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Shelton, Connecticut-based Hubbell Incorporated (HUBB) designs, manufactures, and sells electrical and utility solutions that help customers operate critical infrastructure safely, reliably, and efficiently. Valued at $19.93 billion by market cap, the company’s products include plugs, receptacles, connectors, lighting fixtures, high voltage test and measurement equipment, and voice and data signal processing components. The leading electrical products manufacturer is expected to announce its fiscal second-quarter earnings for 2024 on Tuesday, July 23.
Ahead of the event, analysts expect HUBB to report a profit of $4.23 per share on a diluted basis, up 3.9% from $4.07 per share in the year-ago quarter. The company beat the consensus estimates in three of the last four quarters while missing on one other occasion. In the previous quarter, HUBB revealed that its operating margins were impacted year over year due to investments in long-term growth and productivity initiatives, but it reaffirmed its 2024 outlook.
For the full year, analysts expect HUBB to report EPS of $16.33, up 6.5% from $15.33 in fiscal 2023
HUBB stock has underperformed the S&P 500’s ($SPX) 16.1% gains on a YTD basis, with shares up 12.9% during this period. However, it outshined the S&P 500 Industrial Sector SPDR’s (XLI) 6.8% gains over the same time frame.
On June 6, HUBB shares closed down more than 4%, prompted by potential concerns that expectations for power demand driven by AI and data centers may be too optimistic.
On Apr. 30, HUBB reported its Q1 results. Its adjusted EPS was $3.60, exceeding Wall Street expectations of $3.54. The company posted a revenue of $1.40 billion, surpassing Street forecasts of $1.39 billion. HUBB expects full-year adjusted earnings between $16 and $16.50 per share. HUBB shares closed down more than 9% on the day the results were released.
The consensus opinion on HUBB stock is bullish, with a “Moderate Buy” rating overall. Out of 10 analysts covering the stock, four advise a “Strong Buy” rating, five give a “Hold” rating, and one recommends a “Strong Sell” rating. The average analyst price target for HUBB is $401, indicating a potential upside of 8% from the current levels.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
