(Reuters) – Electrical equipment maker Hubbell on Tuesday reported a better-than-expected profit for the first quarter, bolstered by strong demand from utilities for its smart meters and control devices used in power grids.
Hubbell has benefited from the electrification and modernization of the U.S. power grid. The improved availability of semiconductors that are used in its communication and control devices also helped boost sales.
Sales at Hubbell’s utility segment, which made up 61% of total revenues in 2023, increased 14% from a year earlier.
The Connecticut-based company reported a first-quarter adjusted profit of $3.60 per share, above analysts’ average expectations of $3.58 per share, according to LSEG data.
Revenue rose 8.8% to about $1.4 billion, slightly above estimates of $1.39 billion.
Hubbell maintained its 2024 adjusted profit per share forecast of $16 to $16.50.
