Exhibit 99.1
[HUBBELL LOGO]
Date: April 13, 2005 NEWS RELEASE
For Release: IMMEDIATELY
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Hubbell Incorporated
584 Derby-Milford Road
P. O. Box 549
Orange, CT 06477
203-799-4100
Contact: Thomas R. Conlin
HUBBELL UPDATES 2005 EARNINGS GUIDANCE
ORANGE, CT. (April 13, 2005) -- Hubbell Incorporated (NYSE: HUBA, HUBB) today
revised its guidance for earnings per share for its fiscal year ending December
31, 2005.
Citing its previous guidance of $2.65-2.95 fully diluted earnings per share
provided in a conference call and webcast on January 20, 2005, management now
anticipates that EPS will approximate $2.55-2.80. As was announced previously
and reaffirmed today, the range does not include $20-30 million, pre-tax, of
2005 restructuring expenses.
"Hubbell does not provide quarter-by-quarter projections for sales or profit,"
said Timothy Powers, Chairman, President, and CEO, "but our experience
year-to-date requires revision of our full-year guidance."
"The year has begun with a lower level of sales than we had anticipated in the
Electrical Segment and specifically in our Lighting business. While sales are
marginally higher than last year, product pricing remains difficult versus
higher materials costs. Each of our other segments are performing at our
expectations," Powers continued, "with notable strength at Power Systems and
Industrial Technology. Nonetheless, since Lighting is Hubbell's largest
business, the shortfall in operating profit there is expected to bring 2005 EPS
below previously published projections."
"We remain optimistic that, as non-residential construction and other core
markets increase in activity through the remainder of the year, Hubbell will
report another year of positive growth in 2005."
-continued-
"For the first quarter 2005, we expect reported fully diluted earnings per share
to be in the $.44-.47 range which includes approximately $1.9 million, pre-tax,
of restructuring expenses related to our lighting operations and approximately
$4.6 million, pre-tax, of transactional expenses consisting of legal,
accounting, and consulting fees in support of our strategic growth initiatives."
Hubbell will webcast an Analysts Conference Call to discuss this press release
beginning at 8:00 AM on April 14, 2005. The live audio of the call will be
available at www.hubbell.com. To access the webcast click on "Investor Info"
and then "Events Calendar." The conference call will also be archived 24 hours
after its conclusion; to access the audio archive click on "Investor Info" and
then on "Audio Archives."
A telephone replay of the conference call will be available two hours after its
conclusion and will remain available until April 14, 2005. To access the replay
dial 707-645-9291. The replay pass code is 5552337.
Certain statements contained herein may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These include statements about capital resources, performance and results of
operations and are based on the Company's reasonable current expectations.
These statements may be identified by the use of forward-looking words or
phrases such as "may", "potential", "plan", "could", "expect", "expected",
"uncertain", "goal", "probably", "anticipates", and others. Such
forward-looking statements involve numerous assumptions, known and unknown
risks, uncertainties and other factors which may cause actual and future
performance or achievements of the Company to be materially different from any
future results, performance, or achievements expressed or implied by such
forward-looking statements. Such factors include, but are not limited to:
achieving sales levels to fulfill revenue expectations; unexpected costs or
charges, certain of which may be outside the control of the Company; expected
benefits of process improvement and other lean initiatives; the effect and costs
of the ongoing Hubbell 2006 business information system initiative and
restructuring programs; the availability and costs of raw materials and
purchased components; realization of price
-continued-
increases; the ability to achieve projected levels of efficiencies and cost
reduction measures; general economic and business conditions; competition; and
other factors described in our Securities and Exchange Commission filings,
including the "Business" Section in the Annual Report on Form 10-K for the year
ended December 31, 2004.
Hubbell Incorporated is an international manufacturer of quality electrical and
electronic products for commercial, industrial, residential, utility, and
telecommunications markets. With 2004 revenues of $2.0 billion, Hubbell
Incorporated operates manufacturing facilities in North America, Puerto Rico,
Mexico, Italy, Switzerland, and the United Kingdom, participates in a joint
venture in Taiwan, and maintains sales offices in Singapore, Hong Kong, South
Korea, People's Republic of China, and the Middle East. The corporate
headquarters is located in Orange, CT.
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