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Hubbell Inc (HUBB-3.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Hubbell's two main segments: Utility Solutions and Electrical Solutions. Utility Solutions reported net sales of $3,600.7 million, a 10.4% increase from the previous year, while Electrical Solutions reported net sales of $2,027.8 million, a 3.9% decrease.
The report highlights a 4.7% overall increase in net sales to $5,628.5 million. The increase was driven by strategic acquisitions and favorable pricing, though offset by a decline in unit volume.
Operating income for the year was $1,091.6 million, reflecting a 19.4% operating margin. Adjusted operating income, which excludes certain costs, was $1,232.7 million, representing a 21.9% margin.
Hubbell's net income from continuing operations attributable to the company was $777.8 million, resulting in diluted earnings per share of $14.37. Adjusted net income from continuing operations was $896.8 million, or $16.57 per diluted share.
The company reported cash flow from operating activities of $991.2 million and free cash flow of $810.8 million. Capital expenditures for the year amounted to $180.4 million.
Hubbell completed several acquisitions in 2023, including Systems Control, Balestro, and EIG, which contributed to the increase in net sales and operating income.
The company also completed the sale of its residential lighting business in the first quarter of 2024, recording a pre-tax loss of $5.3 million on the sale.
Hubbell's board approved a new stock repurchase program authorizing the repurchase of up to $500 million of common stock, in addition to the remaining $260 million under the previous program.
The company maintains a strong balance sheet with total assets of $6,679.1 million and total equity of $3,282.7 million as of December 31, 2024.
Hubbell plans to continue focusing on its core business segments and strategic acquisitions to drive growth and shareholder value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hubbell Inc annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.