Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Hubbell Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Net sales	1,375,800)	1,365,900)	1,285,400)	1,219,600)	1,316,200)	1,256,000)	1,156,100)	1,100,100)	1,083,400)	1,054,300)	956,300)	1,037,900)	1,108,600)	949,200)	1,090,300)	1,103,300)	1,204,000)	1,196,400)	1,087,300)	1,144,100)	1,179,700)	1,166,700)	991,200)
Cost of goods sold	(888,400)	(869,700)	(837,100)	(852,800)	(917,700)	(872,800)	(833,000)	(810,200)	(782,300)	(756,000)	(694,100)	(752,200)	(779,000)	(668,700)	(776,800)	(777,300)	(842,000)	(839,000)	(780,000)	(823,500)	(830,700)	(818,800)	(708,300)
Gross profit	487,400)	496,200)	448,300)	366,800)	398,500)	383,200)	323,100)	289,900)	301,100)	298,300)	262,200)	285,700)	329,600)	280,500)	313,500)	326,000)	362,000)	357,400)	307,300)	320,600)	349,000)	347,900)	282,900)
Selling & administrative expenses	(211,100)	(208,400)	(199,500)	(194,800)	(194,900)	(192,600)	(180,200)	(155,600)	(155,200)	(156,100)	(152,300)	(165,900)	(166,700)	(149,000)	(194,700)	(190,100)	(189,100)	(190,500)	(186,400)	(184,000)	(185,200)	(191,000)	(183,300)
Operating income	276,300)	287,800)	248,800)	172,000)	203,600)	190,600)	142,900)	134,300)	145,900)	142,200)	109,900)	119,800)	162,900)	131,500)	118,800)	135,900)	172,900)	166,900)	120,900)	136,600)	163,800)	156,900)	99,600)
Interest expense, net	(7,800)	(9,200)	(9,700)	(11,700)	(12,100)	(12,700)	(13,100)	(13,300)	(13,600)	(12,600)	(15,200)	(14,500)	(15,000)	(15,700)	(15,100)	(17,700)	(17,000)	(17,200)	(17,500)	(17,900)	(18,400)	(18,800)	(17,300)
Gain (loss) on disposition of business	—)	—)	—)	—)	—)	—)	—)	—)	(100)	(6,800)	—)	—)	—)	—)	—)	—)	21,700)	—)	—)	—)	—)	—)	—)
Loss on extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	(16,800)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Pension charge	—)	—)	—)	(1,100)	(1,500)	(4,400)	—)	—)	—)	—)	—)	(1,000)	(6,600)	—)	—)	14,400)	—)	(22,900)	—)	—)	—)	—)	—)
Investment income	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,500)	—)	—)	—)	100)	—)	—)	—)
Other income (expense), net	(3,500)	(4,800)	(4,100)	(2,400)	800)	2,500)	3,600)	2,900)	800)	500)	1,200)	(2,700)	(2,300)	(2,800)	(3,800)	(3,200)	(9,600)	(3,200)	(5,400)	(4,100)	(2,900)	(4,100)	(6,500)
Other expense	(11,300)	(14,000)	(13,800)	(15,200)	(12,800)	(14,600)	(9,500)	(10,400)	(12,900)	(35,700)	(14,000)	(18,200)	(23,900)	(18,500)	(18,900)	(5,000)	(4,900)	(43,300)	(22,900)	(21,900)	(21,300)	(22,900)	(23,800)
Income from continuing operations before income taxes	265,000)	273,800)	235,000)	156,800)	190,800)	176,000)	133,400)	123,900)	133,000)	106,500)	95,900)	101,600)	139,000)	113,000)	99,900)	130,900)	168,000)	123,600)	98,000)	114,700)	142,500)	134,000)	75,800)
Provision for income taxes	(63,000)	(65,600)	(51,600)	(32,900)	(38,800)	(38,900)	(29,600)	(22,600)	(27,500)	(16,900)	(21,200)	(19,000)	(30,400)	(23,900)	(24,200)	(27,800)	(35,400)	(25,700)	(24,200)	(25,500)	(27,800)	(31,600)	(16,000)
Net income from continuing operations	202,000)	208,200)	183,400)	123,900)	152,000)	137,100)	103,800)	101,300)	105,500)	89,600)	74,700)	82,600)	108,600)	89,100)	75,700)	103,100)	132,600)	97,900)	73,800)	89,200)	114,700)	102,400)	59,800)
Income (loss) from discontinued operations, net of tax	—)	—)	—)	(18,300)	(11,200)	(13,600)	77,700)	18,100)	5,000)	7,000)	4,400)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income	202,000)	208,200)	183,400)	105,600)	140,800)	123,500)	181,500)	119,400)	110,500)	96,600)	79,100)	82,600)	108,600)	89,100)	75,700)	103,100)	132,600)	97,900)	73,800)	89,200)	114,700)	102,400)	59,800)
Net income attributable to noncontrolling interest	(1,900)	(1,400)	(1,500)	(1,000)	(1,700)	(1,500)	(1,300)	(1,800)	(2,100)	(800)	(1,400)	(1,700)	(1,500)	(900)	(700)	(1,200)	(1,900)	(1,900)	(1,500)	(1,200)	(1,100)	(2,100)	(1,500)
Net income attributable to Hubbell Incorporated	200,100)	206,800)	181,900)	104,600)	139,100)	122,000)	180,200)	117,600)	108,400)	95,800)	77,700)	80,900)	107,100)	88,200)	75,000)	101,900)	130,700)	96,000)	72,300)	88,000)	113,600)	100,300)	58,300)

