Selected Financial Data
since 2005
Income Statement
Hubbell Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating income | Net income attributable to Hubbell Incorporated |
|---|---|---|---|
| Dec 31, 2022 | 4,947,900) | 709,100) | 545,900) |
| Dec 31, 2021 | 4,194,100) | 532,300) | 399,500) |
| Dec 31, 2020 | 4,186,000) | 533,000) | 351,200) |
| Dec 31, 2019 | 4,591,000) | 596,600) | 400,900) |
| Dec 31, 2018 | 4,481,700) | 556,900) | 360,200) |
| Dec 31, 2017 | 3,668,800) | 503,700) | 243,100) |
| Dec 31, 2016 | 3,505,200) | 477,800) | 293,000) |
| Dec 31, 2015 | 3,390,400) | 474,600) | 277,300) |
| Dec 31, 2014 | 3,359,400) | 517,400) | 325,300) |
| Dec 31, 2013 | 3,183,900) | 507,600) | 326,500) |
| Dec 31, 2012 | 3,044,400) | 471,800) | 299,700) |
| Dec 31, 2011 | 2,871,600) | 423,800) | 267,900) |
| Dec 31, 2010 | 2,541,200) | 367,800) | 217,200) |
| Dec 31, 2009 | 2,355,600) | 294,700) | 180,100) |
| Dec 31, 2008 | 2,704,400) | 346,000) | 222,700) |
| Dec 31, 2007 | 2,533,900) | 299,400) | 208,300) |
| Dec 31, 2006 | 2,414,300) | 233,900) | 158,100) |
| Dec 31, 2005 | 2,104,900) | 226,800) | 165,100) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance of Hubbell Inc. from 2005 to 2022 is characterized by a sustained long-term expansion in both top-line revenue and bottom-line profitability, despite periodic macroeconomic volatility.
- Revenue Trajectory
- Net sales exhibited a general upward trend, growing from 2,104.9 million USD in 2005 to 4,947.9 million USD in 2022. A notable contraction occurred in 2009, where sales decreased to 2,355.6 million USD from the 2,704.4 million USD reported in 2008. Following this period, a consistent recovery began, highlighted by a significant surge between 2017 and 2018, when net sales rose from 3,668.8 million USD to 4,481.7 million USD. A temporary decline was observed in 2020, with sales falling to 4,186.0 million USD, before reaching a period high in 2022.
- Operating Efficiency
- Operating income mirrored the growth patterns of net sales but demonstrated an improvement in overall margin efficiency over the seventeen-year period. Operating income increased from 226.8 million USD in 2005 to 709.1 million USD in 2022. The operating margin expanded steadily during the first decade, rising from approximately 10.8% in 2005 to a peak of 15.5% in 2012. While growth remained relatively stable through 2021, a substantial increase in operating income was recorded in 2022, indicating strong operational leverage and cost management during the final year of the analyzed period.
- Net Profitability
- Net income attributable to Hubbell Incorporated grew from 165.1 million USD in 2005 to 545.9 million USD in 2022. This growth was not linear; a period of volatility is observed between 2014 and 2017, where net income declined from 325.3 million USD to 243.1 million USD despite rising net sales, suggesting an increase in non-operating expenses or tax burdens during that interval. A strong recovery followed, with net income climbing consistently from 2018 onward, peaking in 2022.
In summary, the company has successfully scaled its operations, more than doubling its annual revenue and tripling its net income over the analyzed timeframe. The resilience observed during the 2009 and 2020 downturns, coupled with the significant acceleration in earnings in 2022, indicates a robust capacity for growth and recovery.
