Stock Analysis on Net

Hubbell Inc. (NYSE:HUBB)

$22.49

This company has been moved to the archive! The financial data has not been updated since November 1, 2023.

Adjustments to Financial Statements

Microsoft Excel

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Adjustments to Current Assets

Hubbell Inc., adjusted current assets

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Current assets
Adjustments
Add: Allowance for doubtful accounts
Add: Excess of FIFO over LIFO cost basis1
After Adjustment
Adjusted current assets

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).

1 Excess of FIFO over LIFO cost basis. See details »


The financial data indicates a general upward trend in both current assets and adjusted current assets for the periods observed.

Current Assets
The current assets show minor fluctuations between 2018 and 2020, with values moving from approximately 1,643,700 thousand US dollars in 2018 to 1,587,600 thousand US dollars in 2020. However, a notable increase is observed starting in 2021, where current assets rise to 1,879,300 thousand US dollars, continuing to grow to 2,021,400 thousand US dollars in 2022. This indicates improving liquidity and asset management in the more recent years.
Adjusted Current Assets
Adjusted current assets follow a similar pattern but at a consistently higher level than current assets, suggesting the inclusion of additional adjustments or valuations. Values increase moderately from 1,730,300 thousand US dollars in 2018 to 1,687,400 thousand US dollars in 2020. Thereafter, a clearer upward trajectory is seen with a jump to 2,026,800 thousand US dollars in 2021 and a further rise to 2,222,700 thousand US dollars in 2022. This strengthens the indication of improved asset quality or valuation adjustments contributing positively to the financial position.

Overall, the data suggests an improvement in liquidity and asset base strength beginning around 2021, reflecting potentially effective operational or financial strategies implemented during that period.


Adjustments to Total Assets

Hubbell Inc., adjusted total assets

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Total assets
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Add: Allowance for doubtful accounts
Add: Excess of FIFO over LIFO cost basis2
Less: Non-current tax assets (included in Other long-term assets)3
After Adjustment
Adjusted total assets

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).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Excess of FIFO over LIFO cost basis. See details »

3 Non-current tax assets (included in Other long-term assets). See details »


Total assets
The total assets of the company demonstrated a steady upward trend over the five-year period. Starting from approximately 4.87 billion US dollars at the end of 2018, the assets increased marginally to about 4.90 billion in 2019. This upward trajectory continued with a more pronounced increment in 2020, reaching around 5.09 billion. Following this, total assets further rose to 5.28 billion in 2021 and 5.40 billion in 2022. The consistent growth in total assets suggests expanding asset base and possibly increasing operational scale or investments.
Adjusted total assets
The adjusted total assets also showed an increasing pattern over the same period, with values initially higher than the reported total assets each year. In 2018, adjusted total assets were approximately 5.05 billion US dollars, slightly above the reported total assets. However, a slight decrease occurred in 2019 to about 4.99 billion, indicating a possible adjustment or revaluation impacting the asset base. From 2020 onwards, adjusted total assets resumed growth, reaching roughly 5.18 billion in 2020, 5.42 billion in 2021, and 5.60 billion in 2022. This trend reflects ongoing asset revaluation or adjustments that slightly elevate the asset base beyond the book values reported as total assets.

Adjustments to Current Liabilities

Hubbell Inc., adjusted current liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Current liabilities
Adjustments
Less: Current contract liabilities, deferred revenue
Less: Accrued warranties current
After Adjustment
Adjusted current liabilities

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).


Current Liabilities
The current liabilities exhibit a consistent upward trend over the five-year period from 2018 to 2022. Starting at 839,300 thousand US dollars in 2018, the figure rises slightly to 844,900 thousand in 2019. This is followed by a more significant increase to 948,200 thousand in 2020 and continued growth in subsequent years, reaching 1,065,200 thousand in 2021 and further to 1,088,500 thousand in 2022. This trend indicates a steady increase in the company's short-term obligations.
Adjusted Current Liabilities
The adjusted current liabilities also show a consistent increase over the same period, albeit at slightly lower levels than the unadjusted current liabilities. Beginning at 778,100 thousand US dollars in 2018, the adjusted figure grows steadily each year: 789,900 thousand in 2019, 888,600 thousand in 2020, 1,011,800 thousand in 2021, and 1,022,500 thousand in 2022. Similar to current liabilities, adjusted current liabilities demonstrate a clear upward trajectory with modest increases year-over-year.
Overall Trends and Insights
Both current liabilities and adjusted current liabilities follow a parallel increasing pattern, suggesting that the adjustments made do not substantially alter the overall liability trend. The incremental increases, particularly noticeable from 2019 to 2021, may reflect operational expansion, increased short-term financing, or rising operational costs. The slower growth rate from 2021 to 2022 could indicate a stabilization phase. The consistent rise in both metrics may warrant further analysis of the company’s liquidity management and short-term financial health to ensure sustainable operations amid increasing obligations.

