Stock Monitor: Control4 Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 12, 2018 / Active-Investors.com has just released a free earnings report on Hubbell Inc. (NYSE: HUBB). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=HUBB. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 preliminary operating and financial results on January 30, 2018. The electrical products manufacturer outperformed top- and bottom-line expectations, and provided guidance for FY18. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Control4 Corporation (NASDAQ: CTRL), which also belongs to the Technology sector as the Company Hubbell. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Hubbell most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For the quarter ended December 31, 2017, Hubbell's net sales were $917.7 million, reflecting an increase of 7% compared to net sales of $854.2 million reported in Q4 2016. The Company's revenue numbers exceeded analysts' estimates of $900.2 million.
For the full year FY17, Hubbell's net sales were $3.67 billion, an increase of 5% compared to $3.51 billion for FY16.
During Q4 2017, Hubbell's operating income was $122.7 million, or 13.4% of net sales, compared to $107.8 million, or 12.6% of net sales, in Q4 2016. Excluding the $3 million and $16 million of restructuring and related costs in FY17 and FY16, respectively, and $7 million of Aclara transaction costs in 2017, the Company's adjusted operating income increased 7% on a y-o-y basis.
In Q4 2017, Hubbell's effective tax rate was 80.0% and included a charge of approximately $57 million related to the US Tax Cuts and Jobs Act of 2017 (Tax Reform). The tax charge included amounts primarily related to the deemed mandatory repatriation and the benefit of a revaluation of the Company's net deferred tax liabilities.
Hubbell's net income was $20.4 million, or $0.37 per diluted share, in Q4 2017 compared to $64.4 million, or $1.16 per diluted share, in Q4 2016. The Company's adjusted net income, which excludes the Tax Reform and the Aclara transaction costs from FY17, as well as restructuring and related costs in both periods, was $1.54 per share in the reported quarter compared to $1.35 per share in the year earlier same quarter. The Company's earnings beat Wall Street's estimates of $1.42 per share.
For FY17, Hubbell's net income was $243.1 million, or $4.39 per diluted share, compared to $293.0 million, or $5.24 per diluted share, in FY16. The Company's adjusted earnings gained 5% to $5.93 per share in FY17 compared to $5.66 per share in FY16.
Segment Details
During Q4 2017, Hubbell's Electrical segment's net sales increased 6% to $634.9 million compared to $601.5 million in Q4 2016. The segment's operating income was $76 million, or 12.0% of net sales, in the reported quarter compared to $54 million, or 9.0% of net sales, in the prior year's corresponding quarter. Excluding restructuring and related costs, the Electrical segment's adjusted operating income was $76.9 million, or 12.1% of net sales, in Q4 2017 compared to $69.1 million, or 11.5% of net sales, in Q4 2016. The increase in operating margin was primarily due to productivity in excess of cost increases.
For Q4 2017, Hubbell's Power segment's net sales advanced 12% to $282.8 million compared to $252.7 million in Q4 2016. The segment's operating income was $46.8 million in the reported quarter, and included $7 million of Aclara transaction costs. The Company's adjusted operating income was $55.7 million, or 19.7% of net sales, in Q4 2017 compared to $54.7 million, or 21.6% of net sales, in Q4 2016. The decline in operating margin was primarily attributed to material cost headwinds.
Cash Matters
For FY17, Hubbell's net cash provided from operating activities was $379.0 million compared to $411.0 million in FY16. The Company's free cash flow was $299.3 million compared to $343.8 million in FY16.
Outlook
For the full year FY18, Hubbell is forecasting end market growth of approximately 2% to 4%. The Company expects diluted earnings per share to be in the range of $6.10 to $6.50 and adjusted earnings per share in the band of $6.95 to $7.35 for FY18.
Stock Performance Snapshot
February 09, 2018 - At Friday's closing bell, Hubbell's stock climbed 1.89%, ending the trading session at $132.10.
Volume traded for the day: 435.53 thousand shares, which was above the 3-month average volume of 353.01 thousand shares.
Stock performance in the last three-month - up 6.89%; previous six-month period - up 14.34%; and past twelve-month period - up 7.51%
After last Friday's close, Hubbell's market cap was at $7.21 billion.
Price to Earnings (P/E) ratio was 30.08.
The stock has a dividend yield of 2.33%.
The stock is part of the Technology sector, categorized under the Diversified Electronics industry. This sector was up 2.1% at the end of the session.
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