Hubbell Reports Second Quarter Results; Net Sales of $948 Million and Earnings Per Diluted Share of $1.43 Including $0.08 of Restructuring and Related Costs
(Thomson Reuters ONE) -
* Q2 Net sales up 4% (organic +3%, acquisitions +2%, FX -1%)
* Q2 Adjusted diluted EPS((1)) of $1.51
* Q2 Acquisition spend of $91 million and share repurchases of $40 million
* Reaffirm FY 2017 diluted EPS expected range of $5.40 to $5.60
SHELTON, CT. (July 25, 2017) - Hubbell Incorporated (NYSE: HUBB) today reported
operating results for the second quarter ended June 30, 2017.
Net sales in the second quarter of 2017 were $948 million, an increase of 4%
compared to the $909 million reported in the second quarter of 2016. Operating
income in the quarter was $131 million as compared to $132 million in the same
period of 2016. Excluding restructuring and related costs in both periods,
adjusted operating income was $137 million in the second quarter of 2017,
compared to $138 million in the second quarter of 2016 ((1)). Net income
attributable to Hubbell in the second quarter of 2017 was $79 million compared
to $81 million reported in the comparable period of 2016. Earnings per diluted
share for the second quarter of 2017 were $1.43 compared to $1.45 reported in
the second quarter of 2016. Excluding restructuring and related costs in both
periods, adjusted earnings per diluted share were $1.51 in the second quarter of
2017, compared to $1.53 in the second quarter of 2016( (1)).
Net cash provided from operating activities was $69 million in the second
quarter of 2017 versus $64 million in the comparable period of 2016. Free cash
flow (defined as cash flow from operating activities less capital expenditures)
was $50 million in the second quarter of 2017 and in the comparable period of
2016 ((3)).
For the first six months of 2017 net sales were $1.8 billion, an increase of 3%
compared to the same period of the prior year. Operating income was $235 million
compared to $234 million for the comparable period of 2016. Excluding
restructuring and related costs, adjusted operating income for the first six
months of 2017 was $249 million, compared to $247 million for the comparable
period of 2016 ((1)). Net income attributable to Hubbell was $142 million in the
first six months of 2017 compared to $142 million for the comparable period of
2016. Earnings per diluted share for the first six months of 2017 were $2.56
compared to $2.53 reported for the first six months of 2016. Excluding
restructuring and related costs in both periods, adjusted earnings per diluted
share for the first six months of 2017 were $2.74 compared with $2.69 for the
comparable period of 2016( (1) ). Net cash provided from operating activities
was $132 million for the first six months of 2017 versus $127 million in the
comparable period of 2016. Free cash flow was $99 million compared to $97
million reported in the first six months of 2016 ((3)).
OPERATIONS REVIEW
"Organic sales growth across all five key markets was a highlight of the
quarter," said David G. Nord, Chairman, President and Chief Executive Officer.
"We saw strength in electrical T&D markets, primarily due to small- and mid-
sized transmission projects and higher capital spend, respectively. Notably, oil
markets expanded, marking the second consecutive quarter of year-over-year
stabilization. Growth in the residential market was broad-based across
renovation and new construction, as were modest increases in non-residential.
Industrial markets were up slightly in the aggregate, with strength in
telecommunications and consumer-driven areas offsetting moderating weakness in
heavy industry.
"Beyond organic growth, we continue to grow through acquisitions. As previously
disclosed, we acquired two businesses early in the quarter: Advance Engineering
Corporation (AEC) and iDevices. With regard to AEC, we continue to see great
opportunity for our comprehensive product offering in the gas distribution
market, driven by the replacement of aged infrastructure." Mr. Nord continued,
"The addition of iDevices to Hubbell is already proving to be mutually
beneficial. The complementary combination of iDevices' Internet of Things
engineering capabilities with the broad resources of Hubbell allows us to
accelerate innovation and, ultimately, better serve our customers.
