Name: Hubbell Inc. (NYSE:HUBB) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

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Hubbell Inc., income statement, revenues

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Utility T&D Components	2,218,800)	1,679,800)	1,445,100)	—)	—)
Utility Communications and Controls	652,300)	654,600)	634,300)	—)	—)
Utility Solutions	2,871,100)	2,334,400)	2,079,400)	—)	—)
Electrical Products	902,400)	809,600)	663,900)	—)	—)
Connection and Bonding	608,700)	525,300)	430,200)	—)	—)
Industrial Controls	337,700)	257,800)	236,200)	—)	—)
Retail and Builder	228,000)	267,000)	272,800)	—)	—)
Electrical Solutions	2,076,800)	1,859,700)	1,603,100)	—)	—)
Net sales	4,947,900)	4,194,100)	3,682,500)	—)	—)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Net sales exhibited a consistent and accelerating upward trend between 2020 and 2022, increasing from $3.68 billion to $4.95 billion. This growth indicates a strong expansion in overall market demand across the company's primary operational segments.

Utility Solutions Performance: The Utility Solutions segment demonstrated significant growth, rising from $2.08 billion in 2020 to $2.87 billion in 2022. This expansion was primarily driven by Utility T&D Components, which experienced a substantial increase from $1.45 billion to $2.22 billion over the period. In contrast, Utility Communications and Controls remained stagnant, showing negligible variance across the three years.
Electrical Solutions Performance: Electrical Solutions showed steady growth, increasing from $1.60 billion in 2020 to $2.08 billion in 2022. This growth was supported by consistent gains in Electrical Products and Connection and Bonding. Industrial Controls also exhibited a positive trajectory, with a notable acceleration in revenue between 2021 and 2022. However, the Retail and Builder category followed a divergent path, experiencing a continuous decline from $272.8 million in 2020 to $228 million in 2022.
Revenue Concentration and Mix: A shift in the revenue mix is observable, with Utility Solutions increasing its relative contribution to total net sales. The Utility T&D Components line emerged as the primary engine of growth for the organization, outpacing all other sub-segments in both absolute and percentage terms, while the decline in Retail and Builder suggests a weakening position or strategic pivot away from that specific market.

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