Hubbell Reports Third Quarter Results; Net Sales of $907 Million and Earnings Per Diluted Share of $1.56, Including $0.07 of Restructuring and Related Costs
(Thomson Reuters ONE) -
* Net sales up 3% (acquisitions +4%, organic flat, FX -1%)
* Adjusted diluted EPS((1)) up 7% to $1.63
* Strong cash generation; restructuring and related savings on track
SHELTON, CT. (October 25, 2016) - Hubbell Incorporated (NYSE: HUBB) today
reported operating results for the third quarter ended September 30, 2016.
Net sales in the third quarter of 2016 were $907 million, an increase of 3%
compared to the $877 million reported in the third quarter of 2015. Operating
income in the quarter was $136 million as compared to $131 million in the same
period of 2015. Excluding restructuring and related costs in both periods,
adjusted operating income was $142 million in the third quarter of 2016,
compared to $143 million in the third quarter of 2015 ((1)). Net income
attributable to Hubbell in the third quarter of 2016 was $87 million compared to
$73 million reported in the comparable period of 2015. Earnings per diluted
share for the third quarter of 2016 were $1.56, compared to $1.27 reported in
the third quarter of 2015. Excluding restructuring and related costs in both
periods and the costs associated with the share reclassification in 2015,
adjusted earnings per diluted share were $1.63 in the third quarter of 2016,
compared to $1.53 in the third quarter of 2015( (1)). Net cash provided from
operating activities was $139 million in the third quarter of 2016 versus $94
million in the comparable period of 2015. Free cash flow (defined as cash flow
from operating activities less capital expenditures) was $123 million in the
third quarter of 2016 versus $77 million reported in the comparable period of
2015 ((3)).
For the first nine months of 2016 net sales were $2.7 billion, an increase of
4% compared to the same period of the prior year. Operating income was $370
million compared to $363 million for the comparable period of 2015. Excluding
restructuring and related costs, adjusted operating income for the first nine
months of 2016 was $389 million, compared to $395 million for the comparable
period of 2015 ((1)). Net income attributable to Hubbell was $229 million in the
first nine months of 2016 compared to $216 million for the comparable period of
2015. Earnings per diluted share for the first nine months of 2016 were $4.08
compared to $3.71 reported for the first nine months of 2015. Excluding
restructuring and related costs in both periods and the costs associated with
the share reclassification in 2015, adjusted earnings per diluted share for the
first nine months of 2016 were $4.31 compared with $4.21 for the comparable
period of 2015( (1) ). Net cash provided from operating activities was $261
million for the first nine months of 2016 versus $193 million in the comparable
period of 2015. Free cash flow was $215 million compared to $141 million
reported in the first nine months of 2015 ((3)).
OPERATIONS REVIEW
"Acquisitions drove sales growth in the quarter in the face of flat end
markets," said David G. Nord, Chairman, President and Chief Executive Officer.
"Growth in lower margin non-residential and residential markets offset
moderating declines in higher margin oil and core industrial markets. On the
utility side, distribution markets increased while project delays impacted
transmission markets.
"Our business model continues to perform well, despite the sluggish market
environment," commented Mr. Nord. "We are investing in acquisitions, which are
yielding sales growth. We are developing innovative products and expanding into
both new and adjacent markets to even better serve our customers. We are
implementing cost reduction actions and realizing productivity savings. And we
are seeing the benefits of effective capital deployment in the form of lower
share count while maintaining a healthy balance sheet." Mr. Nord added, "These
actions supported seven percent growth in adjusted earnings per diluted share in
the quarter and help position the Company for continued success."
SEGMENT REVIEW
The comments and year-over-year comparisons in this segment review are based on
third quarter results in 2016 and 2015.
Electrical segment net sales in the third quarter of 2016 increased 3% to $635
million compared to $618 million reported in the third quarter of 2015.
Acquisitions added 4% to net sales in the quarter and foreign currency
translation reduced sales by 1%. Organic sales were flat. Operating income was
$81 million, or 12.7% of net sales, compared to $79 million, or 12.8% of net
sales, in the same period of 2015. Excluding restructuring and related costs,
adjusted operating income was $86 million, or 13.6% of net sales compared to $89
million, or 14.4% of net sales in the same period of 2015 ((1)). The decreases
in adjusted operating income and adjusted operating margin were primarily due to
unfavorable mix and price ((1)).
