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3-MO 3.96% unch 6-MO 4.10% +2bp 1-YR 4.14% unch 2-YR 4.31% -2bp 3-YR 4.35% -1bp 5-YR 4.40% -3bp 7-YR 4.52% -3bp 10-YR 4.65% -4bp 20-YR 5.15% -3bp 30-YR 5.12% -4bp 3-MO 3.96% unch 6-MO 4.10% +2bp 1-YR 4.14% unch 2-YR 4.31% -2bp 3-YR 4.35% -1bp 5-YR 4.40% -3bp 7-YR 4.52% -3bp 10-YR 4.65% -4bp 20-YR 5.15% -3bp 30-YR 5.12% -4bp 3-MO 3.96% unch 6-MO 4.10% +2bp 1-YR 4.14% unch 2-YR 4.31% -2bp 3-YR 4.35% -1bp 5-YR 4.40% -3bp 7-YR 4.52% -3bp 10-YR 4.65% -4bp 20-YR 5.15% -3bp 30-YR 5.12% -4bp 3-MO 3.96% unch 6-MO 4.10% +2bp 1-YR 4.14% unch 2-YR 4.31% -2bp 3-YR 4.35% -1bp 5-YR 4.40% -3bp 7-YR 4.52% -3bp 10-YR 4.65% -4bp 20-YR 5.15% -3bp 30-YR 5.12% -4bp 3-MO 3.96% unch 6-MO 4.10% +2bp 1-YR 4.14% unch 2-YR 4.31% -2bp 3-YR 4.35% -1bp 5-YR 4.40% -3bp 7-YR 4.52% -3bp 10-YR 4.65% -4bp 20-YR 5.15% -3bp 30-YR 5.12% -4bp 3-MO 3.96% unch 6-MO 4.10% +2bp 1-YR 4.14% unch 2-YR 4.31% -2bp 3-YR 4.35% -1bp 5-YR 4.40% -3bp 7-YR 4.52% -3bp 10-YR 4.65% -4bp 20-YR 5.15% -3bp 30-YR 5.12% -4bp
US Treasury par yield curve · Jul 27 · Source: U.S. Treasury
Tuesday, July 28, 2026
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MONEY & WORLD
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Earnings

Hubbell sold 15 percent more and earned one percent less per share, and raised its full-year outlook in the same release

Money & World
The Editorial Team ·
A close view of a heap of machined brass ring fittings, their turned edges catching warm light.
Photo: Nic Wood / Pexels

Sales up 15 percent. Earnings per share down 1 percent. Both figures come from the same release, and the distance between them is the story.

Hubbell reported net sales of $1,711.8m for the second quarter on Tuesday morning, against $1,484.3m a year earlier, with 10 points of that growth organic and 5 points bought. Operating income rose to $348.6m from $336.3m, a gain of about 4 percent on a sales increase almost four times that size, so the operating margin came down to 20.4 percent from 22.7 percent. GAAP diluted earnings per share were $4.52 against $4.56. The adjusted measure the company prefers was $5.52 against $4.93, and the $1.00 difference is $0.56 of acquisition-related amortisation and $0.44 of transaction, integration and separation costs.

The Electrical Solutions segment shows the same pattern in sharper form. Its sales rose 25 percent to $686m, with organic growth of 18.3 percent and acquisitions adding 6.5 points. Its operating income fell, to $115m from $118m, and its margin fell to 16.7 percent from 21.5 percent. Hubbell attributes the decline to higher cost inflation, raw material costs, tariffs and restructuring investment, set against volume growth, acquisitions and price.

Utility Solutions was steadier. Sales rose 10 percent to $1,026m, organic growth was about 6 percent, and operating income rose to $234m from $218m at a margin of 22.8 percent. Grid Infrastructure sales rose about 12 percent within that. Grid Automation rose about 1 percent.

The quarter contained a large acquisition. Hubbell bought all of the equity of NSI Electrical Buyer, a supplier of electrical fittings, connectors and wire management products, for approximately $3.0bn, financed with a new $900m unsecured term loan, $1.9bn of senior notes and commercial paper. Cash from operations was $250m against $261m a year earlier, and free cash flow was $213m against $221m.

Gerben Bakker, the chairman, president and chief executive, said megatrends in grid modernisation, load growth and data centre investment drove 10 percent organic growth in the quarter, and that first-half order trends give the company visibility into the second half.

On that basis the outlook went up. Hubbell now expects full-year sales growth of 16 to 18 percent including organic growth of 9 to 11 percent, GAAP diluted earnings per share of $17.25 to $17.55, and adjusted diluted earnings per share of $20.25 to $20.55, which is the raised figure. Free cash flow conversion is still expected at about 90 percent of adjusted net income.

The call was set for 10:00 a.m. eastern time.

The document: Hubbell Incorporated, 'Hubbell Reports Second Quarter 2026 Results', Exhibit 99.1 to Form 8-K filed with the U.S. Securities and Exchange Commission on July 28, 2026, accession number 0001628280-26-049934.

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