Hubbell beats by $0.02, misses on revs; reaffirms FY19 EPS guidance (123.26)
- Reports Q1 (Mar) earnings of $1.57 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $1.55; revenues rose 9.7% year/year to $1.09 bln vs the $1.1 bln S&P Capital IQ Consensus; +5% organic.
- Co reaffirms guidance for FY19, sees EPS of $7.80-8.20, excluding non-recurring items, vs. $8.07 S&P Capital IQ Consensus. For the full year 2019, Hubbell continues to anticipate end markets will grow approximately 2% to 3% in the aggregate and approximately 1% growth from acquisitions. This end market outlook includes growth of 1 - 3% in non-residential markets, 0 - 2% in residential markets, 2 - 4% in oil and gas markets, 2 - 4% in electrical T&D markets, and 2 - 4% in industrial markets.
- "Hubbell achieved another strong quarter of organic growth," said David G. Nord, Chairman, President and Chief Executive Officer. "We remain disciplined on driving price to offset inflationary headwinds, while end markets overall continued to grow at a modest pace as expected. Most major end markets expanded in the quarter, and we saw particular strength in industrial, gas distribution, and electrical T&D. Oil markets were soft in the quarter, while Aclara revenue contribution was ahead of expectations driven by strong customer demand.