Power segment net sales in the third quarter of 2016 increased 5% to $273
million compared to $260 million reported in the third quarter of 2015.
Acquisitions added 5% to net sales in the quarter, while organic sales were flat
and the impact of foreign currency translation was immaterial. Compared to the
third quarter of 2015, operating income increased 6% to $55 million, or 10 basis
points to 20.2% of net sales. Excluding restructuring and related costs,
adjusted operating income was $56 million, or 20.5% of net sales compared to $54
million, or 20.8% of net sales in the same period of 2015 ((1)). Changes in
adjusted operating income and adjusted operating margin were primarily due to
acquisitions.
SUMMARY & OUTLOOK
"Against a backdrop of choppy and uncertain markets, we remain focused on
generating productivity and reducing costs," stated Mr. Nord. "With three
quarters of 2016 completed, we are tightening our full year 2016 earnings per
share expectation to $5.25 to $5.35 from $5.20 to $5.40. This expectation
anticipates $0.35 of restructuring and related costs. We still expect free cash
flow to exceed 90% of net income.
"Our bottom line focus will continue in 2017, as end market conditions moderate.
We expect renovation growth to outpace new construction increases in non-
residential markets, while growth remains steady in transmission and
distribution. We also expect mid single digit growth in residential and slight
improvement in industrial and energy end markets." Mr. Nord continued, "We
believe we will benefit from incremental profit on volume growth and savings
from cost actions while we face headwinds from price pressure and higher
material costs." Mr. Nord concluded, "We anticipate capital deployment will also
be a lever to create shareholder value, as we expect acquisitions to remain a
key part of our growth strategy."
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 and
outlook, outperforming end markets, capital deployment, restructuring actions,
market conditions, foreign exchange rates, shareholder value creation, and other
statements that are not strictly historic in nature. In addition, all statements
regarding anticipated growth or improvement in operating results, anticipated
market conditions, and economic recovery are forward-looking. These statements
may be identified by the use of forward-looking words or phrases such as
"target", "believe", "continues", "improved", "leading", "improving",
"continuing growth", "continued", "ranging", "contributing", "primarily",
"plan", "expect", "anticipated", "expected", "expectations", "should result",
"uncertain", "goals", "projected", "on track", "likely", "intend" and others.
Such forward-looking statements are based on the Company's reasonable current
expectations and involve numerous assumptions, known and unknown risks,
uncertainties and other factors which may cause actual and future performance or
achievements of the Company 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: achieving sales levels
to fulfill revenue expectations; unexpected costs or charges, certain of which
may be outside the control of the Company; expected benefits of productivity
improvements and cost reduction actions; pension expense; effects of unfavorable
foreign currency exchange rates; price and material costs; general economic and
business conditions; the ability to complete strategic acquisitions and
integrate acquired companies; 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", and "Quantitative and Qualitative Disclosures about
Market Risk" Sections in the Annual Report on Form 10-K for the year ended
December 31, 2015.
About the Company
Hubbell Incorporated is an international manufacturer of quality electrical and
electronic products for a broad range of non-residential and residential
construction, industrial and utility applications. With 2015 revenues of $3.4
billion, Hubbell Incorporated operates manufacturing facilities in the United
States and around the world. The corporate headquarters is located in Shelton,
CT.
