Exhibit 99.1
HUBBELL REPORTS FOURTH QUARTER 2020 AND FULL YEAR
RESULTS
- Q4 diluted EPS of $1.48; adjusted diluted EPS of $1.76
- Q4 net sales decreased 6% (organic -7%, Acquisitions +1%)
- Closed three accretive bolt-on acquisitions in the fourth
quarter
- Full Year 2020 diluted EPS of $6.43; adjusted diluted EPS of
$7.58
- Includes restructuring and related investment ($0.43)
- Full Year 2020 free cash flow of $560 million
- FY21 diluted EPS expected range of $6.95-$7.35; adjusted
diluted EPS of $8.10-$8.50
SHELTON, CT. (February 2, 2021) – Hubbell
Incorporated (NYSE: HUBB) today reported operating results for the
fourth quarter ended December 31, 2020.
"Hubbell's full year 2020 results demonstrate a
strong year of operating performance and consistent execution,"
said Gerben Bakker, President and Chief Executive Officer. "Despite
considerable end market and operational challenges resulting from
the COVID-19 pandemic, the Company achieved full year adjusted
operating margins that were down only ten basis points versus the
prior year, as well as free cash flow generation of
$560 million, reflecting 12% growth over 2019 levels. We
accomplished this through a rigorous focus on productivity, as well
as disciplined operating expense and working capital management.
Hubbell's ongoing operational transformation and footprint
optimization investments are producing sustainable savings which we
expect to continue providing significant benefit to our
shareholders and customers in the future."
Mr. Bakker continued, "In the fourth quarter,
Utility facing markets remained resilient, with grid modernization
and renewable energy trends driving ongoing strength in demand for
T&D components and mid single digit growth in Power Systems.
Aclara continued to be affected by regulatory delays on certain
project deployments as a result of the COVID-19 pandemic, though we
expect these headwinds to continue moderating into 2021 as the
business returns to its prior growth trajectory. While Electrical
volumes remained soft, order patterns steadily picked up exiting
the fourth quarter, with strength in light industrial verticals and
continued growth in residential markets driven by e-commerce and
retail channels."
Mr. Bakker concluded, "Robust free cash flow
generation allows the Company to pursue a balanced capital
deployment strategy to drive shareholder returns. Bolt-on
acquisitions are a critical component of Hubbell's strategy, and we
are pleased to announce the acquisitions of Beckwith Electric and
Armorcast Products to our portfolio. These businesses are strong
strategic fits with the Hubbell Utility Solutions platform, adding
to our capabilities in distribution controls and specialty
enclosures. Together with our previously announced acquisition of
AccelTex in October, the Company deployed $236 million to three
accretive bolt-on acquisitions in the fourth quarter, bolstering
our growth strategy while expanding our ability to serve customers
with best in class, reliability, quality and efficiency."
Certain terms used in this release, including
"Net debt", "Free Cash Flow", "Organic net sales", "Organic
growth", "Restructuring-related costs", "EBITDA", and certain
"adjusted" measures, are defined under the section entitled
"Non-GAAP Definitions." See page 8 for more information.
FINANCIAL HIGHLIGHTS
The comments and year-over-year comparisons in
this segment review are based on fourth quarter results in 2020 and
2019.
Electrical Solutions segment net sales in the
fourth quarter of 2020 of $559 million decreased 10% from $618
million in the fourth quarter of 2019. Organic sales decreased 11%
in the quarter while acquisitions added 1%. Electrical Solutions
segment operating income in the fourth quarter was $49 million, or
8.8% of net sales, compared to $73 million, or 11.9% of net sales
in the same period of 2019. Adjusted operating income was
$55 million, or 9.9% of net sales, in the fourth quarter of
2020 as compared to $79 million, or 12.8% of net sales in the
same period of the prior year. Decreases in adjusted operating
income and adjusted operating margin were primarily due to lower
volumes and the non-repeat of a discrete benefit in the prior year
from tariff mitigation, partially offset by productivity from
restructuring and footprint optimization initiatives, as well as
lower operating expenses.
Utility Solutions segment net sales in the
fourth quarter of 2020 decreased 1% to $479 million compared
to $485 million reported in the fourth quarter of 2019.
Organic sales declined 2% compared to the fourth quarter of 2019,
while acquisitions added 1%. Power Systems sales increased 5% and
Aclara sales declined 14%. Utility Solutions segment operating
income in the fourth quarter was $71 million, or 14.7% of net
sales, compared to $63 million, or 12.9% of net sales in the
same period of 2019. Adjusted operating income was
$84 million, or 17.5% of net sales, in the fourth quarter of
2020 as compared to $75 million, or 15.4% of net sales in the
same period of the prior year. The increases in adjusted operating
income and adjusted operating margin were primarily due to price
realization in excess of material cost inflation, lower operating
expenses and positive mix.
Adjusted fourth quarter 2020 results exclude two
items: $0.27 of amortization of acquisition-related intangible
assets as well as $0.01 due to pension settlement charges.
Net cash provided from operating activities was
$192 million in the fourth quarter of 2020 versus $207 million in
the comparable period of 2019. Free cash flow (defined as net cash
provided by operating activities less capital expenditures) was
$156 million in the fourth quarter of 2020 versus $185 million
reported in the comparable period of 2019.
SUMMARY & OUTLOOK
Beginning in the first quarter of 2021, the
Company will report results of its Gas Connectors and Accessories
business as part of the Utility Solutions segment. This realigned
operating structure better reflects Hubbell's comprehensive
offerings of utility components and communications solutions across
common electric, water and gas utility customers. Recast segment
results reflecting the shift of this business from Electrical
Solutions to Utility Solutions are included at the end of this
press release.
For the full year 2021, Hubbell anticipates
sales growth of 6-8%, comprised of 3-5% organic growth and
approximately 3% growth from acquisitions. By end market, the
Company expects growth of 2-4% in Utility T&D Components, 4-6%
in Utility Communications and Controls, 3-5% in Industrial, 3-5% in
Residential, and (2-4%) in Non-Residential.
Hubbell anticipates 2021 adjusted diluted
earnings per share (“Adjusted EPS”) in the range of $8.10 to $8.50
and GAAP diluted earnings per share expectations in the range of
$6.95 to $7.35. Adjusted EPS excludes amortization of
acquisition-related intangible assets, which the Company expects to
be approximately $1.15 per share for the full year. The Company
believes Adjusted EPS is a useful measure of underlying financial
performance in light of our acquisition strategy.
