Hubbell Inc., an international manufacturer of electrical and electronic products, said its first quarter net sales jumped 10 percent compared to the same period last year.
The Shelton based company’s reported net sales in the first quarter of 2019 were $1.09 billion, up from $991 million in the first quarter of 2018.
Hubbell Chief Executive Officer David G. Nord said in an announcement, “Hubbell achieved another strong quarter of organic growth.”
“We remain disciplined on driving price to offset inflationary headwinds, while end markets overall continued to grow at a modest pace as expected,” he added.
According to Nord, the company saw particular strength in industrial, gas distribution, and electrical transmission and distribution areas.
“Hubbell’s first quarter results demonstrate a strong start to 2019 and set us up well to achieve our full year commitments,” Nord said.
Hubbell’s products have construction, industrial and utility applications. The company generated $4.5 billion in revenue in 2018.
The company also saw an increase in operating income in the first quarter of 2019 — $121 million, up from $100 million in Q1 for 2018.
In 2018, Hubbell acquired Aclara Technologies LLC, a global supplier of infrastructure solutions for electric, water and gas utilities.
According to Hubbell, when excluding Aclara transaction and related costs, adjusted operating income was $139 million in the first quarter of 2019, compared to $131 million in Q1 for 2018.
Net income attributable to Hubbell for the first quarter of 2019 was $72 million, up from $58 million in Q1 for 2018, according to the company.
As of Thursday, the company’s stock price had surged by 29 percent since the beginning of the year.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com
