Hubbell's Q3 2024 Earnings: What to Expect

Shelton, Connecticut-based Hubbell Incorporated (HUBB) designs, manufactures, and sells electrical and utility solutions that help customers operate critical infrastructure safely, reliably, and efficiently. Valued at $24.5 billion by market cap, the company’s products include plugs, receptacles, connectors, lighting fixtures, high voltage test and measurement equipment, and voice and data signal processing components. The leading electrical products manufacturer is expected to announce its fiscal third-quarter earnings for 2024 on Tuesday, Oct. 29. 

Ahead of the event, analysts expect HUBB to report a profit of $4.47 per share on a diluted basis, up 13.2% from $3.95 per share in the year-ago quarter. The company beat the consensus estimates in three of the last four quarters while missing on one other occasion.

In the previous quarter, HUBB reported an EPS of $4.37, which surpassed the consensus estimate by 3.3%, thanks to significant growth in its Electrical Solutions segment and expansion in adjusted operating margin. 

For the current full year, ending December 2024, analysts expect HUBB to report EPS of $16.43, up 7.2% from $15.33 in fiscal 2023.

HUBB stock has outperformed the S&P 500’s ($SPX) 22.9% gains on a YTD basis, with shares up 40% during this period. It also outshined the Industrial Select Sector SPDR Fund’s (XLI) 22.2% gains over the same time frame.

Although HUBB missed revenue estimates, its shares rose more than 3% after releasing its Q2 earnings report on July 30. This gain was driven by the company’s raised full-year 2024 guidance, which was supported by expected improvements in organic growth and its ability to take advantage of grid modernization and electrification opportunities.

The consensus opinion on HUBB stock is bullish, with a “Moderate Buy” rating overall. Out of 10 analysts covering the stock, four advise a “Strong Buy” rating, and six suggest a “Hold” rating. This consensus is less bullish than a month ago, with five “Strong Buy” ratings. 

HUBB is currently trading above its average price target of $433.

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On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.