Adjustments to Total Liabilities

Hubbell Inc., adjusted total liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Total liabilities
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Non-current tax liabilities2
Less: Contract liabilities, deferred revenue
Less: Accrued warranties
Less: Accrued liabilities for restructuring actions
After Adjustment
Adjusted total liabilities

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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Non-current tax liabilities. See details »


Total liabilities

Total liabilities exhibited a relatively stable trend over the five-year period, fluctuating modestly between approximately 2.94 billion and 3.07 billion US dollars. The value started at around 3.07 billion in 2018, decreased slightly to 2.94 billion in 2019, then increased gradually to just above 3.04 billion by 2021, before slightly declining again to approximately 3.03 billion by the end of 2022.

Adjusted total liabilities

Adjusted total liabilities followed a similar pattern, starting at 2.91 billion US dollars in 2018 and decreasing to approximately 2.69 billion in 2019. It then showed a steady increase through 2020 and 2021, peaking near 2.84 billion, before trending slightly downward again to about 2.82 billion at the end of 2022.

General observations

Both total and adjusted liabilities demonstrate moderate volatility but remain broadly consistent without significant upward or downward shifts. The adjusted total liabilities consistently register below the total liabilities, indicating some form of adjustment or reclassification that reduces the overall liability figure. Overall, the data suggests a relatively stable liability profile over the observed period, with minor fluctuations that do not suggest any material changes in leverage or risk as represented by liability levels.


Adjustments to Stockholders’ Equity

Hubbell Inc., adjusted total Hubbell Incorporated shareholders’ equity

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Total Hubbell Incorporated shareholders’ equity
Adjustments
Less: Net deferred tax asset (liability)1
Add: Allowance for doubtful accounts
Add: Excess of FIFO over LIFO cost basis2
Add: Contract liabilities, deferred revenue
Add: Accrued warranties
Add: Accrued liabilities for restructuring actions
Add: Noncontrolling interest
After Adjustment
Adjusted total equity

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).

1 Net deferred tax asset (liability). See details »

2 Excess of FIFO over LIFO cost basis. See details »


The annual financial data reveals an overall upward trend in both the total shareholders’ equity and the adjusted total equity over the five-year period from 2018 to 2022.

Total Hubbell Incorporated shareholders’ equity
This figure consistently increased each year, starting at 1,780,600 thousand USD at the end of 2018 and reaching 2,360,900 thousand USD by the end of 2022. The growth appears steady and incremental, indicating a stable improvement in the company’s net worth attributable to equity holders over the period analyzed.
Adjusted total equity
The adjusted total equity also displayed a continuous increase annually, from 2,140,500 thousand USD in 2018 to 2,780,100 thousand USD in 2022. The adjusted figures are consistently higher than the reported total shareholders’ equity, suggesting adjustments that likely include factors such as unrealized gains, reserves, or other comprehensive income components.

Overall, the sustained increase in both equity measures suggests strengthening financial health and a growing capital base. The growth rates suggest effective capital management and possibly profitable retention of earnings or capital injections over time. This positive trajectory could enhance investors’ confidence and provide a solid foundation for future financial stability and operational expansion.


Adjustments to Capitalization Table

Hubbell Inc., adjusted capitalization table

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Short-term debt and current portion of long-term debt
Long-term debt, excluding current portion
Total reported debt
Total Hubbell Incorporated shareholders’ equity
Total reported capital
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Current operating lease liabilities2
Add: Non-current operating lease liabilities3
Adjusted total debt
Adjustments to Equity
Less: Net deferred tax asset (liability)4
Add: Allowance for doubtful accounts
Add: Excess of FIFO over LIFO cost basis5
Add: Contract liabilities, deferred revenue
Add: Accrued warranties
Add: Accrued liabilities for restructuring actions
Add: Noncontrolling interest
Adjusted total equity
After Adjustment
Adjusted total capital

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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities. See details »

3 Non-current operating lease liabilities. See details »

4 Net deferred tax asset (liability). See details »

5 Excess of FIFO over LIFO cost basis. See details »


The financial data over the five-year period reveals several notable trends in the company's capital structure and shareholder equity.

