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October 29, 2019

Hubbell reports 3Q sales growth

By Michelle Tuccitto Sullo

Hubbell Inc., which makes electrical and electronic products, reported this week that its third quarter net sales were up two percent compared to the same period last year.

The company, which is headquartered in Shelton, reported 2018 revenues of $4.5 billion. Its products, which are sold worldwide, are used in the construction industry and have industrial and utility applications.

Hubbell’s electrical segment net sales for the third quarter were $689 million, up $2 million from $687 million in the third quarter of 2018, according to a press release.

The company’s power segment net sales for the third quarter increased by $23 million, to $515 million, up from $492 million in the third quarter of 2018. 

Hubbell reported net cash provided from operating activities of $176 million in the third quarter of 2019, down from $187 million in the comparable period of 2018. 

David G. Nord, Hubbell’s chairman and chief executive officer, said in an announcement that Hubbell “delivered another strong quarter of operating performance.”

According to Nord, the company completed divestiture of its Haefely high voltage test business in the third quarter, after determining it was “not core to our overall product offering.”

Hubbell anticipates 2019 earnings to be in the range of $7.95 to $8.10 per share.

On Tuesday, the company’s stock (NYSE: HUBB) was trading at $143.36. It hit a low mark of $92.76 last fall.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.

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