Hubbell(US:HUBB) GlobeNewswire News Roomยท2024-10-29 11:30Financial Performance - Q3 2024 diluted EPS of $4 05, adjusted diluted EPS of $4 49, up 14% YoY [1] - Q3 2024 net sales increased 5% YoY, with organic sales down 1% and net M&A contributing 6% [1] - Q3 2024 operating margin at 21 1%, adjusted operating margin at 23 2%, up 180 bps YoY [1] - Full-year 2024 diluted EPS outlook raised to $14 20-$14 40, adjusted diluted EPS outlook raised to $16 35-$16 55 [1][4] Segment Performance - Utility Solutions segment Q3 2024 net sales increased 11% YoY to $933M, with organic sales down 4% and acquisitions adding 15% [3] - Utility Solutions segment Q3 2024 operating income at $211M (22 6% margin), adjusted operating income at $236M (25 3% margin) [3] - Electrical Solutions segment Q3 2024 net sales decreased to $510M, with organic sales up 3% and divestiture reducing sales by 8% [3] - Electrical Solutions segment Q3 2024 operating income at $93M (18 3% margin), adjusted operating income at $99M (19 4% margin) [3] Cash Flow & Balance Sheet - Q3 2024 net cash from operating activities at $227M, free cash flow at $189M [3] - Full-year 2024 free cash flow expected to be approximately $800M [4] - Total debt to total capital ratio at 38% as of September 30, 2024, down from 43% at December 31, 2023 [33] Market Trends & Strategy - Utility customers investing in transmission, substation, and grid protection to accommodate load growth and renewable energy integration [2] - Telecom markets remained weak in Q3 2024, while utility distribution markets reflected customer inventory normalization [2] - Company positioned to benefit from grid modernization and electrification megatrends [2]