The earnings per share and adjusted earnings per
share ranges are based on an adjusted tax rate of 22-23% and
include approximately $0.30 of anticipated restructuring and
related investment. The ranges also incorporate the impact of
acquisitions, which we anticipate adding approximately $0.25 to
full year adjusted earnings. The Company expects full year 2021
free cash flow conversion of approximately 110% on adjusted net
income.
CONFERENCE CALL
Hubbell will conduct an earnings conference call
to discuss its fourth quarter 2020 financial results today,
February 2, 2021 at 10:00 a.m. ET. A live audio of the conference
call will be available and can be accessed by visiting Hubbell's
"Investor Relations - Events/Presentations" section of
www.hubbell.com. Audio replays of the recorded conference call will
be available after the call and can be accessed two hours after the
conclusion of the original conference call by calling (855)
859-2056 and using passcode 8159402. The replay will remain
available until March 2, 2021 at 11:59 p.m. ET. Audio replays will
also be available at the conclusion of the call by visiting
www.hubbell.com and selecting "Investors" from the options at the
bottom of the page and then "Events/Presentations" from the
drop-down menu.
FORWARD-LOOKING STATEMENTS
Certain statements contained herein may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These include
statements about expectations regarding our financial results,
condition and outlook, anticipated end markets, near-term volume,
continued opportunity for operational improvement, our ongoing
operational transformation and footprint optimization investments
continuing to provide tangible benefits to our shareholders and
customers in the future, Aclara’s business returning to its prior
growth trajectory as headwinds continue to moderate into 2021,
bolt-on acquisitions serving as a critical component of our
strategy and expanding our capabilities to serve utility customers
with best in class reliability, anticipated effects of the COVID-19
pandemic and the responses thereto, including the pandemic’s impact
on general economic and market conditions, as well as on our
business, customers, end markets, results of operations and
financial condition, and all statements, including our
projected financial results, set forth in “Summary & Outlook”
above, as well as other statements that are not strictly historic
in nature. In addition, all statements regarding anticipated
growth, changes in operating results, market conditions and
economic conditions are forward-looking, including those regarding
the adverse impact of the COVID-19 pandemic on the Company’s end
markets. These statements may be identified by the use of
forward-looking words or phrases such as “believe”, “expect”,
“anticipate”, “plan”, “estimated”, “target”, “should”,
“could”, “may”, "subject to", “continues”, “growing”,
“projected”, “if”, “potential”, “will likely be”, and similar
words and phrases. Such forward-looking statements are based on our
current expectations and involve numerous assumptions, known and
unknown risks, uncertainties and other factors which may cause
actual and future performance or the Company’s achievements to be
materially different from any future results, performance, or
achievements expressed or implied by such forward-looking
statements. Such factors include, but are not limited to: our
ability to effectively execute our business plan in light of the
COVID-19 pandemic; the effectiveness of the actions that we take to
address the effects of the COVID-19 pandemic; the outcome of
contingencies or costs compared to amounts provided for such
contingencies, including those with respect to pension withdrawal
liabilities; achieving sales levels to meet revenue expectations;
unexpected costs or charges, certain of which may be outside the
Company’s control; the effects of trade tariffs, import quotas and
other trade restrictions or actions taken by the U.S., U.K., and
other countries, including the recent and potential changes in U.S.
trade policies; changes in product sales prices and material costs;
failure to achieve projected levels of efficiencies, cost savings
and cost reduction measures, including those expected as a result
of our lean initiatives and strategic sourcing plans; effects of
unfavorable foreign currency exchange rates and the potential use
of hedging instruments to hedge the exposure to fluctuating rates
of foreign currency exchange on inventory purchases; regulatory
issues, changes in tax laws, or changes in geographic profit mix
affecting tax rates and availability of tax incentives; general
economic and business conditions as well as inflationary trends;
the impact of and the ability to complete and integrate strategic
acquisitions; the impact of certain divestitures; the ability to
effectively develop and introduce new products, expand into new
markets and deploy capital; and other factors described in our
Securities and Exchange Commission filings, including the
"Business", "Risk Factors", “Forward-Looking Statements” and
"Quantitative and Qualitative Disclosures about Market Risk"
Sections in the Annual Report on Form 10-K for the year ended
December 31, 2019 and Quarterly Reports on Form 10-Q.
About the Company
Hubbell Incorporated is an international
manufacturer of high quality, reliable electrical products and
utility solutions for a broad range of customer and end market
applications. With 2020 revenues of $4.2 billion, Hubbell
Incorporated operates manufacturing facilities in the United States
and around the world. The corporate headquarters is located in
Shelton, CT.
Contact:
| Dan Innamorato |
| Hubbell Incorporated |
| 40 Waterview Drive |
| P.O. Box 1000 |
| Shelton, CT 06484 |
| (475) 882-4000 |
| |
| |
| |
| |
#######
NON-GAAP DEFINITIONSReferences
to "adjusted" operating measures exclude the impact of certain
costs, gains or losses. Management believes these adjusted
operating measures provide useful information regarding our
underlying performance from period to period and an understanding
of our results of operations without regard to items we do not
consider a component of our core operating performance. Adjusted
operating measures are non-GAAP measures, and include adjusted
operating income, adjusted operating margin, adjusted net income,
adjusted net income available to common shareholders, adjusted net
income attributable to Hubbell, adjusted earnings per diluted
share, and adjusted EBITDA. These non-GAAP measures exclude, where
applicable:
- Amortization of all intangible assets associated with our
business acquisitions, including inventory step-up amortization
associated with those acquisitions. The intangible assets
associated with our business acquisitions arise from the allocation
of the purchase price using the acquisition method of accounting in
accordance with Accounting Standards Codification 805, “Business
Combinations.” These assets consist primarily of customer
relationships, developed technology, trademarks and tradenames, and
patents, as reported in Note 6—Goodwill and Other Intangible
Assets, under the heading “Total Definite-Lived Intangibles,”
within the Company’s audited consolidated financial statements set
forth in its Annual Report on Form 10-K for Fiscal Year Ended
December 31, 2019. The Company excludes these non-cash expenses
because we believe it (i) enhances management’s and investors’
ability to analyze underlying business performance, (ii)
facilitates comparisons of our financial results over multiple
periods, and (iii) provides more relevant comparisons of our
results with the results of other companies as the amortization
expense associated with these assets may fluctuate significantly
from period to period based on the timing, size, nature, and number
of acquisitions. Although we exclude amortization of these acquired
intangible assets and inventory step-up from our non-GAAP results,
we believe that it is important for investors to understand that
revenue generated, in part, from such intangibles is included
within revenue in determining adjusted net income attributable to
Hubbell Incorporated.
