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Hubbell Inc HUBB

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Morningstar’s Analysis

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No Huge Surprises in Hubbell’s Second-Quarter Results as We Raise Our Fair Value Estimate by $1

Joshua Aguilar Equity Analyst

Analyst Note

| Joshua Aguilar |

Nothing in narrow-moat rated Hubbell’s latest second-quarter results materially alters our long-term view of the firm. While year-to-date outperformance relative to prior guidance prompted management to revise the guide, and us to raise our 2021 full-year revenue and earnings projections, these effects were more than offset by the implementation of our probability-adjusted U.S. tax rate of 26% in 2022 in our model. Nonetheless, we were pleased with the firm’s results. We raise our fair value estimate by $1, to $185 from $184 previously.

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Company Profile

Business Description

Hubbell is a diversified conglomerate industrial company that mostly competes in the electrical components market. Its products and services serve vital portions of the U.S. electrical supply chain, including transmission and distribution as well as the commercial, industrial, and residential end markets. The company organizes its business into two segments--electrical and power systems. The consolidated business sells about two thirds of its products via distributors, with the remainder sold via direct sales to utilities and contractors. The 2018 acquisition of Aclara, folded into the utility solutions segment, brought Hubbell a portfolio of smart meters and communication sensors that serves electrical, water, and gas utilities.

40 Waterview Drive
Shelton, CT, 06484
T +1 475 882-4000
Sector Industrials
Industry Electrical Equipment & Parts
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Classic Growth
Employees 19,500