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Balance Sheet: Assets
Hubbell Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 2,021,400) | 5,402,600) |
| Dec 31, 2021 | 1,879,300) | 5,281,500) |
| Dec 31, 2020 | 1,587,600) | 5,085,100) |
| Dec 31, 2019 | 1,574,200) | 4,903,000) |
| Dec 31, 2018 | 1,643,700) | 4,872,100) |
| Dec 31, 2017 | 1,604,100) | 3,720,600) |
| Dec 31, 2016 | 1,551,300) | 3,525,000) |
| Dec 31, 2015 | 1,387,800) | 3,208,700) |
| Dec 31, 2014 | 1,629,400) | 3,322,800) |
| Dec 31, 2013 | 1,632,400) | 3,187,200) |
| Dec 31, 2012 | 1,456,200) | 2,947,000) |
| Dec 31, 2011 | 1,353,500) | 2,846,500) |
| Dec 31, 2010 | 1,226,100) | 2,705,800) |
| Dec 31, 2009 | 917,900) | 2,464,500) |
| Dec 31, 2008 | 919,100) | 2,115,500) |
| Dec 31, 2007 | 788,000) | 1,863,400) |
| Dec 31, 2006 | 814,400) | 1,751,500) |
| Dec 31, 2005 | 820,100) | 1,667,000) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Between 2005 and 2022, a consistent expansion of the asset base is observed, with total assets increasing from 1.667 billion US$ to 5.403 billion US$. This growth reflects a long-term trajectory of scaling operations and capital accumulation over the seventeen-year period.
- Total Asset Trajectory
- Total assets exhibited a steady upward trend for the majority of the analyzed period. A notable acceleration occurred between 2017 and 2018, where total assets rose from 3.721 billion US$ to 4.872 billion US$, representing a significant one-year increase. Following this surge, growth continued at a more moderate but consistent pace, concluding the period at 5.403 billion US$.
- Current Asset Analysis
- Current assets grew from 820.1 million US$ in 2005 to 2.021 billion US$ in 2022. While the overall trend was positive, a temporary contraction was observed in 2015, when current assets declined to 1.388 billion US$ from 1.629 billion US$ in 2014. Recovery followed immediately, with a sustained climb through 2022, particularly accelerating after 2020.
- Asset Composition Shift
- The rate of growth for total assets exceeded that of current assets over the duration of the period. In 2005, current assets comprised approximately 49% of total assets; by 2022, this proportion shifted to approximately 37%. This indicates a strategic increase in the weight of non-current assets—such as fixed assets or intangible assets—relative to the company's liquid asset holdings.
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Balance Sheet: Liabilities and Stockholders’ Equity
Hubbell Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Total Hubbell Incorporated shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 1,088,500) | 3,032,000) | 1,442,600) | 2,360,900) |
| Dec 31, 2021 | 1,065,200) | 3,040,800) | 1,445,200) | 2,229,800) |
| Dec 31, 2020 | 948,200) | 2,999,700) | 1,590,000) | 2,070,000) |
| Dec 31, 2019 | 844,900) | 2,942,500) | 1,571,400) | 1,947,100) |
| Dec 31, 2018 | 839,300) | 3,073,200) | 1,793,200) | 1,780,600) |
| Dec 31, 2017 | 706,100) | 2,072,700) | 1,055,200) | 1,634,200) |
| Dec 31, 2016 | 589,600) | 1,921,800) | 993,700) | 1,592,800) |
| Dec 31, 2015 | 603,100) | 1,459,700) | 644,100) | 1,740,600) |
| Dec 31, 2014 | 499,200) | 1,387,100) | 599,000) | 1,927,100) |
| Dec 31, 2013 | 467,000) | 1,272,400) | 597,500) | 1,906,400) |
| Dec 31, 2012 | 447,400) | 1,279,100) | 596,700) | 1,661,200) |
| Dec 31, 2011 | 492,100) | 1,373,000) | 599,200) | 1,467,800) |
| Dec 31, 2010 | 445,000) | 1,242,300) | 597,700) | 1,459,200) |
| Dec 31, 2009 | 418,500) | 1,162,500) | 497,200) | 1,298,200) |
| Dec 31, 2008 | 425,000) | 1,107,400) | 497,400) | 1,008,100) |
| Dec 31, 2007 | 419,500) | 780,800) | 236,100) | 1,082,600) |
| Dec 31, 2006 | 382,300) | 736,000) | 220,200) | 1,015,500) |
| Dec 31, 2005 | 360,500) | 668,900) | 228,800) | 998,100) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial position from 2005 to 2022 reflects a substantial expansion in both total liabilities and shareholders' equity, indicating a significant increase in the scale of the capital structure.