Contact: Steve Beers
Hubbell Incorporated
40 Waterview Drive
P.O. Box 1000
Shelton, CT 06484
(475) 882-4000
#######
HUBBELL INCORPORATED
Condensed Consolidated Statement of Income
(unaudited)
(in millions, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- --------------------------
2016 2015 2016 2015
----------- ----------- ------------- ------------
Net sales $ 907.4 $ 877.0 $ 2,651.0 $ 2,560.7
Cost of goods sold 618.7 587.0 1,808.9 1,735.8
----------- ----------- ------------- ------------
Gross profit 288.7 290.0 842.1 824.9
Selling & administrative
expenses 152.7 159.0 472.1 462.2
----------- ----------- ------------- ------------
Operating income 136.0 131.0 370.0 362.7
Operating income as a % of
Net sales 15.0 % 14.9 % 14.0 % 14.2 %
Interest expense, net (11.6 ) (7.6 ) (31.9 ) (22.7 )
Other income (expense), net (0.3 ) (8.3 ) (5.6 ) (12.1 )
----------- ----------- ------------- ------------
Total other expense, net (11.9 ) (15.9 ) (37.5 ) (34.8 )
Income before income taxes 124.1 115.1 332.5 327.9
Provision for income taxes 36.0 40.4 100.4 108.5
----------- ----------- ------------- ------------
Net income 88.1 74.7 232.1 219.4
Less: Net income
attributable to
noncontrolling interest 1.4 1.4 3.5 3.6
----------- ----------- ------------- ------------
Net income attributable to
Hubbell $ 86.7 $ 73.3 $ 228.6 $ 215.8
----------- ----------- ------------- ------------
Earnings Per Share:
Basic $ 1.56 $ 1.27 $ 4.10 $ 3.73
Diluted $ 1.56 $ 1.27 $ 4.08 $ 3.71
Cash dividends per common
share $ 0.63 $ 0.56 $ 1.89 $ 1.68
HUBBELL INCORPORATED
Condensed Consolidated Balance Sheet
(unaudited)
(in millions)
September December
30, 2016 31, 2015
---------------- --------------
ASSETS
Cash and cash equivalents $ 364.5 $ 343.5
Short-term investments 13.7 12.2
Accounts receivable, net 565.9 466.6
Inventories, net 545.7 540.0
Other current assets 31.9 25.5
---------------- --------------
TOTAL CURRENT ASSETS 1,521.7 1,387.8
Property, plant and equipment, net 436.3 419.7
Investments 52.4 49.5
Goodwill 992.0 928.5
Intangible assets, net 440.7 372.2
Other long-term assets 48.0 51.0
---------------- --------------
TOTAL ASSETS $ 3,491.1 $ 3,208.7
---------------- --------------
LIABILITIES AND EQUITY
Short-term debt $ 5.8 $ 48.2
Accounts payable 291.5 289.5
Accrued salaries, wages and employee benefits 72.5 75.3
Accrued insurance 54.2 50.4
Other accrued liabilities 153.5 139.7
---------------- --------------
TOTAL CURRENT LIABILITIES 577.5 603.1
Long-term debt 990.1 595.9
Other non-current liabilities 288.9 260.7
---------------- --------------
TOTAL LIABILITIES 1,856.5 1,459.7
Hubbell Shareholders' Equity 1,625.5 1,740.6
Noncontrolling interest 9.1 8.4
---------------- --------------
TOTAL EQUITY 1,634.6 1,749.0
---------------- --------------
TOTAL LIABILITIES AND EQUITY $ 3,491.1 $ 3,208.7
---------------- --------------
HUBBELL INCORPORATED
Condensed Consolidated Statement of Cash Flows
(unaudited)
(in millions)
Nine Months Ended
September 30,
----------------------
2016 2015
----------- ----------
Cash Flows From Operating Activities
Net income attributable to Hubbell $ 228.6 $ 215.8
Depreciation and amortization 68.6 63.6
Stock-based compensation expense 13.1 10.8
Deferred income taxes 4.3 (10.8 )
Changes in working capital (64.4 ) (73.8 )
Contributions to defined benefit pension plans (1.4 ) (22.1 )
Other, net 11.9 9.6
----------- ----------
Net cash provided by operating activities 260.7 193.1
----------- ----------
Cash Flows From Investing Activities
Capital expenditures (45.8 ) (52.3 )
Acquisition of businesses, net of cash acquired (172.5 ) (163.3 )
Net change in investments (4.3 ) (6.1 )
Other, net 3.5 2.1
----------- ----------
Net cash used in investing activities (219.1 ) (219.6 )
----------- ----------
Cash Flows From Financing Activities
