Hubbell sees FY24 adjusted EPS $16.00-$16.50, consensus $16.42

For the full year 2024, Hubbell anticipates total sales growth of 8-10%, FY24 revenue consensus $5.8B. Closed acquisitions, net of the pending divestiture of residential lighting, are anticipated to contribute approximately 5% to total sales growth. Hubbell expects 2024 GAAP diluted earnings per share from continuing operations in the range of $14.40 to $14.90 and adjusted diluted earnings per share from continuing operations in the range of $16.00 to $16.50. Adjusted EPS excludes amortization of acquisition-related intangible assets, which the Company expects to be approximately $1.60 per share for the full year. The diluted earnings per share and Adjusted EPS ranges are based on an adjusted tax rate of approximately 22.5% and include approximately $0.25 of anticipated restructuring and related investment. The Company expects full year 2024 free cash flow of approximately $800 million.