- Liability Trends
- Current liabilities grew consistently from 360.5 million in 2005 to 1.088 billion in 2022. Total liabilities exhibited more pronounced growth cycles, with a notable increase in 2008 and a sharp escalation between 2017 and 2018, where obligations rose from 2.07 billion to 3.07 billion. Following this peak, total liabilities remained relatively stable, hovering around the 3 billion mark through 2022.
- Debt Obligations
- Total debt followed a stepped trajectory, characterized by periods of rapid increase followed by stabilization. An initial jump occurred in 2008, with debt increasing from 236.1 million in 2007 to 497.4 million. A subsequent surge peaked in 2018 at 1.79 billion. From 2019 onward, a gradual deleveraging trend is observed, with total debt decreasing to 1.44 billion by 2022.
- Shareholders' Equity
- Shareholders' equity demonstrated a long-term upward trend, increasing from 998.1 million in 2005 to 2.36 billion in 2022. While there were intermittent periods of decline—specifically in 2008 and between 2014 and 2016—the overall trajectory indicates a sustained accumulation of equity and a strengthening of the company's net worth over the seventeen-year period.
- Leverage and Solvency Analysis
- The leverage profile shifted significantly over the analyzed period. In 2005, total debt was relatively low compared to equity, representing approximately 23% of the equity base. By 2018, the leverage peaked as total debt nearly equaled shareholders' equity. By 2022, the debt-to-equity ratio improved to approximately 61%, suggesting a strategic shift toward reducing reliance on borrowed capital relative to equity while maintaining a significantly larger balance sheet than in the early 2000s.
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Cash Flow Statement
Hubbell Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 636,200) | 18,100) | (437,100) |
| Dec 31, 2021 | 513,700) | (72,100) | (433,000) |
| Dec 31, 2020 | 648,000) | (328,800) | (244,200) |
| Dec 31, 2019 | 591,600) | (128,900) | (471,000) |
| Dec 31, 2018 | 517,100) | (1,201,400) | 506,500) |
| Dec 31, 2017 | 379,000) | (245,600) | (214,300) |
| Dec 31, 2016 | 398,200) | (230,000) | (46,800) |
| Dec 31, 2015 | 331,100) | (249,200) | (371,100) |
| Dec 31, 2014 | 391,500) | (242,600) | (215,600) |
| Dec 31, 2013 | 381,800) | (151,100) | (130,900) |
| Dec 31, 2012 | 349,100) | (116,100) | (161,700) |
| Dec 31, 2011 | 335,000) | (86,500) | (198,300) |
| Dec 31, 2010 | 266,200) | (54,700) | 45,500) |
| Dec 31, 2009 | 397,700) | (373,100) | 49,800) |
| Dec 31, 2008 | 319,200) | (306,400) | 93,700) |
| Dec 31, 2007 | 335,200) | (105,700) | (200,400) |
| Dec 31, 2006 | 139,900) | (66,700) | (139,600) |
| Dec 31, 2005 | 184,100) | (30,400) | (182,100) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile reflects a company with strong operational growth and strategic capital allocation. Operating cash flows have shown a significant long-term upward trajectory, expanding from 184.1 million US dollars in 2005 to 636.2 million US dollars by 2022, indicating a substantial increase in the company's ability to generate cash from its core business activities.
- Operating Cash Flow Trends
- A consistent growth pattern is observed in net cash provided by operating activities. While the period between 2006 and 2017 showed relative stability with fluctuations between 139.9 million and 398.2 million US dollars, a marked acceleration occurred after 2017. Operating cash flows exceeded 500 million US dollars annually from 2018 through 2022, with a peak of 648 million US dollars in 2020.
