Smart Meter Maker Hubbell Raises Annual Profit Forecast On Strong...

July 30 (Reuters) - Electrical equipment maker Hubbell on Tuesday raised the lower end of its annual adjusted profit forecast as it looks to benefit from strong demand for its devices used in power grids.

The company now expects full-year adjusted profit to be between $16.20 and $16.50 per share, compared with the previous forecast of between $16.00 and $16.50 per share.

Hubbell has benefited from the modernization of the U.S. power grid to meet the growing power demand from data centers and as homes and businesses use more electricity for heating and transportation.

The utility segment sales, which made up 61% of total revenue in 2023, Top rated smart thermostat increased 12% in the second quarter from a year earlier, driven by strong growth in transmission infrastructure and grid Home automation with voice control.

However, Smart home hub sales in the electrical segment, which makes wiring and lighting fixtures, declined 1.7%.

The Connecticut-based company reported a second-quarter adjusted profit of $4.37 per share, above analysts' average expectations of $4.24 per share, according to LSEG data.

Revenue rose 6% to $1.45 billion, but were below estimates of $1.48 billion. (Reporting by Kannaki Deka in Bengaluru; Editing by Vijay Kishore)

Should you have any kind of issues with regards to in which and how you can make use of Home control hub, you are able to email us on our own web-site.