Hubbell Reports Third Quarter Results; Net Sales of $951 Million and Earnings Per Diluted Share of $1.47 Including $0.11 of Refinancing Costs
(Thomson Reuters ONE) -
* Q3 Net sales up 5% (organic +4%, acquisitions +1%)
* Q3 Adjusted diluted EPS((1)) of $1.65, excluding:
* Loss on early extinguishment of debt ($0.11)
* Restructuring and related costs ($0.07)
* New three-year share repurchase authorization of up to $400 million
* Raise and narrow FY 2017 diluted EPS expected range to $5.40 to $5.50
SHELTON, CT. (October 24, 2017) - Hubbell Incorporated (NYSE: HUBB) today
reported operating results for the third quarter ended September 30, 2017. Net
sales in the third quarter of 2017 were $951 million, an increase of 5% compared
to the $907 million reported in the third quarter of 2016. Operating income in
the quarter was up 8% to $146 million as compared to $136 million in the same
period of 2016. Excluding restructuring and related costs in both periods,
adjusted operating income was $152 million in the third quarter of 2017,
compared to $142 million in the third quarter of 2016 ((1)). The Company
refinanced and redeemed $300 million of Senior Notes due in 2018 and recognized
a $10 million loss in connection with the early extinguishment. The effective
tax rate in the third quarter of 2017 was 33% compared to 29% in the comparable
period of 2016. Net income attributable to Hubbell in the third quarter of 2017
was $81 million compared to $87 million reported in the comparable period of
2016.
Excluding the loss on debt extinguishment in the third quarter of 2017 and
restructuring and related costs in both periods, adjusted net income
attributable to Hubbell was $91 million in the third quarter of 2017, compared
to $91 million in the third quarter of 2016( (1)). Earnings per diluted share
for the third quarter of 2017 were $1.47 compared to $1.56 reported in the third
quarter of 2016. Excluding the loss on debt extinguishment in the third quarter
of 2017 and restructuring and related costs in both periods, adjusted earnings
per diluted share were $1.65 in the third quarter of 2017, compared to $1.63 in
the third quarter of 2016( (1)). Net cash provided from operating activities
was $97 million in the third quarter of 2017 versus $143 million in the
comparable period of 2016. Free cash flow (defined as cash flow from operating
activities less capital expenditures) was $76 million in the third quarter of
2017 versus $127 million in the comparable period of 2016 ((3)).
For the first nine months of 2017 net sales were $2.8 billion, an increase of
4% compared to the same period of the prior year. Operating income was $381
million compared to $370 million for the comparable period of 2016. Excluding
restructuring and related costs in both periods, adjusted operating income for
the first nine months of 2017 was $402 million, compared to $389 million for the
comparable period of 2016 ((1)). Net income attributable to Hubbell was $223
million in the first nine months of 2017 compared to $229 million for the
comparable period of 2016. Earnings per diluted share for the first nine months
of 2017 were $4.02 compared to $4.08 reported for the first nine months of
2016. Excluding the loss on debt extinguishment in the third quarter of 2017 and
restructuring and related costs in both periods, adjusted earnings per diluted
share for the first nine months of 2017 were $4.39 compared with $4.31 for the
comparable period of 2016( (1)). Net cash provided from operating activities
was $229 million for the first nine months of 2017 versus $269 million in the
comparable period of 2016. Free cash flow was $175 million compared to $223
million reported in the first nine months of 2016 ((3)).
OPERATIONS REVIEW
"We saw strong sales and margin performance in the third quarter, and we took
advantage of favorable capital markets to refinance some of our debt," said
David G. Nord, Chairman, President and Chief Executive Officer. "Hubbell's
organic sales growth of 4% was led by Power, which grew 8% fueled by domestic
T&D markets and storm-related sales. Expansion of oil markets contributed to
double digit growth in our Harsh & Hazardous business. Growth in non-residential
markets decelerated modestly from what we saw earlier in the year; for Lighting
markets specifically, unit growth was offset by continued price pressure.
Residential markets were flat, and core industrial markets remained sluggish,
weighed down by declines in heavy industry.
"Cost discipline and productivity are ongoing focus areas, while our
restructuring program continues to yield incremental and recurring savings
across the Company. As a result, Hubbell's adjusted operating margin of 16% in
the quarter reflected year-over-year expansion in both segments," Mr. Nord
stated. "Remediation efforts at Lighting have been successful at addressing
restructuring-driven inefficiencies, and we believe these issues are largely
behind us. Production is flowing, service levels have improved, and distribution
costs have stabilized." Mr. Nord added, "Our margin also absorbed our R&D
investment in the Internet of Things via iDevices. Customers have reacted very
favorably to the anticipated inclusion of iDevices' smart technology into our
products and solutions."
