Hubbell(US:HUBB)2025-10-29 12:11Financial Performance - Net income for the three months ended September 30, 2025, was $256.7 million, an increase of 12.7% compared to $227.8 million for the same period in 2024[9]. - Comprehensive income attributable to Hubbell Incorporated for the three months ended September 30, 2025, was $259.5 million, up from $246.2 million in 2024, reflecting a growth of 5.4%[9]. - For the nine months ended September 30, 2025, net income reached $666.7 million, representing a 13.9% increase from $585.3 million in 2024[10]. - Basic earnings per share for the three months ended September 30, 2025, were $4.80, up from $4.46 in the same period of 2024, reflecting a growth of 7.6%[19]. - Net income attributable to Hubbell Incorporated for the three months ended September 30, 2025, was $255.5 million, compared to $226.2 million for the same period in 2024, representing an increase of 12.9%[76]. - Basic earnings per share for the three months ended September 30, 2025, was $4.80, up from $4.21 in 2024, reflecting a growth of 14.0%[76]. - Nine-month net income available to common shareholders for 2025 was $661.8 million, compared to $579.7 million in 2024, marking an increase of 14.2%[76]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to $7,526.9 million, a significant increase from $6,847.7 million at the end of 2024[13]. - Total liabilities as of September 30, 2025, were $3,833.9 million, up from $3,437.1 million at the end of 2024, reflecting a rise of 11.5%[13]. - Total current assets as of September 30, 2025, were $2,790.0 million, with total liabilities of $3,833.9 million[20]. - Total current liabilities increased significantly to $2,054.3 million from $1,274.2 million, reflecting a 61.0% rise[13]. - Long-term debt decreased to $1,044.8 million from $1,442.7 million, a reduction of 27.6%[13]. - The carrying value of long-term debt as of September 30, 2025, was $1,444.5 million, slightly up from $1,442.7 million on December 31, 2024[96]. - Non-current liabilities increased to $734.8 million as of September 30, 2025, compared to $720.2 million at December 31, 2024, reflecting a rise of 2.9%[68]. Cash Flow and Operating Activities - The company reported a net cash provided by operating activities of $582.3 million for the nine months ended September 30, 2025, compared to $558.8 million in 2024, indicating a 4.2% increase[15]. - The company reported a net cash provided by operating activities of $558.8 million for the nine months ended September 30, 2024[20]. - The company reported a net cash used in financing activities of $42.6 million for the nine months ended September 30, 2025, significantly improved from $476.4 million in 2024[15]. Acquisitions and Investments - The company made acquisitions totaling $129.1 million during the nine months ended September 30, 2025, compared to a net cash inflow of $5.9 million from acquisitions in 2024[15]. - The company acquired Alliance USAcqCo 2, Inc. (Ventev) for approximately $73 million, recognizing intangible assets of $34.5 million and goodwill of $40.0 million[29]. - In the third quarter of 2025, the company acquired Nicor, Inc. for approximately $56 million, with recognized intangible assets of $18.6 million and goodwill of $26.4 million[30]. - The company completed the acquisition of DMC Power for approximately $825 million on October 1, 2025, financed through a $600 million unsecured term loan and commercial paper[34][35]. Inventory and Accounting Changes - The change in inventory accounting method from LIFO to FIFO resulted in a cumulative effect adjustment increasing inventory by $167.1 million as of January 1, 2024[19]. - Total inventories increased to $1,053.7 million as of September 30, 2025, up from $1,010.4 million at December 31, 2024, representing a growth of approximately 4.3%[61]. Equity and Dividends - The company’s total equity as of September 30, 2025, was $3,693.0 million[20]. - Total equity increased to $3,681.3 million as of September 30, 2025, up from $3,396.2 million at December 31, 2024, indicating a growth of 8.4%[70]. - Cash dividends declared per share were $2.64 for the nine months ended September 30, 2025, totaling $141.2 million[70]. Segment Performance - Total net sales for the three months ended September 30, 2025, were $1,502.4 million, an increase from $1,442.6 million in the same period of 2024, representing a growth of 4.2%[46]. - Utility Solutions segment net sales for the three months ended September 30, 2025, were $943.8 million, slightly up from $933.1 million in 2024, while Electrical Solutions segment net sales increased to $558.6 million from $509.5 million[46]. - The Company reported a gross profit of $544.3 million for the three months ended September 30, 2025, compared to $506.0 million in 2024, reflecting a gross margin improvement[58]. - Operating income for the three months ended September 30, 2025, was $330.6 million, up from $312.7 million in the same period of 2024, indicating a year-over-year increase of 5.0%[58]. Pension and Benefits - The net periodic benefit cost for pension and other benefits for the nine months ended September 30, 2025, was $14.4 million, compared to $10.6 million in 2024, indicating a rise of 36.0%[78]. - The net periodic benefit cost for pension and other benefits for Q3 2025 was $4.7 million, an increase from $3.4 million in Q3 2024, indicating a 38.2% rise[78]. - Interest cost for pension benefits increased to $26.4 million for the nine months ended September 30, 2025, compared to $25.0 million in 2024[78]. - The company contributed $20.0 million to its U.S. qualified plans and $1.4 million to foreign pension plans during the nine months ended September 30, 2025[79]. Legal and Contingencies - The Company recognized a liability for contingencies that are probable of occurrence and can be reasonably estimated, reflecting ongoing legal proceedings[97].