Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Hubbell Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net sales	4,947,900)	4,194,100)	4,186,000)	4,591,000)	4,481,700)
Cost of goods sold	(3,476,300)	(3,042,600)	(2,976,700)	(3,238,300)	(3,181,300)
Gross profit	1,471,600)	1,151,500)	1,209,300)	1,352,700)	1,300,400)
Selling & administrative expenses	(762,500)	(619,200)	(676,300)	(756,100)	(743,500)
Operating income	709,100)	532,300)	533,000)	596,600)	556,900)
Gain (loss) on disposition of business	—)	(6,900)	—)	21,700)	—)
Loss on extinguishment of debt	—)	(16,800)	—)	—)	—)
Pension charge	(7,000)	—)	(7,600)	(8,500)	—)
Interest expense, net	(49,600)	(54,700)	(60,300)	(69,400)	(72,400)
Investment income	—)	—)	—)	1,500)	100)
Other income (expense), net	4,500)	5,400)	(11,600)	(21,400)	(17,600)
Other expense	(52,100)	(73,000)	(79,500)	(76,100)	(89,900)
Income from continuing operations before income taxes	657,000)	459,300)	453,500)	520,500)	467,000)
Provision for income taxes	(140,200)	(88,200)	(97,500)	(113,100)	(100,900)
Net income from continuing operations	516,800)	371,100)	356,000)	407,400)	366,100)
Income from discontinued operations, net of tax	34,600)	34,500)	—)	—)	—)
Net income	551,400)	405,600)	356,000)	407,400)	366,100)
Net income attributable to noncontrolling interest	(5,500)	(6,100)	(4,800)	(6,500)	(5,900)
Net income attributable to Hubbell Incorporated	545,900)	399,500)	351,200)	400,900)	360,200)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Hubbell Inc. net sales increased from 2020 to 2021 and from 2021 to 2022.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Hubbell Inc. operating income decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Income from continuing operations before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Hubbell Inc. income from continuing operations before income taxes increased from 2020 to 2021 and from 2021 to 2022.
Net income attributable to Hubbell Incorporated	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Hubbell Inc. net income attributable to Hubbell Incorporated increased from 2020 to 2021 and from 2021 to 2022.

Hubbell Inc. (NYSE:HUBB)

Income Statement