Mr. Nord concluded, "Our balance sheet remains healthy and, in the quarter, we
refinanced $300 million of Senior Notes due next year at a lower interest rate.
In addition, last week, our Board of Directors approved an increase of 10% in
our quarterly cash dividend and authorized a new three-year share repurchase
program of up to $400 million of Common Stock."
SEGMENT REVIEW
The comments and year-over-year comparisons in this segment review are based on
third quarter results in 2017 and 2016.
Electrical segment net sales in the third quarter of 2017 increased 3% to $654
million compared to $635 million reported in the third quarter of 2016. Organic
sales grew 2% in the quarter while acquisitions added 1%. Operating income was
$86 million, or 13.1% of net sales, compared to $81 million, or 12.7% of net
sales, in the same period of 2016. Excluding restructuring and related costs,
adjusted operating income was $90 million, or 13.8% of net sales compared to $86
million, or 13.6% of net sales in the same period of 2016( (1)). The increases
in adjusted operating income and adjusted operating margin were primarily due to
savings from cost actions and the benefit of the higher volumes, partially
offset by the impact of recent acquisitions and a net headwind from price and
cost increases in excess of productivity gains ((1)).
Power segment net sales in the third quarter of 2017 increased 9% to $297
million compared to $273 million reported in the third quarter of 2016. Organic
sales grew 8% while acquisitions added 1% to net sales in the quarter. Compared
to the third quarter of 2016, operating income increased 10% to $61 million, and
was up 30 basis points to 20.5% of net sales. Excluding restructuring and
related costs, adjusted operating income was $62 million, or 20.9% of net sales
compared to $56 million, or 20.5% of net sales in the same period of 2016 ((1)).
The increases in adjusted operating income and adjusted operating margin were
primarily due to productivity gains in excess of cost increases and higher
volume, partially offset by price and material cost headwinds.
SUMMARY & OUTLOOK
For the full year 2017, Hubbell continues to expect end market growth in the
range of 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 2% to 3% for T&D and Industrial, 4% to 5% for
residential, and 2% to 4% for non-residential and oil and gas markets.
The Company now expects 2017 diluted earnings per share in the range of $5.40 to
$5.50. This expectation includes restructuring and related costs of
approximately $0.30 and refinancing costs of $0.11. Hubbell continues to expect
free cash flow to equal net income in 2017.
"The strong operating performance in the third quarter gives us confidence to
raise and tighten our earnings outlook for 2017. Recent organic growth combined
with margin traction bodes well as we turn to 2018." Mr. Nord added, "Next year,
we expect end markets to grow approximately 2% to 4% in the aggregate, with
consistency across markets. In addition to top line growth, we expect tailwinds
resulting from the recent refinancing, lower spend and incremental savings from
restructuring, and the absence of Lighting's restructuring-driven
inefficiencies. Despite anticipated pricing challenges at Lighting and rising
commodity costs, we are targeting to report double digit EPS growth in 2018."
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 Nine Months Ended
September 30, September 30,
----------------------- --------------------------
2017 2016 2017 2016
----------- ----------- ------------- ------------
Net sales $ 950.5 $ 907.4 $ 2,751.1 $ 2,651.0
Cost of goods sold 643.6 618.7 1,887.7 1,808.9
----------- ----------- ------------- ------------
Gross profit 306.9 288.7 863.4 842.1
Selling & administrative
expenses 160.5 152.7 482.3 472.1
----------- ----------- ------------- ------------
Operating income 146.4 136.0 381.1 370.0
Operating income as a % of
Net sales 15.4 % 15.0 % 13.9 % 14.0 %
Interest expense, net (11.6 ) (11.6 ) (34.3 ) (31.9 )
