The company said its net sales for 2023 rose to $5,372.9 million, an increase of $425.0 million (8.6%) from 2022, and that organic net sales grew 6.6%. It said the organic growth reflected a high single digit percentage increase in price realization, partially offset by a low single digit percentage decrease in volumes.

10-KAnnual reportFiled Feb 8, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said its net sales for 2023 rose to $5,372.9 million, an increase of $425.0 million (8.6%) from 2022, and that organic net sales grew 6.6%. It said the organic growth reflected a high single digit percentage increase in price realization, partially offset by a low single digit percentage decrease in volumes.
The company said its gross profit margin for 2023 was 35.1%, up 540 basis points from 2022 29.7%. It also said its operating margin increased by 500 basis points, and its adjusted operating margin increased by 510 basis points.
The company said operating cash flow from continuing operations for 2023 was $880.8 million, higher than $636.2 million in 2022. Free cash flow was $715.1 million, up from $506.9 million in 2022, and capital expenditures for the same year were $165.7 million.
The company said it acquired Northern Star Holdings, Inc. (commercially known as Systems Control) in December 2023 for approximately $1.1 billion, net of cash. It said it borrowed $600 million on an unsecured basis under the Term Loan Agreement to help fund the acquisition, and the loan matures in December 2026.

Key figures

Fiscal year ended December 31, 2023

Revenue: $5.4B
Operating income: $1.0B
Net income: $760M
EPS: $14.05
Gross profit: $1.9B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Hubbell Net sales and organic Net sales rise in 2023

The company said its net sales for 2023 rose to $5,372.9 million, an increase of $425.0 million (8.6%) from 2022, and that organic net sales grew 6.6%. It said the organic growth reflected a high single digit percentage increase in price realization, partially offset by a low single digit percentage decrease in volumes.

Source · Based on the MD&A text of the filing

Hubbell gross margin and operating margin in 2023

The company said its gross profit margin for 2023 was 35.1%, up 540 basis points from 2022 29.7%. It also said its operating margin increased by 500 basis points, and its adjusted operating margin increased by 510 basis points.

Source · Based on the MD&A text of the filing

Hubbell operating cash flow and free cash flow in 2023

The company said operating cash flow from continuing operations for 2023 was $880.8 million, higher than $636.2 million in 2022. Free cash flow was $715.1 million, up from $506.9 million in 2022, and capital expenditures for the same year were $165.7 million.

Source · Based on the MD&A text of the filing

Systems Control acquisition and $600 million Term Loan

The company said it acquired Northern Star Holdings, Inc. (commercially known as Systems Control) in December 2023 for approximately $1.1 billion, net of cash. It said it borrowed $600 million on an unsecured basis under the Term Loan Agreement to help fund the acquisition, and the loan matures in December 2026.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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