5 | 115.1 | ||||||
| Interest expense, net | 28.3 | 40.9 | ||||||
| Other expense, net | 11.5 | 1.9 | ||||||
| Depreciation and amortization | 95.2 | 109.5 | ||||||
| Loss on disposition of business | 0.4 | 5.3 | ||||||
| Subtotal | 251.9 | 272.7 | ||||||
| Adjusted EBITDA | $ | 661.9 | $ | 630.2 | 5 | % | ||
HUBBELL INCORPORATED
Restructuring and Related Costs Included in Consolidated Results
(unaudited)
(in millions, except per share amounts)
| Three Months Ended June 30, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Costs of goods sold | S&A expense | Total | ||||||||||||||||
| Restructuring costs (GAAP Measure) | $ | 2.8 | $ | 2.2 | $ | — | $ | 2.3 | $ | 2.8 | $ | 4.5 | ||||||
| Restructuring related costs (benefit) | 1.2 | 1.2 | (0.7 | ) | 0.8 | 0.5 | 2.0 | |||||||||||
| Restructuring and related costs (non-GAAP measure) | $ | 4.0 | $ | 3.4 | $ | (0.7 | ) | $ | 3.1 | $ | 3.3 | $ | 6.5 | |||||
| Six Months Ended June 30, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Costs of goods sold | S&A expense | Total | ||||||||||||||||
| Restructuring costs (GAAP Measure) | $ | 4.4 | $ | 6.6 | $ | 0.1 | $ | 3.1 | $ | 4.5 | $ | 9.7 | ||||||
| Restructuring related costs (benefit) | 2.5 | 1.9 | (0.2 | ) | 1.4 | 2.3 | 3.3 | |||||||||||
| Restructuring and related costs (non-GAAP measure) | $ | 6.9 | $ | 8.5 | $ | (0.1 | ) | $ | 4.5 | $ | 6.8 | $ | 13.0 | |||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Restructuring and related costs included in Cost of goods sold (non-GAAP measure) | |||||||||||||
| Utility Solutions | $ | 2.7 | $ | 1.7 | $ | 4.1 | $ | 3.2 | |||||
| Electrical Solutions | 1.3 | 1.7 | 2.8 | 5.3 | |||||||||
| Total | $ | 4.0 | $ | 3.4 | $ | 6.9 | $ | 8.5 | |||||
| Restructuring and related costs included in Selling & administrative expenses (non-GAAP measure) | |||||||||||||
| Utility Solutions | $ | — | $ | 1.1 | $ | 0.1 | $ | 1.6 | |||||
| Electrical Solutions | (0.7 | ) | 2.0 | (0.2 | ) | 2.9 | |||||||
| Total | $ | (0.7 | ) | $ | 3.1 | $ | (0.1 | ) | $ | 4.5 | |||
| Impact on Income before income taxes (non-GAAP measure) | $ | 3.3 | $ | 6.5 | $ | 6.8 | $ | 13.0 | |||||
| Impact on Net income available to Hubbell common shareholders (non-GAAP measure) | 2.5 | 4.9 | 5.2 | 9.8 | |||||||||
| Impact on Diluted earnings per share (non-GAAP measure) | $ | 0.05 | $ | 0.09 | $ | 0.10 | $ | 0.18 | |||||
HUBBELL INCORPORATED
Additional Non-GAAP Financial Measures
(unaudited)
(in millions)
Ratios of Total Debt to Total Capital and Net Debt to Total Capital
| June 30, 2025 | December 31, 2024 | ||||||
| Total Debt (GAAP measure) | $ | 1,847.1 | $ | 1,568.1 | |||
| Total Hubbell Shareholders’ Equity | 3,487.7 | 3,396.2 | |||||
| Total Capital | $ | 5,334.8 | $ | 4,964.3 | |||
| Total Debt to Total Capital (GAAP measure) | 35 | % | 32 | % | |||
| Less: Cash and Investments | $ | 495.6 | $ | 429.9 | |||
| Net Debt (non-GAAP measure) | $ | 1,351.5 | $ | 1,138.2 | |||
| Net Debt to Total Capital (non-GAAP measure) | 25 | % | 23 | % | |||
Free Cash Flow Reconciliation
Free Cash Flow Reconciliation Flow Reconciliation
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net cash provided by operating activities (GAAP measure) | $ | 260.6 | $ | 239.6 | $ | 298.0 | $ | 331.8 | |||||||