- A gain recognized in the third quarter of 2019 from the
disposition of a business,
- An investment loss recognized in the third quarter of 2019 and
reported within Other income (expense), net in the Condensed
Consolidated Statement of Income,
- Pension charges including settlement charges in 2020 and a
multi-employer pension charge in 2019 to recognize certain
additional liabilities associated with the Company's participation
and withdrawal from a multi-employer pension plan.
- Income tax effects of the above adjustments which are
calculated using the statutory tax rate, taking into consideration
the nature of the item and the relevant taxing jurisdiction, unless
otherwise noted.
Adjusted EBITDA is a non-GAAP measure that
excludes the items noted above and also excludes the Other income
(expense), net, Interest expense, net, and Provision for income
taxes captions of the Condensed Consolidated Statement of Income,
as well as depreciation and amortization expense.
Net debt (defined as total debt less cash and
investments) to total capital is a non-GAAP measure that we believe
is a useful measure for evaluating the Company's financial leverage
and the ability to meet its funding needs.
Free cash flow is a non-GAAP measure that we
believe provides useful information regarding the Company's ability
to generate cash without reliance on external financing. In
addition, management uses free cash flow to evaluate the resources
available for investments in the business, strategic acquisitions
and further strengthening the balance sheet.
In connection with our restructuring and related
actions we have incurred restructuring costs as defined by U.S.
GAAP, which are primarily severance and employee benefits, asset
impairments, accelerated depreciation, as well as facility closure,
contract termination and certain pension costs that are directly
related to restructuring actions. We also incur
restructuring-related costs, which are costs associated with our
business transformation initiatives, including the consolidation of
back-office functions and streamlining our processes, and certain
other costs and gains associated with restructuring actions. We
refer to these costs on a combined basis as "restructuring and
related costs", which is a non-GAAP measure.
Organic net sales, a non-GAAP measure, represent
net sales according to U.S. GAAP, less net sales from acquisitions
and divestitures during the first twelve months of ownership or
divestiture, respectively, less the effect of fluctuations in net
sales from foreign currency exchange. The period-over-period effect
of fluctuations in net sales from foreign currency exchange is
calculated as the difference between local currency net sales of
the prior period translated at the current period exchange rate as
compared to the same local currency net sales translated at the
prior period exchange rate. We believe this measure provides
management and investors with a more complete understanding of
underlying operating results and trends of established, ongoing
operations by excluding the effect of acquisitions, dispositions
and foreign currency, as these activities can obscure underlying
trends. When comparing net sales growth between periods excluding
the effects of acquisitions, business dispositions and currency
exchange rates, those effects are different when comparing results
for different periods. For example, because net sales from
acquisitions are considered inorganic from the date we complete an
acquisition through the end of the first year following the
acquisition, net sales from such acquisition are reflected as
organic net sales thereafter.
There are limitations to the use of non-GAAP
measures. Non-GAAP measures do not present complete financial
results. We compensate for this limitation by providing a
reconciliation between our non-GAAP financial measures and the
respective most directly comparable financial measure calculated
and presented in accordance with GAAP. Because non-GAAP financial
measures are not standardized, it may not be possible to compare
these financial measures with other companies’ non-GAAP financial
measures having the same or similar names. These financial measures
should not be considered in isolation from, as substitutes for, or
alternative measures of, reported GAAP financial results, and
should be viewed in conjunction with the most comparable GAAP