Loss on extinguishment of
debt (10.1 ) - (10.1 ) -
Other income (expense), net (1.1 ) (0.3 ) (5.5 ) (5.6 )
----------- ----------- ------------- ------------
Total other expense, net (22.8 ) (11.9 ) (49.9 ) (37.5 )
Income before income taxes 123.6 124.1 331.2 332.5
Provision for income taxes 40.8 36.0 103.7 100.4
----------- ----------- ------------- ------------
Net income 82.8 88.1 227.5 232.1
Less: Net income
attributable to
noncontrolling interest 2.0 1.4 4.8 3.5
----------- ----------- ------------- ------------
Net income attributable to
Hubbell $ 80.8 $ 86.7 $ 222.7 $ 228.6
----------- ----------- ------------- ------------
Earnings Per Share:
Basic $ 1.47 $ 1.56 $ 4.05 $ 4.10
Diluted $ 1.47 $ 1.56 $ 4.02 $ 4.08
Cash dividends per common
share $ 0.70 $ 0.63 $ 2.10 $ 1.89
HUBBELL INCORPORATED
Condensed Consolidated Balance Sheets
(unaudited)
(in millions)
September December
30, 2017 31, 2016
---------------- --------------
ASSETS
Cash and cash equivalents $ 386.4 $ 437.6
Short-term investments 13.6 11.2
Accounts receivable, net 615.1 530.0
Inventories, net 623.6 532.4
Other current assets 46.3 40.1
---------------- --------------
TOTAL CURRENT ASSETS 1,685.0 1,551.3
Property, plant and equipment, net 449.1 439.8
Investments 56.5 56.4
Goodwill 1,063.5 991.0
Intangible assets, net 437.1 431.5
Other long-term assets 52.0 55.0
---------------- --------------
TOTAL ASSETS $ 3,743.2 $ 3,525.0
---------------- --------------
LIABILITIES AND EQUITY
Short-term debt $ 93.8 $ 3.2
Accounts payable 349.4 291.6
Accrued salaries, wages and employee benefits 79.3 82.8
Accrued insurance 59.8 55.8
Other accrued liabilities 158.3 156.2
---------------- --------------
TOTAL CURRENT LIABILITIES 740.6 589.6
Long-term debt 986.7 990.5
Other non-current liabilities 348.2 341.7
---------------- --------------
TOTAL LIABILITIES 2,075.5 1,921.8
Hubbell Shareholders' Equity 1,656.0 1,592.8
Noncontrolling interest 11.7 10.4
---------------- --------------
TOTAL EQUITY 1,667.7 1,603.2
---------------- --------------
TOTAL LIABILITIES AND EQUITY $ 3,743.2 $ 3,525.0
---------------- --------------
HUBBELL INCORPORATED
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Nine Months Ended
September 30,
----------------------
2017 2016
----------- ----------
Cash Flows From Operating Activities
Net income attributable to Hubbell $ 222.7 $ 228.6
Depreciation and amortization 76.0 68.6
Stock-based compensation expense 11.9 13.1
Deferred income taxes 4.2 4.3
Loss on extinguishment of debt 10.1 -
Changes in working capital (86.6 ) (64.4 )
Contributions to defined benefit pension plans (1.3 ) (1.4 )
Other, net (8.4 ) 20.4
----------- ----------
Net cash provided by operating activities 228.6 269.2
----------- ----------
Cash Flows From Investing Activities
Capital expenditures (53.2 ) (45.8 )
Acquisition of businesses, net of cash acquired (110.3 ) (172.5 )
Net change in investments (1.0 ) (4.3 )
Other, net 2.9 3.3
----------- ----------
Net cash used in investing activities (161.6 ) (219.3 )
----------- ----------
Cash Flows From Financing Activities
Long-term debt borrowings, net (2.4 ) 397.0
Short-term debt borrowings, net 90.7 (47.7 )
Payment of dividends (115.5 ) (105.1 )
Repurchase of common shares (92.6 ) (246.8 )
Make whole payment for the retirement of long term debt (9.9 ) -
Other, net (10.2 ) (11.7 )
----------- ----------
Net cash used by financing activities (139.9 ) (14.3 )
----------- ----------
Effect of foreign exchange rate changes on cash and cash
equivalents 21.7 (14.6 )
----------- ----------
(Decrease) increase in cash and cash equivalents (51.2 ) 21.0
Cash and cash equivalents
Beginning of period 437.6 343.5
----------- ----------
End of period $ 386.4 $ 364.5
----------- ----------
HUBBELL INCORPORATED
Restructuring and Related Costs Included in Consolidated Results
(unaudited)
(in millions, except per share amounts)
Three Months Ended September 30,
--------------------------------------------------------
2017 2016 2017 2016 2017 2016
------------------- ----------------- ------------------
