filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
The following summary should be read in conjunction with the consolidated financial statements and notes contained herein (dollars and shares in millions, except per share amounts).
| OPERATIONS, years ended December 31, | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||
| Net sales | $ | 3,668.8 | $ | 3,505.2 | $ | 3,390.4 | $ | 3,359.4 | $ | 3,183.9 | |||||
| Gross profit | $ | 1,151.9 | $ | 1,100.7 | $ | 1,091.8 | $ | 1,109.0 | $ | 1,070.5 | |||||
| Operating income | $ | 503.7 | $ | 477.8 | $ | 474.6 | $ | 517.4 | $ | 507.6 | |||||
| Adjusted operating income (1) | $ | 534.1 | $ | 512.8 | $ | 513.5 | $ | 522.5 | $ | 507.6 | |||||
| Operating income as a % of sales | 13.7 | % | 13.6 | % | 14.0 | % | 15.4 | % | 15.9 | % | |||||
| Adjusted operating income as a % of sales (1) | 14.6 | % | 14.6 | % | 15.1 | % | 15.6 | % | 15.9 | % | |||||
| Net income attributable to Hubbell (2) | $ | 243.1 | $ | 293.0 | $ | 277.3 | $ | 325.3 | $ | 326.5 | |||||
| Adjusted net income attributable to Hubbell (1) | $ | 328.0 | $ | 316.8 | $ | 321.0 | $ | 328.8 | $ | 326.5 | |||||
| Net income attributable to Hubbell as a % of net sales | 6.6 | % | 8.4 | % | 8.2 | % | 9.7 | % | 10.3 | % | |||||
| Adjusted net income attributable to Hubbell as a % of net sales (1) | 8.9 | % | 9.0 | % | 9.5 | % | 9.8 | % | 10.3 | % | |||||
| Net income attributable to Hubbell as a % of Hubbell shareholders’ average equity | 15.1 | % | 17.6 | % | 15.1 | % | 17.0 | % | 18.3 | % | |||||
| Earnings per share — diluted | $ | 4.39 | $ | 5.24 | $ | 4.77 | $ | 5.48 | $ | 5.47 | |||||
| Adjusted earnings per share — diluted (1) | $ | 5.93 | $ | 5.66 | $ | 5.52 | $ | 5.54 | $ | 5.47 | |||||
| Cash dividends declared per common share | $ | 2.87 | $ | 2.59 | $ | 2.31 | $ | 2.06 | $ | 1.85 | |||||
| Average number of common shares outstanding — diluted | 55.1 | 55.7 | 58.0 | 59.2 | 59.6 | ||||||||||
| Cost of acquisitions, net of cash acquired | $ | 184.1 | $ | 173.4 | $ | 163.4 | $ | 183.8 | $ | 96.5 | |||||
| FINANCIAL POSITION, AT YEAR-END | |||||||||||||||
| Working capital (3) | $ | 898.0 | $ | 961.7 | $ | 784.7 | $ | 1,130.3 | $ | 1,165.4 | |||||
| Total assets | $ | 3,720.6 | $ | 3,525.0 | $ | 3,208.7 | $ | 3,320.1 | $ | 3,184.0 | |||||
| Total debt | $ | 1,055.2 | $ | 993.7 | $ | 644.1 | $ | 596.3 | $ | 594.3 | |||||
| Total Hubbell shareholders’ equity | $ | 1,634.2 | $ | 1,592.8 | $ | 1,740.6 | $ | 1,927.1 | $ | 1,906.4 | |||||
| NUMBER OF EMPLOYEES, AT YEAR-END | 17,700 | 17,400 | 16,200 | 15,400 | 14,300 |
(1) The selected non-GAAP measures of adjusted operating income, adjusted operating income as a percent of sales (adjusted operating margin), adjusted net income attributable to Hubbell, adjusted net income attributable to Hubbell as a percent of net sales, and adjusted earnings per share-diluted should be read in conjunction with Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations".
(2) Net income in 2017 includes approximately $57 million, or $1.02 per share, impact associated with the TCJA.
(3) Defined as current assets less current liabilities.
| HUBBELL INCORPORATED - Form 10-K | 17 |
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