financial measures and the provided reconciliations thereto. We
believe, however, that these non-GAAP financial measures, when
viewed together with our GAAP results and related reconciliations,
provide a more complete understanding of our business. We strongly
encourage investors to review our consolidated financial statements
and publicly filed reports in their entirety and not rely on any
single financial measure.
Reconciliations of each of these non-GAAP
measures to the most directly comparable GAAP measure can be found
in the tables below.
HUBBELL
INCORPORATEDCondensed Consolidated Statement of
Income(unaudited)(in millions,
except per share amounts)
| |
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| |
2020 |
|
2019 |
|
2020 |
|
2019 |
| Net sales |
$ |
1,037.9 |
|
|
|
$ |
1,103.3 |
|
|
|
$ |
4,186.0 |
|
|
|
$ |
4,591.0 |
|
|
| Cost of goods sold |
752.2 |
|
|
|
777.3 |
|
|
|
2,976.7 |
|
|
|
3,238.3 |
|
|
| Gross profit |
285.7 |
|
|
|
326.0 |
|
|
|
1,209.3 |
|
|
|
1,352.7 |
|
|
| Selling & administrative expenses |
165.9 |
|
|
|
190.1 |
|
|
|
676.3 |
|
|
|
756.1 |
|
|
| Operating income |
119.8 |
|
|
|
135.9 |
|
|
|
533.0 |
|
|
|
596.6 |
|
|
| Operating income as a % of Net sales |
11.5 |
|
% |
|
12.3 |
|
% |
|
12.7 |
|
% |
|
13.0 |
|
% |
| Gain on disposition of business |
— |
|
|
|
— |
|
|
|
— |
|
|
|
21.7 |
|
|
| Pension gain (charge) |
(1.0 |
) |
|
|
14.4 |
|
|
|
(7.6 |
) |
|
|
(8.5 |
) |
|
| Interest expense, net |
(14.5 |
) |
|
|
(16.2 |
) |
|
|
(60.3 |
) |
|
|
(67.9 |
) |
|
| Other income
(expense), net |
(2.7 |
) |
|
|
(3.2 |
) |
|
|
(11.6 |
) |
|
|
(21.4 |
) |
|
| Total other expense, net |
(18.2 |
) |
|
|
(5.0 |
) |
|
|
(79.5 |
) |
|
|
(76.1 |
) |
|
| Income before income taxes |
101.6 |
|
|
|
130.9 |
|
|
|
453.5 |
|
|
|
520.5 |
|
|
| Provision for income taxes |
19.0 |
|
|
|
27.8 |
|
|
|
97.5 |
|
|
|
113.1 |
|
|
| Net income |
82.6 |
|
|
|
103.1 |
|
|
|
356.0 |
|
|
|
407.4 |
|
|
| Less: Net income attributable to noncontrolling
interest |
1.7 |
|
|
|
1.2 |
|
|
|
4.8 |
|
|
|
6.5 |
|
|
| Net income attributable to Hubbell
Incorporated |
$ |
80.9 |
|
|
|
$ |
101.9 |
|
|
|
$ |
351.2 |
|
|
|
$ |
400.9 |
|
|
| Earnings Per Share: |
|
|
|
|
|
|
|
| Basic |
$ |
1.49 |
|
|
|
$ |
1.87 |
|
|
|
$ |
6.46 |
|
|
|
$ |
7.35 |
|
|
| Diluted |
$ |
1.48 |
|
|
|
$ |
1.85 |
|
|
|
$ |
6.43 |
|
|
|
$ |
7.31 |
|
|
| Cash dividends per common share |
$ |
0.98 |
|
|
|
$ |
0.91 |
|
|
|
$ |
3.71 |
|
|
|
$ |
3.43 |
|
|
HUBBELL
INCORPORATEDCondensed Consolidated Balance
Sheet(unaudited)(in
millions)
| |
December 31, 2020 |
|
December 31, 2019 |
| ASSETS |
|
|
|
| Cash and cash equivalents |
$ |
259.6 |
|
|
$ |
182.0 |
|
| Short-term investments |
9.3 |
|
|
14.2 |
|
| Accounts receivable (net of allowances of $12.5 and
$7.7) |
634.7 |
|
|
683.0 |
|
| Inventories, net |
607.3 |
|
|
633.0 |
|
| Other current assets |
76.7 |
|
|
62.0 |
|
|
TOTAL CURRENT ASSETS |
1,587.6 |
|
|
1,574.2 |
|
| Property, plant and equipment, net |
519.2 |
|
|
505.2 |
|
| Investments |
71.1 |
|
|
55.7 |
|
| Goodwill |
1,923.3 |
|
|
1,811.8 |
|
| Other intangible assets, net |
810.6 |
|
|
781.5 |
|
| Other long-term assets |
173.3 |
|
|
174.6 |
|
|
TOTAL ASSETS |
$ |
5,085.1 |
|
|
$ |
4,903.0 |
|
| LIABILITIES AND EQUITY |
|
|
|
| Short-term debt and current portion of long-term
debt |
$ |
153.1 |
|
|
$ |
65.4 |
|
| Accounts payable |
378.0 |
|
|
347.7 |
|
| Accrued salaries, wages and employee
benefits |
91.5 |
|
|
101.5 |
|
| Accrued insurance |
71.6 |
|
|
68.1 |
|
| Other accrued liabilities |
254.0 |
|
|
262.2 |
|
|
TOTAL CURRENT LIABILITIES |
948.2 |
|
|
844.9 |
|
| Long-term debt |
1,436.9 |
|
|
1,506.0 |
|
| Other non-current liabilities |
614.6 |
|
|
591.6 |
|
|
TOTAL LIABILITIES |
2,999.7 |
|
|
2,942.5 |
|
| Hubbell Incorporated Shareholders’ Equity |
2,070.0 |
|
|
1,947.1 |
|
| Noncontrolling interest |
15.4 |
|
|
13.4 |
|
|
TOTAL EQUITY |
2,085.4 |
|
|
1,960.5 |
|
| TOTAL LIABILITIES AND EQUITY |
$ |
5,085.1 |
|
|
$ |
4,903.0 |
|
HUBBELL
INCORPORATEDCondensed Consolidated Statement of
Cash Flows(unaudited)(in
millions)
| |
Twelve Months Ended December 31, |
| |
2020 |
|
2019 |
| Cash Flows From Operating Activities |
|
|
|
|
Net income attributable to Hubbell |
$ |
351.2 |
|
|
|
$ |
400.9 |
|
|
|
Depreciation and amortization |
157.6 |
|
|
|
151.0 |
|
|
|
Stock-based compensation expense |
23.9 |
|
|
|