The quarterly financial data reveals several important trends concerning sales, profitability, expenses, and income over the examined periods.

Net Sales: Net sales demonstrate a general upward trend with fluctuations. There was growth from early 2018 through 2019, reaching a peak around mid-2019. A decline is noticed during 2020, likely impacted by external factors, before sales steadily increased again from 2021 onward, attaining record highs in 2023.
Cost of Goods Sold (COGS): Costs closely track the fluctuations in net sales, increasing and decreasing in tandem. Initially rising through 2019, costs dropped sharply during the 2020 downturn, then steadily climbed thereafter. The growth rate in COGS post-2020 is somewhat slower relative to sales, improving gross margins.
Gross Profit: Gross profit shows a pattern consistent with sales and COGS trends, though with greater volatility. After expanding through 2018 and 2019, gross profit dipped notably in 2020. However, it rebounded strongly in 2021 and continued to grow, reaching the highest quarterly values observed in the most recent periods.
Selling & Administrative Expenses: These expenses remained relatively stable from 2018 to early 2020 but experienced a marked drop in the second quarter of 2020. From that point onward, expenses generally increased, returning to and surpassing pre-2020 levels by 2023, indicating possible investments in operations or inflationary pressures.
Operating Income: Operating income exhibits volatility reflecting changes in gross profit and operating expenses. It peaked at several points across the timeline, notably during mid-2018, late 2019, and markedly in 2023. The dip in 2020 is visible but followed by a strong recovery and growth, implying operational resilience and improved profitability.
Interest Expense, Net: Interest expense trends downward over time, declining steadily from 2018 through 2023. This trend reduces financial burden, contributing positively to net results.
Other Income and Expenses: The data on other income shows variability with occasional gains and losses from business dispositions, debt extinguishment, pension charges, and miscellaneous income or expenses. Notable is a significant gain on business disposition in 2019 and some pension charges fluctuating over the periods. Other expenses tend to be consistently negative but without extreme variation.
Income Before Taxes and Provision for Income Taxes: Income before taxes mirrors operating income trends but is smoothed slightly by other financial components. It dropped during 2020, consistent with overall downturns, then increased significantly by 2023. The provision for income taxes follows a similar pattern, rising alongside pre-tax income, reaching peak levels in 2023.
Net Income and Net Income Attributable to Hubbell Incorporated: Net income, inclusive of discontinued operations, fluctuates notably, with a downturn in 2020 followed by strong recovery and growth through 2023. The net income attributable to the company closely parallels total net income, indicating that the majority of earnings are retained by the parent entity. The reported income from discontinued operations is intermittently positive but relatively minor in comparison to continuing operations.
Summary of Overall Financial Performance: The financial data exhibits cyclical fluctuations influenced by market conditions impacting net sales and costs, with a pronounced downturn during 2020, likely related to broader economic disruptions. Recovery since then has been robust, showing improving profitability margins and efficient expense management. The decline in interest expense supports stronger bottom-line results. The company has demonstrated resilience and capacity for growth, returning to and exceeding pre-2020 profitability levels by 2023.

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Hubbell Inc. (NYSE:HUBB)

Income Statement Quarterly Data

Income Statement
Quarterly Data