Hubbell gains on raising FY profit forecast

Hubbell

25/07/2023 15:02

** Shares of utility and electrical solutions manufacturer
Hubbell  HUBB.N  rise ~1% to $336.06 in morning trade 
    ** Co raises FY 2023 profit forecast, betting on easing cost
pressures including lower raw material expenses
    ** HUBB expects annual adjusted EPS between $14.75 and
$15.25 per share, compared with its previous forecast of $13.00
to $13.50
    ** "Continued execution on price, cost and productivity
provides solid visibility to an improved full year outlook," CEO
Gerben Bakker says
    ** However, company maintains its FY total sales forecast of
a growth of 8%-10%
    ** HUBB also beats Q2 profit estimates, but misses slightly
on revenue estimates, per Refinitiv
    ** As of last close, stock up 42.2% YTD vs 19.4% increase in
the S&P Composite 1500 Electrical Equipment  .SPCOMELQ  index

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))