16.4 |
|
|
|
Gain on disposition of business |
— |
|
|
|
(21.7 |
) |
|
|
Pension charge |
7.6 |
|
|
|
8.5 |
|
|
|
Provision for bad debt expense |
6.7 |
|
|
|
1.7 |
|
|
|
Deferred income taxes |
3.3 |
|
|
|
6.1 |
|
|
|
Accounts receivable, net |
55.5 |
|
|
|
44.5 |
|
|
|
Inventories, net |
50.7 |
|
|
|
12.2 |
|
|
|
Accounts payable |
22.6 |
|
|
|
(41.2 |
) |
|
|
Current liabilities |
(39.9 |
) |
|
|
5.0 |
|
|
|
Contributions to defined benefit pension
plans |
(23.2 |
) |
|
|
(10.4 |
) |
|
|
Other, net |
32.0 |
|
|
|
18.6 |
|
|
|
Net cash provided by operating activities |
648.0 |
|
|
|
591.6 |
|
|
| Cash Flows From Investing Activities |
|
|
|
|
Capital expenditures |
(88.4 |
) |
|
|
(93.9 |
) |
|
|
Acquisition of businesses, net of cash
acquired |
(239.6 |
) |
|
|
(70.8 |
) |
|
|
Proceeds from disposal of business, net of
cash |
— |
|
|
|
33.4 |
|
|
|
Net change in investments |
(6.2 |
) |
|
|
(1.6 |
) |
|
|
Other, net |
5.4 |
|
|
|
4.0 |
|
|
|
Net cash used in investing activities |
(328.8 |
) |
|
|
(128.9 |
) |
|
| Cash Flows From Financing Activities |
|
|
|
|
Long-term debt issuance (repayment), net |
(106.3 |
) |
|
|
(225.0 |
) |
|
|
Short-term debt borrowings (repayments), net |
121.9 |
|
|
|
(0.1 |
) |
|
|
Payment of dividends |
(201.4 |
) |
|
|
(186.6 |
) |
|
|
Repurchase of common shares |
(41.3 |
) |
|
|
(35.0 |
) |
|
|
Other, net |
(17.1 |
) |
|
|
(24.3 |
) |
|
|
Net cash (used) provided by financing
activities |
(244.2 |
) |
|
|
(471.0 |
) |
|
| Effect of foreign exchange rate changes on cash and
cash equivalents |
2.6 |
|
|
|
1.3 |
|
|
| Increase (decrease) in cash and cash
equivalents |
77.6 |
|
|
|
(7.0 |
) |
|
| Cash and cash equivalents |
|
|
|
|
Beginning of period |
182.0 |
|
|
|
189.0 |
|
|
|
End of period |
$ |
259.6 |
|
|
|
$ |
182.0 |
|
|
HUBBELL
INCORPORATEDEarnings Per Share
(unaudited)(in millions, except per share
amounts)
| |
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| |
2020 |
|
2019 |
|
Change |
|
2020 |
|
2019 |
|
Change |
| Net income attributable to Hubbell (GAAP
measure) |
$ |
80.9 |
|
|
|
$ |
101.9 |
|
|
|
(21 |
) |
% |
|
$ |
351.2 |
|
|
|
$ |
400.9 |
|
|
|
(12 |
) |
% |
| Amortization of acquisition-related intangible
assets |
19.3 |
|
|
|
18.3 |
|
|
|
|
|
75.9 |
|
|
|
72.1 |
|
|
|
|
| Gain on disposition of business |
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
(21.7 |
) |
|
|
|
| Pension (gain) charge |
1.0 |
|
|
|
(14.4 |
) |
|
|
|
|
7.6 |
|
|
|
8.5 |
|
|
|
|
| Loss on investment |
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
5.0 |
|
|
|
|
| Total pre-tax
adjustments to net income |
$ |
20.3 |
|
|
|
$ |
3.9 |
|
|
|
|
|
$ |
83.5 |
|
|
|
$ |
63.9 |
|
|
|
|
| Income tax effects |
4.8 |
|
|
|
0.9 |
|
|
|
|
|
20.6 |
|
|
|
19.1 |
|
|
|
|
| Adjusted Net Income |
$ |
96.4 |
|
|
|
$ |
104.9 |
|
|
|
(8 |
) |
% |
|
$ |
414.1 |
|
|
|
$ |
445.7 |
|
|
|
(7 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Hubbell (GAAP
measure) |
$ |
80.9 |
|
|
|
$ |
101.9 |
|
|
|
|
|
$ |
351.2 |
|
|
|
$ |
400.9 |
|
|
|
|
|
Less: Earnings allocated to participating
securities |
(0.3 |
) |
|
|
(0.3 |
) |
|
|
|
|
(1.3 |
) |
|
|
(1.5 |
) |
|
|
|
|
Net income available to common shareholders (GAAP measure)
[a] |
$ |
80.6 |
|
|
|
$ |
101.6 |
|
|
|
(21 |
) |
% |
|
$ |
349.9 |
|
|
|
$ |
399.4 |
|
|
|
(12 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income |
$ |
96.4 |
|
|
|
$ |
104.9 |
|
|
|
|
|
$ |
414.1 |
|
|
|
$ |
445.7 |
|
|
|
|
|
Less: Earnings allocated to participating
securities |
(0.3 |
) |
|
|
(0.3 |
) |
|
|
|
|
(1.5 |
) |
|
|
(1.7 |
) |
|
|
|
|
Adjusted net income available to common shareholders
[b] |
$ |
96.1 |
|
|
|
$ |
104.6 |
|
|
|
(8 |
) |
% |
|
$ |
412.6 |
|
|
|
$ |
444.0 |
|
|
|
(7 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of common shares outstanding
[c] |
54.2 |
|
|
|
54.3 |
|
|
|
|
|
54.2 |
|
|
|
54.4 |
|
|
|
|
|
Potential dilutive shares |
0.4 |
|
|
|
0.4 |
|
|
|
|
|
0.3 |
|
|
|
0.3 |
|
|
|
|
|
Average number of diluted shares outstanding
[d] |
54.6 |
|
|
|
54.7 |
|
|
|
|
|
54.5 |
|
|
|
54.7 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share (GAAP measure): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic [a] / [c] |
$ |
1.49 |
|
|
|
$ |
1.87 |
|
|
|
|
|
$ |
6.46 |
|
|
|
$ |
7.35 |
|
|
|
|
|
Diluted [a] / [d] |
$ |
1.48 |
|
|
|
$ |
1.85 |
|
|
|
(20 |
) |
% |
|
$ |
6.43 |
|
|
|
$ |
7.31 |
|
|
|
