Hubbell reports income growth in 4Q and 2019
Hubbell Inc., a Shelton-headquartered manufacturer of electrical and electronic products, reported net income growth for both the fourth quarter of 2019 and full calendar year.
Net income was at $101.9 million for the three-month period ending Dec. 31, up from $88 million in the same period of 2018. For the full calendar year, net income was at $400.9 million in 2019, up from $360.2 million in 2018, according to the company.
David G. Nord, chairman and chief executive officer, said in an announcement that Hubbell “delivered another solid quarter of operating performance.”
"Hubbell's fourth quarter and full year results reflect continued execution in an uncertain environment,” Nord added. “Our high quality portfolio of electrical and utility solutions with strong brand value and best-in-class reliability positions us well for long-term success."
Hubbell’s products are often used in the construction industry and also have industrial and utility applications.
The company’s electrical segment net sales in the fourth quarter were $618 million, a decrease of seven percent from $667 million in the fourth quarter of 2018.
Hubbell’s power segment net sales grew by two percent, however, rising from $478 million in the fourth quarter of 2018 to $485 million for the same period of 2019.
Net sales for calendar year 2019 were $4.59 billion. Hubbell management projected 2020 adjusted diluted earnings per share to be approximately $8.50 to $8.80.
On Wednesday morning, the company’s stock (NYSE: HUBB) was trading at $147.02, up from $115.32 a year ago.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
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