Long-term debt issuance, net 397.0 -
Short-term debt borrowings, net (47.7 ) (1.0 )
Payment of dividends (105.1 ) (97.2 )
Repurchase of common shares (246.8 ) (76.0 )
Other, net (3.4 ) (0.5 )
----------- ----------
Net cash used in financing activities (6.0 ) (174.7 )
----------- ----------
Effect of foreign exchange rate changes on cash and cash
equivalents (14.6 ) (18.9 )
----------- ----------
(Decrease) increase in cash and cash equivalents 21.0 (220.1 )
Cash and cash equivalents
Beginning of period 343.5 653.9
----------- ----------
End of period $ 364.5 $ 433.8
----------- ----------
HUBBELL INCORPORATED
Restructuring and Related Costs Included in Consolidated Results
(unaudited)
(in millions, except per share amounts)
Three Months Ended September 30,
---------------------------------------------------------
2016 2015 2016 2015 2016 2015
------------------- ------------------ ------------------
Cost of goods
sold S&A expense Total
------------------- ------------------ ------------------
Restructuring costs $ 4.2 $ 5.1 $ 0.3 $ 2.7 $ 4.5 $ 7.8
Restructuring related
costs 0.1 1.9 1.3 2.2 1.4 4.1
------------ --- ------------------ ------------------
Restructuring and
related costs (non-
GAAP measure) ((1)) $ 4.3 $ 7.0 $ 1.6 $ 4.9 $ 5.9 $ 11.9
------------------- ------------------ ------------------
Nine Months Ended September 30,
---------------------------------------------------------
2016 2015 2016 2015 2016 2015
------------------- ------------------ ------------------
Cost of goods
sold S&A expense Total
------------------- ------------------ ------------------
Restructuring costs $ 8.3 $ 13.1 $ 5.6 $ 6.4 $ 13.9 $ 19.5
Restructuring related
costs 1.8 7.4 3.3 5.3 5.1 12.7
------------------- ------------------ ------------------
Restructuring and
related costs (non-
GAAP measure) ((1)) $ 10.1 $ 20.5 $ 8.9 $ 11.7 $ 19.0 $ 32.2
------------------- ------------------ ------------------
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- --------------------
2016 2015 2016 2015
---------- ----------- ---------- ---------
Restructuring and related costs
included in Cost of goods sold
Electrical $ 4.2 $ 6.3 $ 9.4 $ 17.5
Power 0.1 0.7 0.7 3.0
---------- ----------- ---------- ---------
Total $ 4.3 $ 7.0 $ 10.1 $ 20.5
---------- ----------- ---------- ---------
Restructuring and related costs
included in Selling &
administrative expenses
Electrical $ 1.0 $ 3.7 $ 7.3 $ 9.1
Power 0.6 1.2 1.6 2.6
---------- ----------- ---------- ---------
Total $ 1.6 $ 4.9 $ 8.9 $ 11.7
---------- ----------- ---------- ---------
Impact on income before income
taxes $ 5.9 $ 11.9 $ 19.0 $ 32.2
Impact on Net income available to
Hubbell common shareholders 4.0 7.9 12.9 21.7
Impact on Diluted earnings per
share $ 0.07 $ 0.13 $ 0.23 $ 0.37
HUBBELL INCORPORATED
Earnings Per Share
(unaudited)
(in millions, except per share amounts)
Three Months Ended September Nine Months Ended September
30, 30,
------------------------------ -------------------------------
2016 2015 Change 2016 2015 Change
---------- ---------- -------- ----------- ----------- -------
Net income
attributable to
Hubbell (GAAP
measure) $ 86.7 $ 73.3 18 % $ 228.6 $ 215.8 6 %
Restructuring
and related
costs, net of
tax 4.0 7.9 12.9 21.7
Reclassification
costs, net of
tax - 7.4 - 7.4
---------- ---------- ----------- -----------
Adjusted Net
Income ((1)) $ 90.7 $ 88.6 2 % $ 241.5 $ 244.9 (1 )%
---------- ---------- ----------- -----------
Numerator:
Net income
attributable to
Hubbell (GAAP
measure) $ 86.7 $ 73.3 $ 228.6 $ 215.8
Less: Earnings
allocated to
participating
securities (0.3 ) (0.2 ) (0.7 ) (0.6 )
---------- ---------- ----------- -----------
Net income
available to
common
shareholders
(GAAP measure)
[a] $ 86.4 $ 73.1 18 % $ 227.9 $ 215.2 6 %
---------- ---------- ----------- -----------