| Less: Capital expenditures | (39.9 | ) | (33.9 | ) | (65.9 | ) | (74.2 | ) | |||||||
| Free cash flow (non-GAAP measure) | $ | 220.7 | $ | 205.7 | $ | 232.1 | $ | 257.6 | |||||||
HUBBELL INCORPORATED
Earnings Per Share
(unaudited)
(in millions, except per share amounts)
| Three Months Ended | Twelve Months Ended | Three Months Ended | |||||||||||||||||||||
| March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | December 31, 2024 | March 31, 2025 | ||||||||||||||||||
| Net income attributable to Hubbell (GAAP measure) | $ | 137.1 | $ | 217.5 | $ | 226.2 | $ | 198.2 | $ | 779.0 | $ | 163.2 | |||||||||||
| Amortization of acquisition-related intangible assets | 39.4 | 28.5 | 28.1 | 31.3 | 127.3 | 24.7 | |||||||||||||||||
| Transaction, integration & separation costs | 7.3 | 1.7 | 2.9 | 1.9 | 13.8 | 0.4 | |||||||||||||||||
| Loss on disposition of business | 5.3 | — | — | — | 5.3 | — | |||||||||||||||||
| Subtotal | $ | 189.1 | $ | 247.7 | $ | 257.2 | $ | 231.4 | $ | 925.4 | $ | 188.3 | |||||||||||
| Income tax effects | 4.6 | 7.3 | 7.5 | 8.0 | 27.4 | 5.9 | |||||||||||||||||
| Adjusted net income | $ | 184.5 | $ | 240.4 | $ | 249.7 | $ | 223.4 | $ | 898.0 | $ | 182.4 | |||||||||||
| Numerator: | |||||||||||||||||||||||
| Net income attributable to Hubbell (GAAP measure) | $ | 137.1 | $ | 217.5 | $ | 226.2 | $ | 198.2 | $ | 779.0 | $ | 163.2 | |||||||||||
| Less: Earnings allocated to participating securities | (0.3 | ) | (0.4 | ) | (0.4 | ) | (0.4 | ) | (1.5 | ) | (0.3 | ) | |||||||||||
| Net income available to common shareholders (GAAP measure) [a] | $ | 136.8 | $ | 217.1 | $ | 225.8 | $ | 197.8 | $ | 777.5 | $ | 162.9 | |||||||||||
| Adjusted net income | $ | 184.5 | $ | 240.4 | $ | 249.7 | $ | 223.4 | $ | 898.0 | $ | 182.4 | |||||||||||
| Less: Earnings allocated to participating securities | (0.4 | ) | (0.5 | ) | (0.4 | ) | (0.4 | ) | (1.7 | ) | (0.3 | ) | |||||||||||
| Adjusted net income available to common shareholders [b] | $ | 184.1 | $ | 239.9 | $ | 249.3 | $ | 223.0 | $ | 896.3 | $ | 182.1 | |||||||||||
| Denominator: | |||||||||||||||||||||||
| Average number of common shares outstanding [c] | 53.7 | 53.7 | 53.7 | 53.6 | 53.7 | 53.5 | |||||||||||||||||
| Potential dilutive shares | 0.3 | 0.4 | 0.3 | 0.4 | 0.3 | 0.3 | |||||||||||||||||
| Average number of diluted shares outstanding [d] | 54.0 | 54.1 | 54.0 | 54.0 | 54.0 | 53.8 | |||||||||||||||||
| Earnings per share (GAAP measure): | |||||||||||||||||||||||
| Basic [a] / [c] | $ | 2.55 | $ | 4.04 | $ | 4.21 | $ | 3.69 | $ | 14.49 | $ | 3.04 | |||||||||||
| Diluted [a] / [d] | $ | 2.53 | $ | 4.01 | $ | 4.18 | $ | 3.66 | $ | 14.39 | $ | 3.03 | |||||||||||
| Adjusted earnings per diluted share [b] / [d] | $ | 3.41 | $ | 4.44 | $ | 4.61 | $ | 4.13 | $ | 16.59 | $ | 3.38 | |||||||||||
HUBBELL INCORPORATED
Recast Segment Information
(unaudited) (in millions)
| Hubbell Incorporated | Three Months Ended | Twelve Months Ended | Three Months Ended | ||||||||||||||||||||
| March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | December 31, 2024 | March 31, 2025 | ||||||||||||||||||
| Net Sales [a] | $ | 1,399.1 | $ | 1,452.5 | $ | 1,442.6 | $ | 1,334.3 | $ | 5,628.5 | $ | 1,365.2 | |||||||||||
