Hubbell's quarterly profit rises on strong data center product demand
Feb 3 (Reuters) - Hubbell HUBB.N posted a rise in fourth-quarter profit on Tuesday, helped by strong demand for its electrical equipment from data centers.
Shelton, Connecticut-based Hubbell, whose products include wiring and lighting systems, has benefited from the global rise in data center construction as more businesses are investing in artificial intelligence technologies.
Its electrical segment, which makes products used in transportation, data center and heavy industrial markets, posted a 14% rise in fourth-quarter sales from a year ago.
The company reported adjusted quarterly profit of $4.73 per share, compared with $4.13 per share a year earlier. Analysts on average were expecting $4.70 apiece, according to data compiled by LSEG.
Its total revenue for the quarter ended December 31 was $1.49 billion, up 11.9% from a year earlier.
The electrical equipment maker expects annual adjusted earnings of $19.15 to $19.85 per share, compared with estimates of $19.82 per share.
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