Hubbell Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Earnings Guidance for the Year 2017
January 31, 2017 at 12:22 pm
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Hubbell Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported net sales were $854.2 million against $829.7 million a year ago. Operating income was $107.8 million compared to $111.9 million a year ago. Income before income taxes was $97.9 million compared to $90.7 million a year ago. Net income was $65.7 million compared to $62.7 million a year ago. Net income attributable to the company was $64.4 million compared to $61.5 million a year ago. Basic and diluted earnings per share was $1.16 against $1.06 a year ago. Adjusted net income was $75.3 million compared to $76.0 million a year ago. Adjusted net income available to common shareholders was $75.1 million compared to $75.8 million a year ago. Adjusted earnings per diluted share was $1.35 against $1.31 a year ago. Adjusted operating income was $123.8 million compared to $118.6 million a year ago.
For the year, the company reported net sales were $3,505.2 million against $3,390.4 million a year ago. Operating income was $477.8 million compared to $474.6 million a year ago. Income before income taxes was $430.4 million compared to $418.6 million a year ago. Net income was $297.8 million compared to $282.1 million a year ago. Net income attributable to the company was $293.0 million compared to $277.3 million a year ago. Diluted earnings per share was $5.24 against $4.77 a year ago. Net cash provided by operating activities was $398.2 million compared to $331.1 million a year ago. Capital expenditures were $67.2 million compared to $77.1 million a year ago. Net debt was $488.5 million as on December 31, 2016 compared to $238.9 million as on December 31, 2015. Adjusted net income was $316.8 million compared to $321.0 million a year ago. Adjusted net income available to common shareholders was $315.8 million compared to $320.2 million a year ago. Adjusted earnings per diluted share was $5.66 against $5.52 a year ago. Adjusted operating income was $512.8 million compared to $513.5 million a year ago.
The company anticipates full year of 2017 earnings per diluted share in the range of $5.60 to $5.80, up 7% to 11% compared to 2016 and including approximately $0.25 of restructuring and related costs. This range incorporates approximately $0.20 of incremental savings in 2017 from restructuring and related actions initiated prior to year-end 2016. The company also expect free cash flow to equal net income in 2017.
Hubbell Incorporated specializes in the design, manufacture and distribution of equipment used in the transmission of electricity. Net sales break down by family of products as follows:
- equipment for electricity distribution networks (60.7%): switches, surge arresters, insulators, bushings, fastening and insulation systems, sensors, transformers, disconnectors, meters, devices for underground installations, equipment for power lines and poles, etc.;
- equipment for electrical installations (39.3%): switches, recharging stations, relays, fittings, contactors, sockets, resistors, wall plates, boxes, lighting systems, cable management systems, control panels, etc. used in the industrial, residential, IT, hospital, energy, telecommunications and other sectors.
At the end of 2023, Hubbell Incorporated has 52 production sites worldwide.
The United States accounts for 91.6% of net sales.
Hubbell Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Earnings Guidance for the Year 2017