Hubbell reports Q1 adjusted EPS $3.61, consensus $2.47

Reports Q1 revenue $1.285B, consensus $1.25B. "Hubbell is off to a strong start in 2023," said Gerben Bakker, Chairman, President and CEO. "Grid modernization and electrification continued to drive robust demand for Hubbell products and solutions, while our leading quality and service levels supported accelerated price realization in the quarter." Bakker continued, "Utility Solutions orders remained strong, leading to another quarter of backlog build as customers actively invest in grid hardening and resiliency initiatives, smart grid applications and broadband deployments. In Electrical Solutions, industrial end markets and strategic growth verticals highlighted by renewables were strong, while commercial markets were more modest, and the residential market remained soft as expected." Bakker concluded, "Recent investments in capacity and productivity contributed to higher production levels in the first quarter, as well as to improved operational efficiency. With strong financial results in the first quarter, Hubbell is well positioned to accelerate investments back into our businesses to meet the long-term needs of our customers while driving attractive returns for our shareholders."