Hubbell Inc., the Shelton-based manufacturer of electrical and electronic products for residential construction, industry and utilities, has acquired iDevices LLC, an Avon home technology-network system company, for an undisclosed amount.
By joining Hubbell, iDevices “secures the backing and capabilities of a well-established industry leader, while Hubbell strengthens its innovation engine with iDevices’ knowledge and expertise in the connected Internet of Things (IoT) marketplace,” the companies said in making the announcement.
Hubbell also announced that net sales for the quarter ended March 31 were $852 million, an increase of 2 percent over the $835 million it reported in the first quarter of 2016. Operating income in the quarter was $104 million as compared to $102 million. Excluding restructuring and related costs in both periods, adjusted operating income was $112 million in the first quarter of 2017 compared with $109 million in the first quarter of 2016.
Net income attributable to Hubbell in the first quarter of 2017 was $63 million compared with $61 million reported in the comparable period of 2016. Earnings per diluted share for the first quarter of 2017 were $1.13 compared with $1.08 reported in the first quarter of 2016. Excluding restructuring and related costs in both periods, adjusted earnings per diluted share were $1.23 in the first quarter of 2017, compared with $1.16 in the first quarter of 2016.
Net cash provided from operating activities was $63 million in the first quarter of 2017 versus $62 million in the comparable period of 2016. Free cash flow – defined as cash flow from operating activities less capital expenditures – was $49 million in the first quarter of 2017 versus $47 million reported in the comparable period of 2016.
For the full year 2017, Hubbell anticipates end markets will grow approximately 2 to 3 percent in the aggregate and acquisitions completed to date will contribute approximately 2 percent to net sales. That outlook includes growth in the oil and gas, as well as industrial, markets of 2 to 4 percent, compared with zero to 2 percent previously. Expectations for the other markets are unchanged at 4 to 6 percent growth for residential, 2 to 4 percent growth for nonresidential, and zero to 2 percent growth for electrical transmission and distribution.
The company expects that the iDevices acquisition will add approximately 10 cents dilutive to 2017 EPS.