Electrical components manufacturer Hubbell yesterday announced financial results for the second quarter. The company reported a 9% increase in net sales and operating profit growth of approximately 50%.
“Hubbell delivered another quarter of strong operating performance,” Gerben Bakker, chairman, president and CEO, said in a statement. “As grid modernization and electrification continue to drive investment in critical infrastructure, Hubbell’s portfolio of solutions is uniquely positioned to serve the evolving needs of our utility and electrical customers.”
The company’s Electrical Solutions segment, which produces marine shore power and other components, reported net sales of $535 million in the quarter, up 1% from the year-ago quarter. Adjusted operating income for the segment was $93 million, up $10 million from the previous-year quarter.
The company expects full-year 2023 total sales growth of 8% to 10% and adjusted diluted earnings per share in the range of $13.75 to $14.25.
