Hubbell Incorporated reported strong financial performance for the third quarter and the first nine months of 2024, with net sales reaching $1,442.6 million for the three months ended September 30, 2024, a 4.9% increase from $1,375.8 million in the same period of 2023. For the nine months, net sales totaled $4,294.2 million, up 6.6% from $4,027.1 million in the prior year. The growth was driven by acquisitions, particularly in the Utility Solutions segment, which saw net sales of $933.1 million in Q3 2024, an 11.3% increase compared to Q3 2023.
Gross profit for Q3 2024 was $497.1 million, slightly up from $487.4 million in Q3 2023, while gross profit for the nine months increased to $1,453.5 million from $1,431.9 million. However, the gross profit margin contracted to 34.5% in Q3 2024 from 35.4% in Q3 2023, primarily due to higher material costs and intangible amortization expenses.
Operating income for Q3 2024 rose to $303.8 million, compared to $276.3 million in Q3 2023, reflecting an operating margin of 21.1%. For the nine months, operating income was $833.5 million, up from $812.9 million in the previous year. Net income for Q3 2024 was $221.0 million, a 9.4% increase from $202.0 million in Q3 2023, while net income for the nine months decreased slightly to $585.3 million from $593.6 million.
The company’s strategic developments included several acquisitions in the Utility Solutions segment, contributing to a 9% increase in consolidated net sales. Notably, the acquisition of Systems Control in Q4 2023 played a significant role in this growth. Conversely, the divestiture of the residential lighting business resulted in a 3% decline in consolidated net sales.
Hubbell's cash and cash equivalents increased to $435.7 million as of September 30, 2024, up from $336.1 million at the end of 2023. The company reported total current assets of $2,319.1 million, compared to $2,167.2 million at the end of 2023. Long-term debt decreased to $1,640.3 million from $2,023.2 million, reflecting significant principal repayments.
Restructuring costs increased significantly, totaling $11.0 million for the nine months ended September 30, 2024, compared to $3.4 million in the same period of 2023. The company continues to focus on optimizing its operations and enhancing shareholder value through strategic acquisitions and effective capital allocation.
About HUBBELL INC
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