Hubbell Guides FY EPS to $17.25-$17.55, Above Consensus
HUBB sits 24% above its 52-week low of $403.82.
Summary
Hubbell issued full-year EPS guidance of $17.25 to $17.55, a range that likely exceeds current analyst expectations. The company reported Q2 results that beat estimates and raised its annual profit forecast. This is the first forward-looking profit target since the $3B NSI Industries acquisition was announced in May. The guidance suggests management sees the deal as accretive and the core business performing well. The financing for NSI was completed in June with a $1.9B notes offering and a $900M term loan, so the balance sheet is set. The stock may react positively as the market prices in the higher earnings outlook.
At the time of this announcement, HUBB was trading at $502.00 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $26.3B. The 52-week trading range was $403.82 to $565.50. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.