Cost of goods
sold S&A expense Total
------------------- ----------------- ------------------
Restructuring costs $ 2.2 $ 4.2 $ 1.1 $ 0.3 $ 3.3 $ 4.5
Restructuring related
costs 0.5 0.1 2.0 1.3 2.5 1.4
------------ --- ----------------- ------------------
Restructuring and
related costs (non-
GAAP measure) ((1)) $ 2.7 $ 4.3 $ 3.1 $ 1.6 $ 5.8 $ 5.9
------------------- ----------------- ------------------
Nine Months Ended September 30,
--------------------------------------------------------
2017 2016 2017 2016 2017 2016
------------------- ----------------- ------------------
Cost of goods
sold S&A expense Total
------------------- ----------------- ------------------
Restructuring costs $ 9.6 $ 8.3 $ 3.9 $ 5.6 $ 13.5 $ 13.9
Restructuring related
costs 1.3 1.8 5.7 3.3 7.0 5.1
------------------- ----------------- ------------------
Restructuring and
related costs (non-
GAAP measure) ((1)) $ 10.9 $ 10.1 $ 9.6 $ 8.9 $ 20.5 $ 19.0
------------------- ----------------- ------------------
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- --------------------
2017 2016 2017 2016
---------- ----------- ---------- ---------
Restructuring and related costs
included in Cost of goods sold
Electrical $ 2.4 $ 4.2 $ 9.4 $ 9.4
Power 0.3 0.1 1.5 0.7
---------- ----------- ---------- ---------
Total $ 2.7 $ 4.3 $ 10.9 $ 10.1
---------- ----------- ---------- ---------
Restructuring and related costs
included in Selling &
administrative expenses
Electrical $ 2.3 $ 1.0 $ 7.2 $ 7.3
Power 0.8 0.6 2.4 1.6
---------- ----------- ---------- ---------
Total $ 3.1 $ 1.6 $ 9.6 $ 8.9
---------- ----------- ---------- ---------
Impact on income before income
taxes $ 5.8 $ 5.9 $ 20.5 $ 19.0
Impact on Net income available to
Hubbell common shareholders 3.9 4.0 13.9 12.9
Impact on Diluted earnings per
share $ 0.07 $ 0.07 $ 0.26 $ 0.23
HUBBELL INCORPORATED
Earnings Per Share
(unaudited)
(in millions, except per share amounts)
Three Months Ended September Nine Months Ended September
30, 30,
------------------------------ -------------------------------
2017 2016 Change 2017 2016 Change
---------- ---------- -------- ----------- ----------- -------
Net income
attributable to
Hubbell (GAAP
measure) $ 80.8 $ 86.7 (7 )% $ 222.7 $ 228.6 (3 )%
Restructuring
and related
costs, net of
tax 3.9 4.0 13.9 12.9
Loss on
extinguishment
of debt, net of
tax 6.3 - 6.3 -
---------- ---------- ----------- -----------
Adjusted Net
Income ((1)) $ 91.0 $ 90.7 - % $ 242.9 $ 241.5 1 %
---------- ---------- ----------- -----------
Numerator:
Net income
attributable to
Hubbell (GAAP
measure) $ 80.8 $ 86.7 $ 222.7 $ 228.6
Less: Earnings
allocated to
participating
securities (0.3 ) (0.3 ) (0.7 ) (0.7 )
---------- ---------- ----------- -----------
Net income
available to
common
shareholders
(GAAP measure)
[a] $ 80.5 $ 86.4 (7 )% $ 222.0 $ 227.9 (3 )%
---------- ---------- ----------- -----------
Adjusted Net
Income( (1)) $ 91.0 $ 90.7 $ 242.9 $ 241.5
Less: Earnings
allocated to
participating
securities (0.3 ) (0.3 ) (0.8 ) (0.7 )
---------- ---------- ----------- -----------
Adjusted net
income available
to common
shareholders
((1)) [b] $ 90.7 $ 90.4 - % $ 242.1 $ 240.8 1 %
---------- ---------- ----------- -----------
Denominator:
Average number
of common shares
outstanding [c] 54.6 55.3 54.9 55.6
Potential
dilutive shares 0.3 0.2 0.3 0.2
---------- ---------- ----------- -----------
Average number
of diluted
shares
outstanding [d] 54.9 55.5 55.2 55.8
---------- ---------- ----------- -----------
Earnings per
share (GAAP
measure):
Basic [a] / [c] $ 1.47 $ 1.56 $ 4.05 $ 4.10
Diluted [a] /
[d] $ 1.47 $ 1.56 (6 )% $ 4.02 $ 4.08 (1 )%
Adjusted
earnings per
diluted share(
(1)) [b] / [d] $ 1.65 $ 1.63 1 % $ 4.39 $ 4.31 2 %
HUBBELL INCORPORATED
Segment Information
(unaudited)
(in millions)
Hubbell Three Months Ended September
Incorporated 30, Nine Months Ended September 30,
-------------------------------- -----------------------------------
2017 2016 Change 2017 2016 Change
