HUBB - Hubbell Non-GAAP EPS of $3.61 beats by $1.12 revenue of $1.29B beats by $40M

2023-04-25 07:31:07 ET

• Hubbell press release ( NYSE: HUBB ): Q1 Non-GAAP EPS of $3.61 beats by $1.12 .
• Revenue of $1.29B (+11.2% Y/Y) beats by $40M .

• For the full year 2023, Hubbell anticipates diluted earnings per share from continuing operations in the range of $12.00-$12.50 and anticipates adjusted diluted earnings per share from continuing operations ("Adjusted EPS") in the range of $13.00-$13.50 vs. $11.39 consensus. Adjusted EPS excludes amortization of acquisition-related intangible assets, which the Company expects to be approximately $1.00 for the full year. The Company believes Adjusted EPS is a useful measure of underlying performance in light of our acquisition strategy.

  Hubbell anticipates full year 2023 total sales growth of 8-10% and organic net sales growth of 7-9%, as compared to full year 2022. The Company anticipates net M&A contributing +1% to full year sales growth.

  The diluted EPS and Adjusted EPS ranges are based on an adjusted tax rate of 22.5% to 23.0% and include approximately $0.25 of anticipated restructuring and related investment. The Company expects full year 2023 free cash flow conversion of 90% to 95% of adjusted net income from continuing operations.

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