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Hubbell Inc HUBB

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Hubbell’s Flexing of its Pricing Power Is on Full Display in Q3; We Bump Up FVE by $1

Joshua Aguilar Senior Analyst

Analyst Note

| Joshua Aguilar |

Nothing in narrow-moat rated Hubbell’s third-quarter results materially alters our long-term view of the firm. We marginally decreased our full-year adjusted EPS projection by 3%-plus to $8.48 from $8.78, in line with management’s downwardly revised guidance. Nonetheless, we raise our fair value estimate to $186 per share from $185. The raise is solely due to time value of money. Furthermore, while we cut our EPS projections based on supply chain and raw material-related margin headwinds, we minimally increased our sales projections for full-year 2021. We now expect $4.71 billion of sales in 2021 relative to our prior expectations of $4.69 billion.

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Company Profile

Business Description

Hubbell is a diversified conglomerate industrial company that mostly competes in the electrical components market. Its products and services serve vital portions of the U.S. electrical supply chain, including transmission and distribution as well as the commercial, industrial, and residential end markets. The company organizes its business into two segments--electrical and power systems. The consolidated business sells about two thirds of its products via distributors, with the remainder sold via direct sales to utilities and contractors. The 2018 acquisition of Aclara, folded into the utility solutions segment, brought Hubbell a portfolio of smart meters and communication sensors that serves electrical, water, and gas utilities.

40 Waterview Drive
Shelton, CT, 06484
T +1 475 882-4000
Sector Industrials
Industry Electrical Equipment & Parts
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Classic Growth
Employees 19,400