(Reuters) -Hubbell lifted its forecast for 2025 adjusted profit on Tuesday, banking on strong demand for its electrical equipment from data centers.
The Shelton, Connecticut-based company, whose products include wiring and lighting systems, has been benefiting from the global rise in data center construction as more businesses invest in artificial intelligence technologies.
Sales in its electrical segment rose 10% to $559 million in the third quarter.
However, sales for its grid automation products fell 18% in the quarter due to fewer smart meter projects getting underway. Shares of the company fell 1.8% in premarket trading.
It now expects a full-year adjusted profit per share between $18.10 and $18.30, compared to an earlier forecast of $17.65 to $18.15.
Excluding items, it reported a third-quarter profit of $5.17 per share, compared with analysts’ estimates of $4.98 per share, according to data compiled by LSEG.
Total revenue for the quarter ended September 30 was $1.50 billion, while analysts, on average, were expecting revenue of $1.53 billion.
(Reporting by Aishwarya Jain in Bengaluru; Editing by Shreya Biswas and Vijay Kishore)
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