PHOTO COURTESY HUBBELL

Hubbell reported financial results for the third quarter ending Sept. 30.

For the utility solutions segment, net sales increased 8% to $838 million, compared with $775 million in the same time period a year ago. Organic net sales increased 7% in the quarter, while acquisitions added 1%.

The electrical solutions segment, which includes marine, saw net sales decrease 1% to $538 million from $542 million in 2022. Organic net sales declined by the same amount, and operating income was $900 million, or 16.6% of net sales.

“Hubbell delivered strong earnings growth for shareholders in the third quarter,” chairman, president and CEO Gerben Bakker said in a statement. “In utility solutions, improved lead times drove further channel inventory normalization in utility distribution markets as anticipated, though end customer demand was solid.

“In electrical solutions, industrial end markets were solid, with strength in renewables and datacenter verticals,” he added. “Channel inventory management continues to impact commercial-facing markets as anticipated, and residential markets remained soft.”

Net cash from continuing operations was $194 million in the third quarter, compared with $220 million in the prior-year period. Free cash flow was $159 million versus $194 million year ago.

Hubbell anticipates full-year total sales growth of approximately 8% and organic net sales growth of approximately 7% compared with 2022. It expects full year cash flow of greater than $700 million.