Adjusted Net
Income( (1)) $ 90.7 $ 88.6 $ 241.5 $ 244.9
Less: Earnings
allocated to
participating
securities (0.3 ) (0.2 ) (0.7 ) (0.6 )
---------- ---------- ----------- -----------
Adjusted net
income available
to common
shareholders
((1)) [b] $ 90.4 $ 88.4 2 % $ 240.8 $ 244.3 (1 )%
---------- ---------- ----------- -----------
Denominator:
Average number
of common shares
outstanding [c] 55.3 57.7 55.6 57.8
Potential
dilutive shares 0.2 0.2 0.2 0.3
---------- ---------- ----------- -----------
Average number
of diluted
shares
outstanding [d] 55.5 57.9 55.8 58.1
---------- ---------- ----------- -----------
Earnings per
share (GAAP
measure):
Basic [a] / [c] $ 1.56 $ 1.27 $ 4.10 $ 3.73
Diluted [a] /
[d] $ 1.56 $ 1.27 23 % $ 4.08 $ 3.71 10 %
Adjusted
earnings per
diluted share(
(1)) [b] / [d] $ 1.63 $ 1.53 7 % $ 4.31 $ 4.21 2 %
Full Year 2016
------------------
Earnings per diluted share (GAAP measure) $5.25 - $5.35
Restructuring and related costs $0.35
------------------
Adjusted earnings per diluted share ((1)) $5.60 - $5.70
------------------
HUBBELL INCORPORATED
Segment Information
(unaudited)
(in millions)
Hubbell Three Months Ended September
Incorporated 30, Nine Months Ended September 30,
-------------------------------- -----------------------------------
2016 2015 Change 2016 2015 Change
----------- ----------- -------- ------------- ------------- -------
Net Sales [a] $ 907.4 $ 877.0 3 % $ 2,651.0 $ 2,560.7 4 %
Operating
Income
GAAP measure
[b] $ 136.0 $ 131.0 4 % $ 370.0 $ 362.7 2 %
Restructuring
and related
costs 5.9 11.9 19.0 32.2
----------- ----------- ------------- -------------
Adjusted
operating
income ((1))
[c] $ 141.9 $ 142.9 (1 )% $ 389.0 $ 394.9 (1 )%
----------- ----------- ------------- -------------
Operating
margin
GAAP measure -20
[b] / [a] 15.0 % 14.9 % 10 bps 14.0 % 14.2 % bps
Adjusted
operating
margin ((1)) -70 -70
[c] / [a] 15.6 % 16.3 % bps 14.7 % 15.4 % bps
Electrical Three Months Ended September
segment 30, Nine Months Ended September 30,
-------------------------------- -----------------------------------
2016 2015 Change 2016 2015 Change
----------- ----------- -------- ------------- ------------- -------
Net Sales [a] $ 634.6 $ 617.5 3 % $ 1,858.7 $ 1,802.3 3 %
Operating
Income
GAAP measure
[b] $ 80.9 $ 78.8 3 % $ 213.5 $ 216.6 (1 )%
Restructuring
and related
costs 5.2 10.0 16.7 26.6
----------- ----------- ------------- -------------
Adjusted
operating
income ((1))
[c] $ 86.1 $ 88.8 (3 )% $ 230.2 $ 243.2 (5 )%
----------- ----------- ------------- -------------
Operating
margin
GAAP measure -10 -50
[b] / [a] 12.7 % 12.8 % bps 11.5 % 12.0 % bps
Adjusted
operating
margin ((1)) -80 -110
[c] / [a] 13.6 % 14.4 % bps 12.4 % 13.5 % bps
Three Months Ended September Nine Months Ended September
Power segment 30, 30,
-------------------------------- -------------------------------
2016 2015 Change 2016 2015 Change
----------- ----------- -------- ----------- ----------- -------
Net Sales [a] $ 272.8 $ 259.5 5 % $ 792.3 $ 758.4 4 %
Operating
Income
GAAP measure
[b] $ 55.1 $ 52.2 6 % $ 156.5 $ 146.1 7 %
Restructuring
and related
costs 0.7 1.9 2.3 5.6
----------- ----------- ----------- -----------
Adjusted
operating
income ((1))
[c] $ 55.8 $ 54.1 3 % $ 158.8 $ 151.7 5 %
----------- ----------- ----------- -----------
Operating
margin
GAAP measure
[b] / [a] 20.2 % 20.1 % 10 bps 19.8 % 19.3 % 50 bps
Adjusted
operating
margin ((1)) -30
[c] / [a] 20.5 % 20.8 % bps 20.0 % 20.0 % 0 bps
HUBBELL INCORPORATED
Adjusted Effective Tax Rate
(unaudited)
(in millions)
Three Months Ended Nine Months Ended September
Hubbell Incorporated September 30, 30,
----------------------------- ----------------------------
2016 2015 Change 2016 2015 Change
-------- --------- ---------- -------- --------- ---------