- Investing Activity Patterns
- Net cash used in investing activities remained negative for nearly the entire period, signaling continuous capital expenditure or acquisitions. A significant outlier occurred in 2018, where investing outflows spiked to 1.2 billion US dollars, the highest in the analyzed timeframe. Following this peak, investing outflows moderated before turning positive in 2022 with a net inflow of 18.1 million US dollars, suggesting a shift toward asset divestiture or the realization of investment gains.
- Financing Activity Dynamics
- Financing activities generally exhibited net outflows, typical of debt repayment or shareholder distributions. However, positive cash flows were recorded during the 2008-2010 period and again in 2018. The 506.5 million US dollar inflow in 2018 aligns with the massive increase in investing activities during the same year, indicating that the expansion was funded through external financing. From 2019 to 2022, the company returned to a pattern of significant outflows, with 2022 seeing a net financing use of 437.1 million US dollars.
The interplay between these three components suggests a transition toward a more mature financial state. The company has evolved from relying on financing during economic volatility (2008-2010) to utilizing a combination of internal cash generation and strategic borrowing to fund a major growth event in 2018. In recent years, the strong growth in operating cash flow has supported continued negative financing cash flows, likely reflecting a commitment to debt reduction or returning capital to shareholders.
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Per Share Data
Hubbell Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 10.13 | 10.07 | 4.27 |
| Dec 31, 2021 | 7.33 | 7.28 | 3.99 |
| Dec 31, 2020 | 6.46 | 6.43 | 3.71 |
| Dec 31, 2019 | 7.35 | 7.31 | 3.43 |
| Dec 31, 2018 | 6.57 | 6.54 | 3.15 |
| Dec 31, 2017 | 4.42 | 4.39 | 2.87 |
| Dec 31, 2016 | 5.26 | 5.24 | 2.59 |
| Dec 31, 2015 | 4.79 | 4.77 | 2.31 |
| Dec 31, 2014 | 5.51 | 5.48 | 2.06 |
| Dec 31, 2013 | 5.51 | 5.47 | 1.85 |
| Dec 31, 2012 | 5.05 | 5.00 | 1.68 |
| Dec 31, 2011 | 4.47 | 4.42 | 1.52 |
| Dec 31, 2010 | 3.61 | 3.59 | 1.44 |
| Dec 31, 2009 | 3.16 | 3.15 | 1.40 |
| Dec 31, 2008 | 3.97 | 3.94 | 1.38 |
| Dec 31, 2007 | 3.54 | 3.50 | 1.32 |
| Dec 31, 2006 | 2.62 | 2.59 | 1.32 |
| Dec 31, 2005 | 2.71 | 2.67 | 1.32 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial per share data from 2005 to 2022 reveals a long-term growth trajectory in both profitability and shareholder distributions. The period is characterized by a consistent increase in dividends and a general, albeit more volatile, upward trend in earnings per share.
- Earnings Per Share (EPS) Performance
- Basic earnings per share grew from 2.71 in 2005 to 10.13 in 2022. This growth was marked by several periods of fluctuation; earnings experienced declines in 2009, 2015, 2017, and 2020. Despite these intermittent dips, the recovery phases were robust, particularly between 2021 and 2022, where a significant increase from 7.33 to 10.13 was recorded.
- Analysis of Dilution
- A minimal divergence is observed between basic and diluted earnings per share across the entire 17-year span. This close alignment indicates that dilutive instruments had a negligible impact on the earnings attributable to common shareholders.
- Dividend Growth and Stability
- Dividend per share demonstrated a highly stable and progressive trend. After remaining flat at 1.32 between 2005 and 2007, the dividend was increased annually every year through 2022, ending at 4.27. The absence of dividend cuts or freezes during years of earnings contraction suggests a prioritized commitment to consistent shareholder returns.
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