| Operating Income | |||||||||||||||||||||||
| GAAP measure [b] | $ | 214.4 | $ | 306.3 | $ | 312.7 | $ | 259.7 | $ | 1,093.1 | $ | 230.4 | |||||||||||
| Amortization of acquisition-related intangible assets | 39.4 | 28.5 | 28.1 | 31.3 | 127.3 | 24.7 | |||||||||||||||||
| Transaction, integration & separation costs | 7.3 | 1.7 | 2.9 | 1.9 | 13.8 | 0.4 | |||||||||||||||||
| Adjusted operating income [c] | $ | 261.1 | $ | 336.5 | $ | 343.7 | $ | 292.9 | $ | 1,234.2 | $ | 255.5 | |||||||||||
| Operating margin | |||||||||||||||||||||||
| GAAP measure [b] / [a] | 15.3 | % | 21.1 | % | 21.7 | % | 19.5 | % | 19.4 | % | 16.9 | % | |||||||||||
| Adjusted operating margin [c] / [a] | 18.7 | % | 23.2 | % | 23.8 | % | 22.0 | % | 21.9 | % | 18.7 | % | |||||||||||
| Utility Solutions | Three Months Ended | Twelve Months Ended | Three Months Ended | ||||||||||||||||||||
| March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | December 31, 2024 | March 31, 2025 | ||||||||||||||||||
| Net Sales [a] | $ | 894.0 | $ | 926.5 | $ | 933.1 | $ | 847.1 | $ | 3,600.7 | $ | 857.1 | |||||||||||
| Operating Income | |||||||||||||||||||||||
| GAAP measure [b] | $ | 147.7 | $ | 197.2 | $ | 219.2 | $ | 167.7 | $ | 731.8 | $ | 150.8 | |||||||||||
| Amortization of acquisition-related intangible assets | 35.2 | 24.4 | 24.1 | 27.5 | 111.2 | 19.8 | |||||||||||||||||
| Transaction, integration & separation costs | 2.5 | 1.7 | 1.4 | 0.9 | 6.5 | 0.1 | |||||||||||||||||
| Adjusted operating income [c] | $ | 185.4 | $ | 223.3 | $ | 244.7 | $ | 196.1 | $ | 849.5 | $ | 170.7 | |||||||||||
| Operating margin | |||||||||||||||||||||||
| GAAP measure [b] / [a] | 16.5 | % | 21.3 | % | 23.5 | % | 19.8 | % | 20.3 | % | 17.6 | % | |||||||||||
| Adjusted operating margin [c] / [a] | 20.7 | % | 24.1 | % | 26.2 | % | 23.1 | % | 23.6 | % | 19.9 | % | |||||||||||
| Electrical Solutions | Three Months Ended | Twelve Months Ended | Three Months Ended | ||||||||||||||||||||
| March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | December 31, 2024 | March 31, 2025 | ||||||||||||||||||
| Net Sales [a] | $ | 505.1 | $ | 526.0 | $ | 509.5 | $ | 487.2 | $ | 2,027.8 | $ | 508.1 | |||||||||||
| Operating Income | |||||||||||||||||||||||
| GAAP measure [b] | $ | 66.7 | $ | 109.1 | $ | 93.5 | $ | 92.0 | $ | 361.3 | $ | 79.6 | |||||||||||
| Amortization of acquisition-related intangible assets | 4.2 | 4.1 | 4.0 | 3.8 | 16.1 | 4.9 | |||||||||||||||||
| Transaction, integration & separation costs | 4.8 | — | 1.5 | 1.0 | 7.3 | 0.3 | |||||||||||||||||
| Adjusted operating income [c] | $ | 75.7 | $ | 113.2 | $ | 99.0 | $ | 96.8 | $ | 384.7 | $ | 84.8 | |||||||||||
| Operating margin | |||||||||||||||||||||||
| GAAP measure [b] / [a] | 13.2 | % | 20.7 | % | 18.4 | % | 18.9 | % | 17.8 | % | 15.7 | % | |||||||||||
| Adjusted operating margin [c] / [a] | 15.0 | % | 21.5 | % | 19.4 | % | 19.9 | % | 19.0 | % | 16.7 | % | |||||||||||
FAQ
What were Hubbell's (HUBB) Q2 2025 earnings per share?
How did Hubbell's inventory accounting change affect Q2 2025 results?
What is Hubbell's updated earnings guidance for 2025?
How did Hubbell's major segments perform in Q2 2025?
What was Hubbell's Q2 2025 free cash flow?