Total Reported Debt
The total reported debt decreased overall from 1,793,200 thousand USD at the end of 2018 to 1,442,600 thousand USD by the end of 2022. There was a consistent downward trend, with a few minor fluctuations, indicating a reduction in debt burden over the period.
Total Reported Shareholders’ Equity
Shareholders’ equity showed a steady increase, rising from 1,780,600 thousand USD in 2018 to 2,360,900 thousand USD in 2022. This upward progression suggests strengthening equity and potential retained earnings growth or capital injections during the timeframe.
Total Reported Capital
The total reported capital, which is the sum of debt and equity, remained relatively stable, slightly increasing from 3,573,800 thousand USD in 2018 to 3,803,500 thousand USD in 2022, reflecting the combined movements in debt reduction and equity growth.
Adjusted Total Debt
The adjusted total debt followed a similar pattern to total reported debt, reducing from 1,892,035 thousand USD in 2018 to 1,558,000 thousand USD in 2022, albeit with a temporary increase in 2020. This adjustment indicates a cautious approach to leverage, with an emphasis on lowering debt levels over time.
Adjusted Total Equity
Adjusted total equity increased steadily, from 2,140,500 thousand USD in 2018 to 2,780,100 thousand USD in 2022. The consistent growth in adjusted equity reinforces the trend of improving financial stability and possibly reflects accumulated profits or reinvestment strategies.
Adjusted Total Capital
The adjusted total capital showed a generally stable to slightly increasing trend over the period, rising from 4,032,535 thousand USD in 2018 to 4,338,100 thousand USD in 2022. This indicates an overall balanced approach to managing capital resources with moderate expansion.

In summary, the data highlights a deliberate reduction in debt accompanied by incremental growth in equity, resulting in a steady, balanced increase in total and adjusted capital. This pattern suggests an improving financial position with potentially enhanced solvency and reduced financial risk over the evaluated five years.


Adjustments to Revenues

Hubbell Inc., adjusted net sales

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Net sales
Adjustment
Add: Increase (decrease) in contract liabilities, deferred revenue
After Adjustment
Adjusted net sales

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
The net sales demonstrated variability over the five-year period. There was an initial increase from approximately 4.48 billion USD in 2018 to about 4.59 billion USD in 2019. This was followed by a decline in 2020, with net sales falling to roughly 4.19 billion USD, indicating a significant dip likely influenced by external factors. In 2021, net sales remained relatively stable compared to 2020, experiencing a marginal increase. The year 2022 saw a notable recovery, with net sales increasing to nearly 4.95 billion USD, surpassing the sales figures of all prior years in the dataset.
Adjusted Net Sales
Adjusted net sales closely mirrored the trend observed in net sales throughout the period. Beginning at approximately 4.50 billion USD in 2018, adjusted net sales experienced a small increase to about 4.59 billion USD in 2019, followed by a notable decline in 2020 to around 4.19 billion USD. The years 2020 and 2021 show relatively stable adjusted net sales values, with a slight decrease in 2021 compared to 2020. The adjusted net sales rebounded substantially in 2022, reaching almost 5.0 billion USD, indicating a recovery and growth beyond the levels recorded in previous years.
Overall Trends and Insights
Both net sales and adjusted net sales show similar patterns, with growth in the early period, a significant decline in 2020, and a recovery phase leading to higher sales in 2022. The dip in 2020 may likely reflect macroeconomic challenges or market disruptions, while the recovery phase suggests a strong rebound and possibly improved operational performance or favorable market conditions. The close alignment between net sales and adjusted net sales implies limited adjustments or anomalies affecting the reported sales figures.

Adjustments to Reported Income

Hubbell Inc., adjusted net income attributable to Hubbell Incorporated

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Net income attributable to Hubbell Incorporated
Adjustments
Add: Deferred income tax expense (benefit)1
Add: Increase (decrease) in allowance for doubtful accounts
Add: Increase (decrease) in LIFO reserve2
Add: Increase (decrease) in contract liabilities, deferred revenue
Add: Increase (decrease) in accrued warranties
Add: Increase (decrease) in accrued liabilities for restructuring actions
Less: Income from discontinued operations, net of tax
Add: Other comprehensive income (loss)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest
After Adjustment
Adjusted net income

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).

1 Deferred income tax expense (benefit). See details »

2 Increase (decrease) in LIFO reserve. See details »


Net Income Attributable to Hubbell Incorporated
The net income shows an overall upward trend over the five-year period. It increased from 360,200 thousand US dollars in 2018 to 545,900 thousand US dollars in 2022. There was a noticeable dip in 2020 to 351,200 thousand, which could indicate challenges faced during that year, followed by a recovery to 399,500 thousand in 2021 and a significant rise in 2022.
Adjusted Net Income
The adjusted net income follows a somewhat similar pattern but starts higher in 2018 at 515,900 thousand US dollars compared to the net income for the same year. There is a marked decline to 356,800 thousand in 2020, paralleling the dip seen in the net income figure. Subsequent years show recovery, with adjusted net income reaching 541,300 thousand in 2022, slightly below the 2018 figure but close to the net income level for 2022.
Analysis of Trends
Both net income and adjusted net income reveal a period of volatility around 2020, which may be attributed to external economic factors. After this dip, the company demonstrated strong financial recovery in 2021 and 2022. The adjusted net income appears more variable, starting significantly higher in 2018 but also showing a larger drop in 2019 and 2020 before rebounding. By 2022, both metrics converge near the same high level, indicating improved profitability and possibly operational efficiency or successful adjustments to underlying earnings.