(12 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted earnings per diluted share [b] /
[d] |
$ |
1.76 |
|
|
|
$ |
1.91 |
|
|
|
(8 |
) |
% |
|
$ |
7.58 |
|
|
|
$ |
8.12 |
|
|
|
(7 |
) |
% |
HUBBELL
INCORPORATEDSegment
Information(unaudited)(in
millions)
| Hubbell
Incorporated |
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| |
2020 |
|
2019 |
|
Change |
|
2020 |
|
2019 |
|
Change |
| Net Sales
[a] |
$ |
1,037.9 |
|
|
$ |
1,103.3 |
|
|
(6 |
) |
% |
|
$ |
4,186.0 |
|
|
$ |
4,591.0 |
|
|
(9 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP measure [b] |
$ |
119.8 |
|
|
$ |
135.9 |
|
|
(12 |
) |
% |
|
$ |
533.0 |
|
|
$ |
596.6 |
|
|
(11 |
) |
% |
|
Amortization of acquisition-related intangible
assets |
19.3 |
|
|
18.3 |
|
|
|
|
75.9 |
|
|
72.1 |
|
|
|
|
Adjusted operating income [c] |
$ |
139.1 |
|
|
$ |
154.2 |
|
|
(10 |
) |
% |
|
$ |
608.9 |
|
|
$ |
668.7 |
|
|
(9 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating margin |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP measure [b] / [a] |
11.5 |
% |
|
12.3 |
% |
|
-80 bps |
|
12.7 |
% |
|
13.0 |
% |
|
-30 bps |
|
Adjusted operating margin [c] / [a] |
13.4 |
% |
|
14.0 |
% |
|
-60 bps |
|
14.5 |
% |
|
14.6 |
% |
|
-10 bps |
| Electrical
Solutions |
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| |
2020 |
|
2019 |
|
Change |
|
2020 |
|
2019 |
|
Change |
| Net Sales [a] |
$ |
559.2 |
|
|
$ |
618.0 |
|
|
(10 |
) |
% |
|
$ |
2,263.6 |
|
|
$ |
2,625.7 |
|
|
(14 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP measure [b] |
$ |
49.2 |
|
|
$ |
73.3 |
|
|
(33 |
) |
% |
|
$ |
234.8 |
|
|
$ |
320.1 |
|
|
(27 |
) |
% |
|
Amortization of acquisition-related intangible
assets |
6.2 |
|
|
6.1 |
|
|
|
|
24.2 |
|
|
23.1 |
|
|
|
|
Adjusted operating income [c] |
$ |
55.4 |
|
|
$ |
79.4 |
|
|
(30 |
) |
% |
|
$ |
259.0 |
|
|
$ |
343.2 |
|
|
(25 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating margin |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP measure [b] / [a] |
8.8 |
% |
|
11.9 |
% |
|
-310 bps |
|
10.4 |
% |
|
12.2 |
% |
|
-180 bps |
|
Adjusted operating margin [c] / [a] |
9.9 |
% |
|
12.8 |
% |
|
-290 bps |
|
11.4 |
% |
|
13.1 |
% |
|
-170 bps |
| Utility
Solutions |
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| |
2020 |
|
2019 |
|
Change |
|
2020 |
|
2019 |
|
Change |
| Net Sales [a] |
$ |
478.7 |
|
|
$ |
485.3 |
|
|
(1 |
) |
% |
|
$ |
1,922.4 |
|
|
$ |
1,965.3 |
|
|
(2 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP measure [b] |
$ |
70.6 |
|
|
$ |
62.6 |
|
|
13 |
|
% |
|
$ |
298.2 |
|
|
$ |
276.5 |
|
|
8 |
|
% |
|
Amortization of acquisition-related intangible
assets |
13.1 |
|
|
12.2 |
|
|
|
|
51.7 |
|
|
49.0 |
|
|
|
|
Adjusted operating income [c] |
$ |
83.7 |
|
|
$ |
74.8 |
|
|
12 |
|
% |
|
$ |
349.9 |
|
|
$ |
325.5 |
|
|
7 |
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating margin |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP measure [b] / [a] |
14.7 |
% |
|
12.9 |
% |
|
+180 bps |
|
15.5 |
% |
|
14.1 |
% |
|
+140 bps |
|
Adjusted operating margin [c] / [a] |
17.5 |
% |
|
15.4 |
% |
|
+210 bps |
|
18.2 |
% |
|
16.6 |
% |
|
+160 bps |
HUBBELL
INCORPORATEDOrganic Net Sales
Growth(unaudited)(in millions and
percentage change)
| Hubbell
Incorporated |
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| |
2020 |
|
Inc/(Dec)% |
|
2019 |
|
Inc/(Dec)% |
|
2020 |
|
Inc/(Dec)% |
|
2019 |
|
Inc/(Dec)% |
| Net sales growth (GAAP
measure) |
$ |
(65.4 |
) |
|
|
(5.9 |
) |
|
|
$ |
(40.8 |
) |
|
|
(3.6 |
) |
|
|
$ |
(405.0 |
) |
|
|
(8.8 |
) |
|
|
$ |
109.3 |
|
|
|
2.4 |
|
|
| Impact of
acquisitions |
11.6 |
|
|
|
1.1 |
|
|
|
3.1 |
|
|
|
0.3 |
|
|
|
44.8 |
|
|
|
1.0 |
|
|
|
54.5 |
|
|
|
1.2 |
|
|
| Impact of
divestitures |
— |
|
|
|
— |
|
|
|
(11.5 |
) |
|
|
(1.0 |
) |
|
|
(20.3 |
) |
|
|
(0.4 |
) |
|
|
(17.1 |
) |
|
|
(0.4 |
) |
|
| Foreign currency
exchange |
(0.3 |
) |
|
|
— |
|
|
|
(1.9 |
) |
|
|
(0.2 |
) |
|
|
(11.6 |
) |
|
|
(0.3 |
) |
|
|
(17.4 |
) |
|
|
(0.4 |
) |
|
| Organic net sales
growth (decline) |
$ |
(76.7 |
) |
|
|
(7.0 |
) |
|
|
$ |
(30.5 |
) |
|
|
(2.7 |
) |
|
|
$ |
(417.9 |
) |
|
|
(9.1 |
) |
|
|
$ |
89.3 |
|
|
|
2.0 |
|
|
| Electrical
Solutions |
Three Months Ended December 31, |
|
Twelve
Months Ended December 31, |
| |
2020 |
|
Inc/(Dec)% |
|
2019 |
|
Inc/(Dec)% |
|
2020 |
|
Inc/(Dec)% |
|
2019 |
|
Inc/(Dec)% |
| Net sales growth (GAAP
measure) |
$ |
(58.8 |
) |
|
|
(9.5 |