----------- ----------- -------- ------------- ------------- -------
Net Sales [a] $ 950.5 $ 907.4 5 % $ 2,751.1 $ 2,651.0 4 %
Operating
Income
GAAP measure
[b] $ 146.4 $ 136.0 8 % $ 381.1 $ 370.0 3 %
Restructuring
and related
costs 5.8 5.9 20.5 19.0
----------- ----------- ------------- -------------
Adjusted
operating
income ((1))
[c] $ 152.2 $ 141.9 7 % $ 401.6 $ 389.0 3 %
----------- ----------- ------------- -------------
Operating
margin
GAAP measure +40 -10
[b] / [a] 15.4 % 15.0 % bps 13.9 % 14.0 % bps
Adjusted
operating
margin ((1)) +40 -10
[c] / [a] 16.0 % 15.6 % bps 14.6 % 14.7 % bps
Electrical Three Months Ended September
segment 30, Nine Months Ended September 30,
-------------------------------- -----------------------------------
2017 2016 Change 2017 2016 Change
----------- ----------- -------- ------------- ------------- -------
Net Sales [a] $ 654.0 $ 634.6 3 % $ 1,897.9 $ 1,858.7 2 %
Operating
Income
GAAP measure
[b] $ 85.6 $ 80.9 6 % $ 206.6 $ 213.5 (3 )%
Restructuring
and related
costs 4.7 5.2 16.6 16.7
----------- ----------- ------------- -------------
Adjusted
operating
income ((1))
[c] $ 90.3 $ 86.1 5 % $ 223.2 $ 230.2 (3 )%
----------- ----------- ------------- -------------
Operating
margin
GAAP measure +40 -60
[b] / [a] 13.1 % 12.7 % bps 10.9 % 11.5 % bps
Adjusted
operating
margin ((1)) +20 -60
[c] / [a] 13.8 % 13.6 % bps 11.8 % 12.4 % bps
Three Months Ended September Nine Months Ended September
Power segment 30, 30,
-------------------------------- -------------------------------
2017 2016 Change 2017 2016 Change
----------- ----------- -------- ----------- ----------- -------
Net Sales [a] $ 296.5 $ 272.8 9 % $ 853.2 $ 792.3 8 %
Operating
Income
GAAP measure
[b] $ 60.8 $ 55.1 10 % $ 174.5 $ 156.5 12 %
Restructuring
and related
costs 1.1 0.7 3.9 2.3
----------- ----------- ----------- -----------
Adjusted
operating
income ((1))
[c] $ 61.9 $ 55.8 11 % $ 178.4 $ 158.8 12 %
----------- ----------- ----------- -----------
Operating
margin
GAAP measure +30 +70
[b] / [a] 20.5 % 20.2 % bps 20.5 % 19.8 % bps
Adjusted
operating
margin ((1)) +40 +90
[c] / [a] 20.9 % 20.5 % bps 20.9 % 20.0 % 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, 2017 31, 2016
---------------- --------------
Total Debt $ 1,080.5 $ 993.7
Total Hubbell Shareholders' Equity 1,656.0 1,592.8
---------------- --------------
Total Capital $ 2,736.5 $ 2,586.5
---------------- --------------
Total Debt to Total Capital 39 % 38 %
Less: Cash and Investments $ 456.5 $ 505.2
---------------- --------------
Net Debt ((2)) $ 624.0 $ 488.5
---------------- --------------
Net Debt to Total Capital ((2)) 23 % 19 %
Free Cash Flow Reconciliation
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- ----------------------
2017 2016 2017 2016
---------- ----------- ----------- ----------
Net cash provided by operating
activities ((a)) $ 96.5 $ 142.6 $ 228.6 $ 269.2
Less: Capital expenditures (20.2 ) (15.9 ) (53.2 ) (45.8 )
---------- ----------- ----------- ----------
Free cash flow( (3)) $ 76.3 $ 126.7 $ 175.4 $ 223.4
---------- ----------- ----------- ----------
((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 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, and adjusted
earnings per diluted share, each of which exclude restructuring and related
costs as well as the loss on early extinguishment of long-term debt recognized
in the third quarter of 2017 from the redemption of all of our $300 million of
long-term notes that were scheduled to mature in 2018. 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 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: 24.10.2017 - 13:30 Uhr
Sprache: Deutsch
News-ID 564998
Anzahl Zeichen: 42399
contact information:
Town:
Shelton
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 173 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Hubbell Reports Third Quarter Results; Net Sales of $951 Million and Earnings Per Diluted Share of $1.47 Including $0.11 of Refinancing 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).