"Operationally, we continue to focus on productivity and cost control as we face
rising material costs and pricing pressure in certain markets. Automation in our
factories, ongoing cost discipline, and restructuring initiatives are a few
examples." Mr. Nord added, "With regard to Lighting, we are encouraged by the
unit growth of the market and the continued stabilization of our operations. The
remediation efforts we put in place to address the restructuring-driven
inefficiencies identified in the first quarter are progressing as expected. We
are on course to have these issues largely behind us by the end of the third
quarter. Factories are performing well and, while we are not yet ready to claim
victory, we are seeing improvement in our greenfield national distribution
center." Mr. Nord concluded, "In addition to acquisitions, we put our free cash
flow to work funding capital expenditures, paying dividends, and repurchasing
shares in the quarter."
SEGMENT REVIEW
The comments and year-over-year comparisons in this segment review are based on
second quarter results in 2017 and 2016.
Electrical segment net sales in the second quarter of 2017 increased 2% to $656
million compared to $641 million reported in the second quarter of 2016. Organic
sales grew 2% in the quarter while acquisitions added 1% and offset foreign
currency headwind. Operating income was $71 million, or 10.8% of net sales,
compared to $77 million, or 12.0% of net sales, in the same period of 2016.
Excluding restructuring and related costs, adjusted operating income was $76
million, or 11.6% of net sales compared to $83 million, or 12.9% of net sales in
the same period of 2016 ((1)). The decreases in adjusted operating income and
adjusted operating margin were primarily due to unfavorable
price/cost/productivity at Lighting and the dilutive impact of recent
acquisitions, partially offset by savings from cost actions and the benefit of
higher volume((1)).
Power segment net sales in the second quarter of 2017 increased 9% to $292
million compared to $267 million reported in the second quarter of 2016. Organic
sales grew 5% while acquisitions added 4% to net sales in the quarter. Compared
to the second quarter of 2016, operating income increased 8% to $60 million, and
was down 20 basis points to 20.4% of net sales. Excluding restructuring and
related costs, adjusted operating income was $61 million, or 20.9% of net sales
compared to $56 million, or 20.9% of net sales in the same period of 2016 ((1)).
The increase in adjusted operating income was primarily due to productivity
gains in excess of cost increases and the increased volume. Adjusted operating
margins were in line with 2016 as productivity gains in excess of cost increases
were tempered by price and material cost headwinds.
SUMMARY & OUTLOOK
For the full year 2017, Hubbell is modestly increasing its expected range for
end market growth to 2.5% to 3.0% in the aggregate, while acquisitions completed
to date are still expected to contribute approximately 2% to net sales. This end
market outlook includes growth of 1% to 3% for T&D compared with 0% to 2%
previously. All other end market expectations remain unchanged: growth in oil
and gas, industrial and non-residential markets of 2% to 4%; growth in
residential of 4% to 6%.
The Company continues to expect 2017 diluted earnings per share in the range of
$5.40 to $5.60. This expectation reflects the improved market outlook, as well
as restructuring and related costs of approximately $0.30 (compared with $0.25
previously). Hubbell continues to expect free cash flow to equal net income in
2017.
"We are optimistic about accelerating organic growth across end markets and our
ability to benefit from these trends. Our portfolio of strong, high quality
brands is prepared to satisfy increasing customer demand. We expect the higher
growth in T&D will more than offset the lingering softness in heavy industry,
which is recovering a bit more slowly than we anticipated." Mr. Nord added,
"The traction we are realizing on restructuring and related savings supports our
vision of a more efficient and flexible cost structure going forward. I am
confident we are taking the appropriate and necessary steps to position the
Company for continued success."
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 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 impact of and 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, 2016.
