Hubbell Incorporated, an electrical and electronic products manufacturing firm, announced on Tuesday its net income from continuous operations for the fourth quarter. The firm reported earnings of $171 million or $3.16 per share, a rise from last year's $122.9 million or $2.27 per share.
When isolating special items, the earnings from ongoing operations amounted to $199.1 million or $3.69 per share, surpassing the average projection of market analysts surveyed by Thomson-Reuters, who had forecasted earnings of $3.57 per share. It's worth noting that these estimates usually exclude any special items.
The company's sales for the quarter also improved, reaching $1.346 billion, up from last year's $1.219 billion. The consensus estimate for this was pegged at $1.32 billion.
Looking ahead to 2024, Hubbell is forecasting a sales growth of between 8 to 10 percent. The company predicts adjusted earnings per share from continued operations to fall between $16.00 and $16.50. On average, market analysts anticipate the firm to report earnings of $16.42 per share on a sales growth of 8.6 percent for the year.
