Solid Q2 Beat, Significant 2H Raise

研报英文原文证据摘录

Solid Q2 Beat, Significant 2H Raise

Update

July 28, 2026 01:30 PM GMT

Morgan Stanley & Co. LLCMHubbell Inc. | North America Christopher Snyder, CFA

Equity Analyst

Solid Q2 Beat, Significant 2H Chris.Snyder@morganstanley.comToby Okwara +1 212 761-4470

Toby.Okwara@morganstanley.com +1 212 761-1693

Raise Brandon Knutson

Brandon.Knutson@morganstanley.com +1 212 761-4168

AlphaSignals Earnings Reaction Christine Yao

Research Associate

Strengthens our thesis Modest upside Meaningful revision higher Christine.Yao@morganstanley.com +1 212 761-4193

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Hubbell Inc. (HUBB.N, HUBB US)

Source: Company data, Morgan Stanley Research

Multi-Industry | United States of America

Exhibit 1: HUBB organic growth has inflected above our broader US multi- Stock Rating Equal-weight

Industry View Attractive

industry coverage in 1H'26, and with durable end markets (Utility + Electrical) and Price target $565.00

Shr price, close (Jul 27, 2026) $497.96

incremental price on the horizon, HUBB is positioned to maintain healthy Mkt cap, curr (mm) $26,492

outgrowth into 2027 52-Week Range $565.00-404.47

Source: Morgan Stanley Research, Company Reports

HUBB posted Q2 EPS of $5.52, outpacing ~$5.35 expectations on firmer organic

growth. The Q2 moving parts matched our positive preview (link), with upside

driven by firmer organic growth (10% vs Cons 9%) and better-than-expected Q2

margins vs buy-side concerns. We believe the sequential margin ramp was aided by

price / cost recovery – a positive signal into 2H on both margins & organic growth

with incremental price expected into Q3. While we anticipated an FY’26 EPS raise,

the magnitude surprised to the upside – HUBB raised FY’26 EPS by 80c at the