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 2016 revenues of $3.5
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 Statements of Income
(unaudited)
(in millions, except per share amounts)
Three Months Ended
June 30, Six Months Ended June 30,
----------------------- --------------------------
2017 2016 2017 2016
----------- ----------- ------------- ------------
Net sales $ 948.3 $ 908.8 $ 1,800.6 $ 1,743.6
Cost of goods sold 653.6 615.3 1,244.1 1,190.2
----------- ----------- ------------- ------------
Gross profit 294.7 293.5 556.5 553.4
Selling & administrative
expenses 164.1 161.4 321.8 319.4
----------- ----------- ------------- ------------
Operating income 130.6 132.1 234.7 234.0
Operating income as a % of
Net sales 13.8 % 14.5 % 13.0 % 13.4 %
Interest expense, net (11.6 ) (11.3 ) (22.7 ) (20.3 )
Other income (expense), net (2.3 ) (4.0 ) (4.4 ) (5.3 )
----------- ----------- ------------- ------------
Total other expense, net (13.9 ) (15.3 ) (27.1 ) (25.6 )
Income before income taxes 116.7 116.8 207.6 208.4
Provision for income taxes 35.9 34.8 62.9 64.4
----------- ----------- ------------- ------------
Net income 80.8 82.0 144.7 144.0
Less: Net income
attributable to
noncontrolling interest 1.7 1.0 2.8 2.1
----------- ----------- ------------- ------------
Net income attributable to
Hubbell $ 79.1 $ 81.0 $ 141.9 $ 141.9
----------- ----------- ------------- ------------
Earnings Per Share:
Basic $ 1.44 $ 1.46 $ 2.57 $ 2.54
Diluted $ 1.43 $ 1.45 $ 2.56 $ 2.53
Cash dividends per common
share $ 0.70 $ 0.63 $ 1.40 $ 1.26
HUBBELL INCORPORATED
Condensed Consolidated Balance Sheets
(unaudited)
(in millions)
June December
30, 2017 31, 2016
------------- --------------
ASSETS
Cash and cash equivalents $ 367.7 $ 437.6
Short-term investments 13.8 11.2
Accounts receivable, net 600.8 530.0
Inventories, net 585.3 532.4
Other current assets 42.0 40.1
------------- --------------
TOTAL CURRENT ASSETS 1,609.6 1,551.3
Property, plant and equipment, net 441.6 439.8
Investments 57.1 56.4
Goodwill 1,058.7 991.0
Intangible assets, net 446.8 431.5
Other long-term assets 52.9 55.0
------------- --------------
TOTAL ASSETS $ 3,666.7 $ 3,525.0
------------- --------------
LIABILITIES AND EQUITY
Short-term and current portion of long-term debt $ 403.4 $ 3.2
Accounts payable 353.0 291.6
Accrued salaries, wages and employee benefits 56.7 82.8
Accrued insurance 62.4 55.8
Other accrued liabilities 149.8 156.2
------------- --------------
TOTAL CURRENT LIABILITIES 1,025.3 589.6
Long-term debt 691.8 990.5
Other non-current liabilities 346.4 341.7
------------- --------------
TOTAL LIABILITIES 2,063.5 1,921.8
Hubbell Shareholders' Equity 1,592.3 1,592.8
Noncontrolling interest 10.9 10.4
------------- --------------
TOTAL EQUITY 1,603.2 1,603.2
------------- --------------
TOTAL LIABILITIES AND EQUITY $ 3,666.7 $ 3,525.0
------------- --------------
HUBBELL INCORPORATED
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Six Months Ended June
30,
----------------------
2017 2016
----------- ----------
Cash Flows From Operating Activities
Net income attributable to Hubbell $ 141.9 $ 141.9
Depreciation and amortization 50.4 45.9
Stock-based compensation expense 8.1 8.8
Deferred income taxes 3.0 (0.8 )
Changes in working capital (61.8 ) (69.4 )
Contributions to defined benefit pension plans (0.9 ) (0.9 )
Other, net (8.6 ) 1.1
----------- ----------
Net cash provided by operating activities 132.1 126.6
----------- ----------
