Why Hubbell (HUBB) Shares Are Soaring Today - Hubbell (NYSE:HUBB)

Hubbell Inc HUBB shares are soaring Tuesday morning following its beat-and-raise quarterly results.
HUBB reported net sales of $1.29 billion in the first quarter of FY23, up 11.2% year-over-year. Revenue beat the consensus of $1.25 billion.
Recent investments in the capacity and productivity of the electronic components manufacturer contributed to higher production levels in Q1 and improved operational efficiency.
Gross profit jumped 38.7% Y/Y to $448.3 million, while gross margin expanded to 34.9%.
Adjusted operating margin in the first quarter expanded 680 basis points to 20.7%, driven primarily by price realization, lower raw material costs, and improved productivity.
Adjusted EPS jumped 70.3% to $3.61 in the quarter under review, beating the consensus of $2.47.
Cash and equivalents by the end of March 2023 stood at $447 million.
Outlook: For FY23, the company raised its adjusted EPS guidance from $11.00-$11.50 to $13.00-$13.50 versus the Street view of $11.32.
Hubbell anticipates FY23 total sales growth of 8%-10% and organic net sales growth of 7-9%, as compared to FY22 net sales of $4.95 billion. Earlier, the company expected sales growth of 5%-7% and organic sales growth of 4% - 6%.
Price Action: HUBB shares are trading higher by 11.4% at $258.95 on the last check Tuesday.
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Why Hubbell Shares Are Soaring Today