Hubbell Reports Higher Sales in Second Quarter

Hubbell, a leading maker of utility and electrical products based in Shelton, Conn., has announced higher sales for the second quarter. Despite the challenges posed by the semiconductor shortage, the company's products have maintained steady demand.

Strong Financial Performance

Hubbell reported a net income of $206.8 million, or $3.82 per share, from continuing operations in the quarter. This marks a significant increase from the $135.6 million, or $2.51 per share, reported during the same period last year. Adjusted earnings, excluding one-time items, amounted to $4.07 per share. This surpassed the expectations of analysts surveyed by FactSet, who had predicted adjusted earnings of $3.72 per share.

Steady Sales Growth

The company's sales also demonstrated positive momentum, increasing by 9% to reach $1.37 billion. This figure aligns with analysts' expectations, as reported by FactSet.

Riding the Wave of Modernization and Electrification

Hubbell attributes its success to the ongoing grid modernization and electrification investments. The utility businesses continue to experience high levels of demand, while the electrical-solutions segment is bolstered by thriving industrial end markets such as data centers, manufacturing, and renewables. The availability of semiconductors has particularly benefited the utility business.