FX.co ★ Hubbell Reports Higher Q4 Profit, Better Than Consensus

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.