Cash Flows From Investing Activities
Capital expenditures (33.0 ) (29.9 )
Acquisition of businesses, net of cash acquired (108.5 ) (171.6 )
Net change in investments (0.2 ) -
Other, net 1.8 1.0
----------- ----------
Net cash used in investing activities (139.9 ) (200.5 )
----------- ----------
Cash Flows From Financing Activities
Long-term debt issuance, net - 397.0
Short-term debt borrowings, net 100.8 10.1
Payment of dividends (77.2 ) (70.3 )
Repurchase of common shares (92.6 ) (246.8 )
Other, net (5.7 ) (8.1 )
----------- ----------
Net cash (used) provided by financing activities (74.7 ) 81.9
----------- ----------
Effect of foreign exchange rate changes on cash and cash
equivalents 12.6 (13.0 )
----------- ----------
Decrease in cash and cash equivalents (69.9 ) (5.0 )
Cash and cash equivalents
Beginning of period 437.6 343.5
----------- ----------
End of period $ 367.7 $ 338.5
----------- ----------
HUBBELL INCORPORATED
Restructuring and Related Costs Included in Consolidated Results
(unaudited)
(in millions, except per share amounts)
Three Months Ended June 30,
------------------------------------------------------
2017 2016 2017 2016 2017 2016
----------------- ----------------- ------------------
Cost of goods
sold S&A expense Total
----------------- ----------------- ------------------
Restructuring costs $ 3.2 $ 2.2 $ 1.6 $ 1.5 $ 4.8 $ 3.7
Restructuring related
costs 0.1 1.2 1.5 1.5 1.6 2.7
----------- --- ----------------- ------------------
Restructuring and
related costs (non-GAAP
measure) ((1)) $ 3.3 $ 3.4 $ 3.1 $ 3.0 $ 6.4 $ 6.4
----------------- ----------------- ------------------
Six Months Ended June 30,
------------------------------------------------------
2017 2016 2017 2016 2017 2016
----------------- ----------------- ------------------
Cost of goods
sold S&A expense Total
----------------- ----------------- ------------------
Restructuring costs $ 7.4 $ 4.0 $ 2.8 $ 5.5 $ 10.2 $ 9.5
Restructuring related
costs 0.8 1.6 3.7 2.0 4.5 3.6
----------------- ----------------- ------------------
Restructuring and
related costs (non-GAAP
measure) ((1)) $ 8.2 $ 5.6 $ 6.5 $ 7.5 $ 14.7 $ 13.1
----------------- ----------------- ------------------
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- --------------------
2017 2016 2017 2016
---------- ---------- ---------- ---------
Restructuring and related costs
included in Cost of goods sold
Electrical $ 2.6 $ 3.1 $ 7.0 $ 5.3
Power 0.7 0.3 1.2 0.3
---------- ---------- ---------- ---------
Total $ 3.3 $ 3.4 $ 8.2 $ 5.6
---------- ---------- ---------- ---------
Restructuring and related costs
included in Selling & administrative
expenses
Electrical $ 2.4 $ 2.4 $ 4.9 $ 6.5
Power 0.7 0.6 1.6 1.0
---------- ---------- ---------- ---------
Total $ 3.1 $ 3.0 $ 6.5 $ 7.5
---------- ---------- ---------- ---------
Impact on income before income taxes $ 6.4 $ 6.4 $ 14.7 $ 13.1
Impact on Net income available to
Hubbell common shareholders 4.3 4.3 10.0 8.9
Impact on Diluted earnings per share $ 0.08 $ 0.08 $ 0.18 $ 0.16
HUBBELL INCORPORATED
Earnings Per Share
(unaudited)
(in millions, except per share amounts)
Three Months Ended June 30, Six Months Ended June 30,
------------------------------ -------------------------------
2017 2016 Change 2017 2016 Change
---------- ---------- -------- ----------- ----------- -------
Net income
attributable to
Hubbell (GAAP
measure) $ 79.1 $ 81.0 (2 )% $ 141.9 $ 141.9 - %
Restructuring
and related