Effective tax rate
(GAAP measure) 29.0 % 35.1 % -610 bps 30.2 % 33.1 % -290 bps
Restructuring and
related costs 0.2 % (0.1 )% 0.1 % - %
Reclassification
costs - % (2.0 )% - % (0.7 )%
-------- --------- -------- ---------
Adjusted effective
tax rate 29.2 % 33.0 % -380 bps 30.3 % 32.4 % -210 bps
-------- --------- -------- ---------
HUBBELL INCORPORATED
Additional Non-GAAP Financial Measures
(unaudited)
(in millions)
Ratios of Total Debt to Total Capital and Net Debt to Total Capital
September December
30, 2016 31, 2015
---------------- --------------
Total Debt $ 995.9 $ 644.1
Total Hubbell Shareholders' Equity 1,625.5 1,740.6
---------------- --------------
Total Capital $ 2,621.4 $ 2,384.7
---------------- --------------
Total Debt to Total Capital 38 % 27 %
Less: Cash and Investments $ 430.6 $ 405.2
---------------- --------------
Net Debt ((2)) $ 565.3 $ 238.9
---------------- --------------
Net Debt to Total Capital ((2)) 22 % 10 %
Free Cash Flow Reconciliation
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- ----------------------
2016 2015 2016 2015
----------- ---------- ----------- ----------
Net cash provided by operating
activities $ 138.5 $ 94.4 $ 260.7 $ 193.1
Less: Capital expenditures (15.9 ) (17.8 ) (45.8 ) (52.3 )
----------- ---------- ----------- ----------
Free cash flow( (3)) $ 122.6 $ 76.6 $ 214.9 $ 140.8
----------- ---------- ----------- ----------
HUBBELL INCORPORATED
Footnotes
((1) ) In order to provide a comparison that we believe provides investors with
useful information regarding our underlying performance from period to period
and to allow investors to assess the impact of restructuring activities and
business transformation initiatives on our results of operations, the Company
refers to adjusted operating income and adjusted operating margin, each of which
excludes restructuring and related costs. The Company also refers to adjusted
net income, adjusted net income available to common shareholders, adjusted
earnings per diluted share, and the adjusted effective tax rate, each of which
exclude restructuring and related costs as well as the costs associated with the
2015 reclassification of the Company's common stock to eliminate its two-class
structure (the "reclassification costs"). Management uses these non-GAAP
measures when assessing the performance of the business.
Restructuring costs support our cost reduction efforts involving the
consolidation of manufacturing and distribution facilities, workforce reductions
and the sale or exit of business units we determine to be non-strategic and is a
GAAP measure. Restructuring-related costs are costs associated with our business
transformation initiatives, including the consolidation of back-office functions
and streamlining our processes. We refer to these costs on a combined basis as
"restructuring and related costs", which is a non-GAAP measure.
Each of the adjusted operating measures, which exclude the impact of
restructuring and related as well as reclassification costs, are non-GAAP
measures. Reconciliations of each of these non-GAAP measures to the most
directly comparable GAAP measure can be found in the tables within this press
release.
((2)) Net debt and net debt to total capital are non-GAAP measures we believe
are useful for evaluating the Company's financial leverage and the ability to
meet its funding needs.
((3) )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 financings. 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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Hubbell Inc. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 25.10.2016 - 13:30 Uhr
Sprache: Deutsch
News-ID 502673
Anzahl Zeichen: 41098
contact information:
Town:
Shelton
Kategorie:
Business News
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