HELTON, Conn. — Hubbell Incorporated reported operating results for the fourth quarter and full year ended December 31, 2018.
“Lighting markets were stronger than initially anticipated, primarily driven by strength in Residential, while C&I saw modest volume growth and overall Lighting price was slightly positive. In addition, acquisitions contributed 20 points to sales growth. We are encouraged by the continued strength in demand for Aclara’s products, with strong revenue performance in 2018 and a robust backlog and project pipeline,” said David G. Nord, Chairman, President and Chief Executive Officer.
“Hubbell achieved strong organic growth, earnings growth, and free cash flow in 2018, while also successfully integrating the largest acquisition in the Company’s history. Inflationary pressures, including tariffs, were a challenge, but we have exited the year with positive momentum and are committed to offsetting material cost inflation with price in 2019,” concluded Nord. “Looking forward, we are increasing our investment in footprint consolidation to accelerate benefits from operational efficiencies and cost reduction; as a result, we expect to double our restructuring and related investment to approximately $0.40 per year in each of 2019 and 2020. We are taking aggressive and decisive actions today to position Hubbell to outperform. With pricing and innovation initiatives, as well as productivity and cost takeout efforts, we are confident in our ability to get ahead of anticipated challenges, while remaining committed to producing quality products, providing reliable service for our customers, and deploying capital effectively.”
More information about the full company results can be found on tEDmag.com.
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