) |
|
|
$ |
(48.6 |
) |
|
|
(7.3 |
) |
|
|
$ |
(362.1 |
) |
|
|
(13.8 |
) |
|
|
$ |
(34.9 |
) |
|
|
(1.3 |
) |
|
| Impact of
acquisitions |
6.4 |
|
|
|
1.0 |
|
|
|
0.8 |
|
|
|
0.1 |
|
|
|
18.8 |
|
|
|
0.7 |
|
|
|
0.8 |
|
|
|
— |
|
|
| Impact of
divestitures |
— |
|
|
|
— |
|
|
|
(11.5 |
) |
|
|
(1.7 |
) |
|
|
(20.3 |
) |
|
|
(0.8 |
) |
|
|
(17.1 |
) |
|
|
(0.6 |
) |
|
| Foreign currency
exchange |
0.9 |
|
|
|
0.2 |
|
|
|
(0.8 |
) |
|
|
(0.1 |
) |
|
|
(3.3 |
) |
|
|
(0.1 |
) |
|
|
(9.8 |
) |
|
|
(0.4 |
) |
|
| Organic net sales
growth (decline) |
$ |
(66.1 |
) |
|
|
(10.7 |
) |
|
|
$ |
(37.1 |
) |
|
|
(5.6 |
) |
|
|
$ |
(357.3 |
) |
|
|
(13.6 |
) |
|
|
$ |
(8.8 |
) |
|
|
(0.3 |
) |
|
| Utility
Solutions |
Three Months
Ended December 31, |
|
Twelve
Months Ended December 31, |
| |
2020 |
|
Inc/(Dec)% |
|
2019 |
|
Inc/(Dec)% |
|
2020 |
|
Inc/(Dec)% |
|
2019 |
|
Inc/(Dec)% |
| Net sales growth (GAAP
measure) |
$ |
(6.6 |
) |
|
|
(1.4 |
) |
|
|
$ |
7.8 |
|
|
|
1.6 |
|
|
|
$ |
(42.9 |
) |
|
|
(2.2 |
) |
|
|
$ |
144.2 |
|
|
|
7.9 |
|
|
| Impact of
acquisitions |
5.2 |
|
|
|
1.1 |
|
|
|
2.3 |
|
|
|
0.4 |
|
|
|
26.0 |
|
|
|
1.3 |
|
|
|
53.7 |
|
|
|
2.9 |
|
|
| Impact of
divestitures |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
| Foreign currency
exchange |
(1.2 |
) |
|
|
(0.3 |
) |
|
|
(1.1 |
) |
|
|
(0.2 |
) |
|
|
(8.3 |
) |
|
|
(0.4 |
) |
|
|
(7.6 |
) |
|
|
(0.4 |
) |
|
| Organic net sales
growth (decline) |
$ |
(10.6 |
) |
|
|
(2.2 |
) |
|
|
$ |
6.6 |
|
|
|
1.4 |
|
|
|
$ |
(60.6 |
) |
|
|
(3.1 |
) |
|
|
$ |
98.1 |
|
|
|
5.4 |
|
|
HUBBELL
INCORPORATEDAdjusted
EBITDA(unaudited)(in
millions)
| |
Three Months Ended December 31, |
| |
2020 |
|
2019 |
|
Change |
| Net
income |
$ |
82.6 |
|
|
$ |
103.1 |
|
|
|
(20 |
) |
% |
| Provision for income
taxes |
19.0 |
|
|
27.8 |
|
|
|
|
| Interest expense,
net |
14.5 |
|
|
16.2 |
|
|
|
|
| Other expense,
net |
2.7 |
|
|
3.2 |
|
|
|
|
| Depreciation and
amortization |
40.6 |
|
|
39.9 |
|
|
|
|
| Pension (gain)
charge |
1.0 |
|
|
(14.4 |
) |
|
|
|
| Subtotal |
77.8 |
|
|
72.7 |
|
|
|
|
| Adjusted
EBITDA |
$ |
160.4 |
|
|
$ |
175.8 |
|
|
|
(9 |
) |
% |
| |
Twelve Months Ended December 31, |
| |
2020 |
|
2019 |
|
Change |
| Net
income |
$ |
356.0 |
|
|
$ |
407.4 |
|
|
|
(13 |
) |
% |
| Provision for income
taxes |
97.5 |
|
|
113.1 |
|
|
|
|
| Interest expense,
net |
60.3 |
|
|
67.9 |
|
|
|
|
| Other expense,
net |
11.6 |
|
|
21.4 |
|
|
|
|
| Depreciation and
amortization |
157.6 |
|
|
151.0 |
|
|
|
|
| Pension (gain)
charge |
7.6 |
|
|
8.5 |
|
|
|
|
| Gain on disposition of
business |
— |
|
|
(21.7 |
) |
|
|
|
| Subtotal |
334.6 |
|
|
340.2 |
|
|
|
|
| Adjusted
EBITDA |
$ |
690.6 |
|
|
$ |
747.6 |
|
|
|
(8 |
) |
% |
HUBBELL
INCORPORATEDRestructuring and Related Costs
Included in Consolidated
Results(unaudited)(in millions,
except per share amounts)
| |
Three Months Ended December 31, |
| |
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
| |
Costs of goods sold |
|
S&A expense |
|
Total |
| Restructuring costs |
$ |
9.1 |
|
|
$ |
11.0 |
|
|
$ |
2.5 |
|
|
$ |
5.4 |
|
|
$ |
11.6 |
|
|
$ |
16.4 |
|
| Restructuring related costs (benefit) |
1.3 |
|
|
1.7 |
|
|
1.1 |
|
|
0.7 |
|
|
2.4 |
|
|
2.4 |
|
| Restructuring and related costs (non-GAAP
measure) |
$ |
10.4 |
|
|
$ |
12.7 |
|
|
$ |
3.6 |
|
|
$ |
6.1 |
|
|
$ |
14.0 |
|
|
$ |
18.8 |
|
| |
Twelve Months Ended December 31, |
| |
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
| |
Costs of goods sold |
|
S&A expense |
|
Total |
| Restructuring costs |
$ |
19.3 |
|
|
$ |
22.3 |
|
|
$ |
4.8 |
|
|
$ |
9.7 |
|
|
$ |
24.1 |
|
|
$ |
32.0 |
|
| Restructuring related costs (benefit) |
2.9 |
|
|
2.6 |
|
|
3.6 |
|
|
2.4 |
|
|
6.5 |
|
|
5.0 |
|
| Restructuring and related costs (non-GAAP
measure) |
$ |
22.2 |
|
|
$ |
24.9 |
|
|
$ |
8.4 |
|
|
$ |
12.1 |
|
|
$ |
30.6 |
|
|
$ |
37.0 |
|
| |
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| |
2020 |
|
2019 |
|
2020 |
|
2019 |
| Restructuring and related costs included in Cost of
goods sold |
|
|
|
|
|
|
|
|
Electrical Solutions |
$ |
9.0 |
|
|
$ |
5.8 |
|
|
$ |
16.0 |
|
|
$ |
15.1 |
|
|
Utility Solutions |
1.4 |
|
|
6.9 |
|
|
6.2 |
|
|
9.8 |
|
|
Total |
$ |
10.4 |
|
|
$ |
12.7 |
|
|
$ |
22.2 |
|
|
$ |
24.9 |
|
| Restructuring and
related costs included in Selling & administrative
expenses |
|
|
|
|
|
|
|
|
Electrical Solutions |
$ |
2.6 |
|
|
$ |
5.6 |
|
|
$ |
6.0 |
|
|
