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Date: | October 23, 2018 | NEWS RELEASE | ||
Hubbell Incorporated 40 Waterview Drive Shelton, CT 06484 475-882-4000 |
• | Q3 net sales up 24% (acquisitions +19%, organic +5%) |
• | Q3 diluted EPS of $2.06; adjusted diluted EPS of $2.22(1) |
◦ | Includes legacy intangible asset amortization ($0.12) |
◦ | Adjusted excludes Aclara acquisition-related costs ($0.16) |
• | Q3 free cash flow up 113% to $164 million |
• | Raise full year diluted EPS guidance to $6.40-$6.50; adjusted diluted EPS $7.20-$7.30(1) |
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Hubbell Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Effective with results of operations reported in the first quarter of 2018, adjusted operating measures no longer exclude restructuring and related costs, as these costs and the related savings are expected to return to a more consistent annual run-rate in 2018, and therefore no longer affect the comparability of our underlying performance from period to period.
Acquisitions contributed 62.2 percentage points to net sales growth and higher organic volume contributed five percentage points, including favorable price realization.
Within the segment, the aggregate net sales of our Commercial and Industrial and Construction and Energy business groups in the third quarter of 2018 increased by seven percentage points as compared to the third quarter of 2017 due to organic growth, including the impact of favorable price realization.
However, in the event of a significant deterioration in the results of our operations or cash flows, leading to deterioration in financial condition, our borrowing costs could increase andor our ability to borrow could be restricted.
Excluding Aclara Acquisition-related and transaction costs, adjusted S&A expense as a percentage of net sales declined by
Excluding Aclara acquisition-related and transaction...Read more
due to higher organic volume,...Read more
due to approximately four percentage...Read more
primarily due to a higher...Read more
Acquisitions added 19.4 percentage points...Read more
Acquisitions added approximately 16.9 percentage...Read more
due to the contribution of...Read more
Beginning in the fourth quarter...Read more
Restructuring costs in 2016 also...Read more
Acquisitions contributed 53.5 percentage points...Read more
In connection with our restructuring...Read more
As permitted by SAB 118,...Read more
We expect that our restructuring...Read more
The unfavorable impact of these...Read more
Gross profit margin declined by...Read more
The gross profit margin declined...Read more
In the third quarter of...Read more
Productivity improvement also continues to...Read more
Our adjusted operating measures for...Read more
Aclara acquisition-related costs include the...Read more
We expect realization of price...Read more
Our goal is to have...Read more
Net sales of our Lighting...Read more
The following table reconciles our...Read more
The following table reconciles our...Read more
The interest rate applicable to...Read more
Our strategy to complement organic...Read more
During the most recent quarter,...Read more
We also expect acquisitions to...Read more
Organic net sales growth of...Read more
Organic net sales growth of...Read more
In February 2018, we increased...Read more
Based on current conditions and...Read more
Subject to numerous factors, including...Read more
The table below presents the...Read more
We also require cash outlays...Read more
Anticipated future contributions and assumptions...Read more
Within the segment, the aggregate...Read more
The increase reflects the benefit...Read more
The effect of inventory step-up...Read more
and $63.0 million of commercial...Read more
The unfavorable impact of foreign...Read more
as well as a net...Read more
We expect our restructuring programs...Read more
S&A expense as a percentage...Read more
The change in cash flows...Read more
, primarily due to the...Read more
primarily due to higher net...Read more
primarily due to higher net...Read more
On October 20, 2017, the...Read more
The increase was primarily due...Read more
Changes in the estimates and...Read more
primarily due to the contribution...Read more
, driven by costs of...Read more
, driven by costs of...Read more
Organic net sales growth was...Read more
The following table provides the...Read more
The decrease in operating margin...Read more
The decrease in operating margin...Read more
or approximately 35 basis points...Read more
or approximately 60 basis points...Read more
, or approximately 2 percentage...Read more
, or approximately 3 points,...Read more
The increase in operating margin...Read more
Our consolidated results of operations...Read more
Significant factors affecting the management...Read more
S&A expense as a percentage...Read more
primarily due to the addition...Read more
primarily due to the addition...Read more
Impact of productivity improvements on...Read more
The effective tax rate in...Read more
The effective tax rate in...Read more
Considering our current credit rating,...Read more
Failure to achieve projected levels...Read more
We continue to expand our...Read more
In the following discussions of...Read more
The increase in operating margin...Read more
The nine month results reflects...Read more
reported operating income for the...Read more
Foreign currency translation increased net...Read more
It also reflects an unfavorable...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Hubbell Inc provided additional information to their SEC Filing as exhibits
Ticker: HUBB
CIK: 48898
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-18-012833
Submitted to the SEC: Wed Oct 24 2018 8:16:23 AM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Electronic Components And Accessories