costs, net of
tax 4.3 4.3 10.0 8.9
---------- ---------- ----------- -----------
Adjusted Net
Income ((1)) $ 83.4 $ 85.3 (2 )% $ 151.9 $ 150.8 1 %
---------- ---------- ----------- -----------
Numerator:
Net income
attributable to
Hubbell (GAAP
measure) $ 79.1 $ 81.0 $ 141.9 $ 141.9
Less: Earnings
allocated to
participating
securities (0.3 ) (0.2 ) (0.5 ) (0.4 )
---------- ---------- ----------- -----------
Net income
available to
common
shareholders
(GAAP measure)
[a] $ 78.8 $ 80.8 (2 )% $ 141.4 $ 141.5 - %
---------- ---------- ----------- -----------
Adjusted Net
Income( (1)) $ 83.4 $ 85.3 $ 151.9 $ 150.8
Less: Earnings
allocated to
participating
securities (0.3 ) (0.3 ) (0.5 ) (0.5 )
---------- ---------- ----------- -----------
Adjusted net
income available
to common
shareholders
((1)) [b] $ 83.1 $ 85.0 (2 )% $ 151.4 $ 150.3 1 %
---------- ---------- ----------- -----------
Denominator:
Average number
of common shares
outstanding [c] 54.8 55.3 55.0 55.8
Potential
dilutive shares 0.3 0.3 0.3 0.2
---------- ---------- ----------- -----------
Average number
of diluted
shares
outstanding [d] 55.1 55.6 55.3 56.0
---------- ---------- ----------- -----------
Earnings per
share (GAAP
measure):
Basic [a] / [c] $ 1.44 $ 1.46 $ 2.57 $ 2.54
Diluted [a] /
[d] $ 1.43 $ 1.45 (1 )% $ 2.56 $ 2.53 1 %
Adjusted
earnings per
diluted share(
(1)) [b] / [d] $ 1.51 $ 1.53 (1 )% $ 2.74 $ 2.69 2 %
Full Year 2017
------------------
Earnings per diluted share (GAAP measure) $5.40 - $5.60
Restructuring and related costs $0.30
------------------
Adjusted earnings per diluted share ((1)) $5.70 - $5.90
------------------
HUBBELL INCORPORATED
Segment Information
(unaudited)
(in millions)
Hubbell
Incorporated Three Months Ended June 30, Six Months Ended June 30,
-------------------------------- -----------------------------------
2017 2016 Change 2017 2016 Change
----------- ----------- -------- ------------- ------------- -------
Net Sales [a] $ 948.3 $ 908.8 4 % $ 1,800.6 $ 1,743.6 3 %
Operating
Income
GAAP measure
[b] $ 130.6 $ 132.1 (1 )% $ 234.7 $ 234.0 - %
Restructuring
and related
costs 6.4 6.4 14.7 13.1
----------- ----------- ------------- -------------
Adjusted
operating
income ((1))
[c] $ 137.0 $ 138.5 (1 )% $ 249.4 $ 247.1 1 %
----------- ----------- ------------- -------------
Operating
margin
GAAP measure -70 -40
[b] / [a] 13.8 % 14.5 % bps 13.0 % 13.4 % bps
Adjusted
operating
margin ((1)) -80 -30
[c] / [a] 14.4 % 15.2 % bps 13.9 % 14.2 % bps
Electrical
segment Three Months Ended June 30, Six Months Ended June 30,
-------------------------------- -----------------------------------
2017 2016 Change 2017 2016 Change
----------- ----------- -------- ------------- ------------- -------
Net Sales [a] $ 656.4 $ 641.4 2 % $ 1,243.9 $ 1,224.1 2 %
Operating
Income
GAAP measure
[b] $ 71.0 $ 77.1 (8 )% $ 121.0 $ 132.5 (9 )%
Restructuring
and related
costs 5.0 5.5 11.9 11.8
----------- ----------- ------------- -------------
Adjusted
operating
income ((1))
[c] $ 76.0 $ 82.6 (8 )% $ 132.9 $ 144.3 (8 )%
----------- ----------- ------------- -------------
Operating
margin
GAAP measure -120 -110
[b] / [a] 10.8 % 12.0 % bps 9.7 % 10.8 % bps
Adjusted
operating
margin ((1)) -130 -110
[c] / [a] 11.6 % 12.9 % bps 10.7 % 11.8 % bps
Power segment Three Months Ended June 30, Six Months Ended June 30,
-------------------------------- -------------------------------
2017 2016 Change 2017 2016 Change
----------- ----------- -------- ----------- ----------- -------