$ |
9.9 |
|
|
Utility Solutions |
1.0 |
|
|
0.5 |
|
|
2.4 |
|
|
2.2 |
|
|
Total |
$ |
3.6 |
|
|
$ |
6.1 |
|
|
$ |
8.4 |
|
|
$ |
12.1 |
|
| |
|
|
|
|
|
|
|
| Impact on income before income taxes |
$ |
14.0 |
|
|
$ |
18.8 |
|
|
$ |
30.6 |
|
|
$ |
37.0 |
|
| Impact on Net income available to Hubbell common
shareholders |
10.6 |
|
|
14.3 |
|
|
23.3 |
|
|
28.0 |
|
| Impact on Diluted earnings per share |
$ |
0.19 |
|
|
$ |
0.26 |
|
|
$ |
0.43 |
|
|
$ |
0.51 |
|
HUBBELL
INCORPORATEDAdditional Non-GAAP Financial
Measures(unaudited)(in
millions)
Ratios of Total Debt to Total Capital and Net Debt to
Total Capital
| |
December 31, 2020 |
|
December 31, 2019 |
| Total Debt |
$ |
1,590.0 |
|
|
$ |
1,571.4 |
|
| Total Hubbell Shareholders’ Equity |
2,070.0 |
|
|
1,947.1 |
|
| Total Capital |
$ |
3,660.0 |
|
|
$ |
3,518.5 |
|
| Total Debt to Total Capital |
43 |
% |
|
45 |
% |
| Less: Cash and Investments |
$ |
340.0 |
|
|
$ |
251.9 |
|
| Net Debt |
$ |
1,250.0 |
|
|
$ |
1,319.5 |
|
| Net Debt to Total Capital |
34 |
% |
|
38 |
% |
Free Cash Flow Reconciliation
| |
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| |
2020 |
|
2019 |
|
2020 |
|
2019 |
| Net cash provided by operating activities |
$ |
192.4 |
|
|
|
$ |
206.5 |
|
|
|
$ |
648.0 |
|
|
|
$ |
591.6 |
|
|
| Less: Capital
expenditures |
(36.7 |
) |
|
|
(21.3 |
) |
|
|
(88.4 |
) |
|
|
(93.9 |
) |
|
| Free cash flow |
$ |
155.7 |
|
|
|
$ |
185.2 |
|
|
|
$ |
559.6 |
|
|
|
$ |
497.7 |
|
|
HUBBELL
INCORPORATEDRecast Segment
Information(unaudited)(in
millions)
As previously noted, beginning in the first
quarter of 2021, the Company will report results of its Gas
Connectors and Accessories business as part of the Utility
Solutions segment. This realignment has no impact on the Company’s
historical consolidated financial position, results of operations
or cash flows. To provide historical information on a basis
consistent with its new reporting structure, the Company has recast
certain historical segment information to conform to the new
reporting structure. The recast financial information included
below does not represent a restatement of previously issued
financial statements.
| Electrical
Solutions |
Three Months Ended |
|
Twelve Months Ended |
| |
March 31, 2020 |
|
June 30, 2020 |
|
September 30, 2020 |
|
December 31, 2020 |
|
December 31, 2020 |
|
December 31, 2019 |
| Net Sales [a] |
$ |
563.7 |
|
|
$ |
469.4 |
|
|
$ |
551.0 |
|
|
$ |
522.4 |
|
|
$ |
2,106.5 |
|
|
$ |
2,421.3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP measure [b] |
$ |
52.5 |
|
|
$ |
52.8 |
|
|
$ |
66.0 |
|
|
$ |
44.1 |
|
|
$ |
215.4 |
|
|
$ |
291.2 |
|
|
Amortization of acquisition-related intangible
assets |
4.8 |
|
|
4.2 |
|
|
4.2 |
|
|
4.6 |
|
|
17.8 |
|
|
16.9 |
|
|
Adjusted operating income [c] |
$ |
57.3 |
|
|
$ |
57.0 |
|
|
$ |
70.2 |
|
|
$ |
48.7 |
|
|
$ |
233.2 |
|
|
$ |
308.1 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating margin |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP measure [b] / [a] |
9.3 |
% |
|
11.2 |
% |
|
12.0 |
% |
|
8.4 |
% |
|
10.2 |
% |
|
12.0 |
% |
|
Adjusted operating margin [c] / [a] |
10.2 |
% |
|
12.1 |
% |
|
12.7 |
% |
|
9.3 |
% |
|
11.1 |
% |
|
12.7 |
% |
| Utility
Solutions |
Three Months Ended |
|
Twelve Months Ended |
| |
March 31, 2020 |
|
June 30, 2020 |
|
September 30, 2020 |
|
December 31, 2020 |
|
December 31, 2020 |
|
December 31, 2019 |
| Net Sales [a] |
$ |
526.6 |
|
|
$ |
479.8 |
|
|
$ |
557.6 |
|
|
$ |
515.5 |
|
|
$ |
2,079.5 |
|
|
$ |
2,169.7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP measure [b] |
$ |
66.3 |
|
|
$ |
78.7 |
|
|
$ |
96.9 |
|
|
$ |
75.7 |
|
|
$ |
317.6 |
|
|
$ |
305.4 |
|
|
Amortization of acquisition-related intangible
assets |
14.7 |
|
|
14.4 |
|
|
14.3 |
|
|
14.7 |
|
|
58.1 |
|
|
55.2 |
|
|
Adjusted operating income [c] |
$ |
81.0 |
|
|
$ |
93.1 |
|
|
$ |
111.2 |
|
|
$ |
90.4 |
|
|
$ |
375.7 |
|
|
$ |
360.6 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating margin |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP measure [b] / [a] |
12.6 |
% |
|
16.4 |
% |
|
17.4 |
% |
|
14.7 |
% |
|
15.3 |
% |
|
14.1 |
% |
|
Adjusted operating margin [c] / [a] |
15.4 |
% |
|
19.4 |
% |
|
19.9 |
% |
|
17.5 |
% |
|
18.1 |
% |
|
16.6 |
% |
HUBBELL (NYSE:HUBA)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
HUBBELL (NYSE:HUBA)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
