Electrical components manufacturer Hubbell reported its third quarter financial results.
The company posted net sales of $1.443 billion in the quarter, a 5% increase year-over-year from $1.376 million. Net income was $221 million, compared with $202 million in 2023. Gross profit was $497 million, compared with $487 million in the prior-year quarter. Operating income was $304 million, compared with $276 million year-over-year. Operating margin was 21.1%.
“Hubbell delivered strong operating performance in the third quarter, generating solid operating margin expansion and double-digit growth in operating income,” chairman, president and CEO Gerben Bakker said in a statement.
The electrical solutions segment, which includes marine, had third quarter net sales of $510 million, a decline from $538 million year-over-year. Operating income was $93 million, or 18.3% of net sales, compared with $90 million a year ago.
Hubbell said net cash provided by operating activities was $227 million in the third quarter, compared with $194 million in 2023.
For the full-year, Hubbell anticipates total sales growth of approximately 6% and organic net sales growth of approximately 1%, compared to 2023.
