Stock Monitor: Maxwell Technologies Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 10, 2018 / If you want access to our free earnings report on Hubbell Inc. (NYSE: HUBB), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=HUBB. Hubbell reported its first quarter fiscal 2018 operating and financial results on April 24, 2018. The electrical products manufacturer outperformed top- and bottom-line expectations. Additionally, the Company provided guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
Hubbell's net sales in the first quarter of 2018 were $991 million, reflecting an increase of 16% compared to net sales of $852 million reported in Q1 2017. The Company's reported numbers beat analysts' estimates by $16.5 million.
During Q1 2018, Hubbell recorded operating income was $100 million compared to $108 million in Q1 2017. Excluding Aclara acquisition-related and transaction costs, the Company's reported quarter operating income was $122 million.
For Q1 2018, net income attributable to Hubbell was $58 million, or $1.05 per diluted share, compared to $63 million, or $1.13 per diluted share, in Q1 2017. Excluding Aclara's acquisition-related and transaction costs (which affected only the 2018 period), the Company's earnings were $1.39 per diluted share in the reported quarter. Hubbell's earnings topped Wall Street's estimates of $0.03 per share.
Hubbell's Segment Results
The Electrical segment's net sales rose 5% to $618 million in Q1 2018 compared to $588 million reported in Q1 2017. The segment's organic sales grew 3% in the quarter while acquisitions and foreign currency each added 1%.
The Electrical segment's operating income was $61 million, or 9.9% of net sales, in Q1 2018 compared to $53 million, or 9.0% of net sales, in Q1 2017. The growth in operating income and operating margin were primarily due to productivity in excess of cost increases and higher volume, partially offset by increases in material costs and the ongoing investment in IoT capabilities.
For Q1 2018, the Power segment's net sales surged 41% to $373 million compared to $265 million reported in Q1 2017. Acquisitions added 38% to net sales in the reported quarter, while organic sales grew 3%.
The Power segment's operating income was $38 million, or 10.3% of net sales, for Q1 2018 compared to $55 million, or 20.8% of net sales, in Q1 2017. Excluding Aclara's acquisition-related and transaction costs, the segment's reported quarter operating income was $60 million, or 16.2% of net sales.
Hubbell's net cash provided from operating activities was neutral Q1 2018 versus $63 million provided in Q1 2017. The Company's reported quarter free cash flow was an outflow of $22 million versus an inflow of $49 million reported in the prior year's same quarter.
For the full year 2018, Hubbell anticipates end markets will grow approximately 2% to 4% in the aggregate and acquisitions completed to date will contribute approximately 15% to net sales. This end-market outlook includes growth in the oil and gas markets of 5% to 7% compared to 3% to 5% in the Company's earlier guidance;
For FY18, Hubbell is forecasting earnings in the range of $6.10 to $6.50 per diluted share and adjusted earnings in the band of $6.95 to $7.35 per diluted share. The Company continues to expect free cash flow for the year to exceed net income.
Stock Performance Snapshot
May 09, 2018 - At Wednesday's closing bell, Hubbell's stock was slightly up 0.84%, ending the trading session at $104.72.
Volume traded for the day: 438.87 thousand shares.
After yesterday's close, Hubbell's market cap was at $5.73 billion.
Price to Earnings (P/E) ratio was at 19.53.
The stock has a dividend yield of 2.94%.
The stock is part of the Technology sector, categorized under the Diversified Electronics industry. This sector was up 1.2% at the end of the session.
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