Hubbell Inc. Q4 FY2023 results: revenue $1.3 billion, up 10.3% on the year

Hubbell Inc. (HUBB) reported revenue of $1.3 billion for Q4 FY2023, the quarter ended 31 December 2023, up 10.3% on the same quarter a year earlier. Net income was $171 million, up 63.5% on the year, and diluted earnings per share $3.16. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2024.

Revenue$1.3 billionup 10.3%

Net income$171 millionup 63.5%

Diluted EPS$3.16

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,346	1,376	n/a	n/a
Cost of revenue	890	888	n/a	n/a
Gross profit	456	487	n/a	n/a
Gross margin	33.9%	35.4%	n/a
Selling, general and administrative	231	211	n/a	n/a
Operating income	226	276	n/a	n/a
Operating margin	16.8%	20.1%	n/a
Pre-tax income	210	265	n/a	n/a
Income tax	37.1	63.0	n/a	n/a
Effective tax rate	17.7%	23.8%	n/a
Net income	171	200	n/a	n/a
Net margin	12.7%	14.5%	n/a
Diluted EPS	$3.16	$3.70	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	346	194	n/a	n/a
Capital expenditure	61.9	34.9	n/a	n/a
Free cash flow	284	159	n/a	n/a
Free cash flow margin	21.1%	11.6%	n/a
Depreciation and amortisation	39.6	37.6	n/a	n/a
Share-based compensation	4.9	5.5	n/a	n/a
Buybacks	0.0	10.0	n/a	n/a
Dividend per share	n/a	$1.12	n/a	n/a
Diluted shares, weighted	54m	54m	n/a	n/a
Shares outstanding at period end	54m	54m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	6,914	5,768	n/a	n/a
Cash and equivalents	336	573	n/a	n/a
Receivables	785	853	n/a	n/a
Inventory	833	788	n/a	n/a
Goodwill	2,533	1,995	n/a	n/a
Long-term debt	2,038	1,440	n/a	n/a
Operating lease liabilities	119	108	n/a	n/a
Shareholders' equity	2,877	2,739	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026
Revenue	1,366	1,376	1,346	1,399	1,452	1,443	1,334	1,365	1,484	1,502	1,493	1,517
Cost of revenue	870	888	890	951	944	946	882	914	932	958	968	1,011
Gross profit	496	487	456	448	509	497	452	451	552	544	525	505
Gross margin	36%	35%	34%	32%	35%	34%	34%	33%	37%	36%	35%	33%
SG&A	208	211	231	219	208	193	192	212	216	214	214	242
Operating income	288	276	226	228	301	304	258	239	336	331	303	264
Operating margin	21%	20%	17%	16%	21%	21%	19%	18%	23%	22%	20%	17%
Pre-tax income	274	265	210	201	280	280	244	220	315	311	273	236
Tax rate	24%	24%	18%	26%	23%	21%	19%	22%	22%	17%	20%	23%
Net income	207	200	171	148	214	219	198	170	244	256	224	182
Net margin	15%	15%	13%	11%	15%	15%	15%	12%	16%	17%	15%	12%
Diluted EPS	$3.82	$3.70	$3.16	$2.73	$3.94	$4.05	$3.66	$3.15	$4.56	$4.77	$4.19	$3.41
Operating cash flow	228	194	346	92.2	240	227	432	37.4	261	284	448	86.6
Capital expenditure	35.5	34.9	61.9	40.3	33.9	38.2	68.0	26.0	39.9	30.5	58.7	40.6
Free cash flow	192	159	284	51.9	206	189	364	11.4	221	254	389	46.0
Buybacks	0.0	10.0	0.0	10.0	10.0	10.0	10.0	125	100	0.0	0.0	168
Shares outstanding	54m	54m	54m	54m	54m	54m	54m	53m	53m	53m	53m	53m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 8 February 2024, accession 0001628280-24-003792: the filing on EDGAR. All of Hubbell Inc.'s filings: EDGAR company page.

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