Net Sales [a] $ 291.9 $ 267.4 9 % $ 556.7 $ 519.5 7 %
Operating
Income
GAAP measure
[b] $ 59.6 $ 55.0 8 % $ 113.7 $ 101.5 12 %
Restructuring
and related
costs 1.4 0.9 2.8 1.3
----------- ----------- ----------- -----------
Adjusted
operating
income ((1))
[c] $ 61.0 $ 55.9 9 % $ 116.5 $ 102.8 13 %
----------- ----------- ----------- -----------
Operating
margin
GAAP measure -20 +90
[b] / [a] 20.4 % 20.6 % bps 20.4 % 19.5 % bps
Adjusted
operating
margin ((1)) +110
[c] / [a] 20.9 % 20.9 % 0 bps 20.9 % 19.8 % bps
HUBBELL INCORPORATED
Additional Non-GAAP Financial Measures
(unaudited)
(in millions)
Ratios of Total Debt to Total Capital and Net Debt to Total Capital
June 30, 2017 December 31, 2016
------------------- --------------------
Total Debt $ 1,095.2 $ 993.7
Total Hubbell Shareholders' Equity 1,592.3 1,592.8
------------------- --------------------
Total Capital $ 2,687.5 $ 2,586.5
------------------- --------------------
Total Debt to Total Capital 41 % 38 %
Less: Cash and Investments $ 438.6 $ 505.2
------------------- --------------------
Net Debt ((2)) $ 656.6 $ 488.5
------------------- --------------------
Net Debt to Total Capital ((2)) 24 % 19 %
Free Cash Flow Reconciliation
Three Months Ended Six Months Ended June
June 30, 30,
--------------------- ----------------------
2017 2016 2017 2016
---------- ---------- ----------- ----------
Net cash provided by operating
activities ((a)) $ 69.1 $ 64.3 $ 132.1 $ 126.6
Less: Capital expenditures (19.4 ) (14.6 ) (33.0 ) (29.9 )
---------- ---------- ----------- ----------
Free cash flow( (3)) $ 49.7 $ 49.7 $ 99.1 $ 96.7
---------- ---------- ----------- ----------
((a)) Comparable period has been recast to reflect the adoption of the new
accounting pronouncement for share-based payment (ASU 2016-09) as of January
1, 2017.
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, adjusted operating margin, adjusted net
income, adjusted net income available to common shareholders, and adjusted
earnings per diluted share, each of which excludes restructuring and related
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 costs may include severance and employee benefits,
asset impairments, as well as facility closure, contract termination and certain
pension costs that are directly related to restructuring actions. Restructuring-
related costs 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.
Each of the adjusted operating measures, which exclude the impact of
restructuring and related costs, are non-GAAP measures. Reconciliations of each
of these adjusted operating measures to the most directly comparable GAAP
measure can be found in the tables within this press release.
((2)) Net debt to total capital is a non-GAAP measure and we believe is a useful
measure 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 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.
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: 25.07.2017 - 13:30 Uhr
Sprache: Deutsch
News-ID 553793
Anzahl Zeichen: 41760
contact information:
Town:
Shelton
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 213 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Hubbell Reports Second Quarter Results; Net Sales of $948 Million and Earnings Per Diluted Share of $1.43 Including $0.08 of Restructuring and Related Costs"
steht unter der journalistisch-redaktionellen Verantwortung von
Hubbell Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
