Hubbell Incorporated (NYSE:HUB.B) Shares Slide 10% After Company Lowers Outlook

Hubbell Incorporated (NYSE:HUB.B) shares fell more than 10% after the electronics manufacturer late Wednesday lowered its Q3 and FY 2014 outlooks. For Q3, Hubbell said it expects sales to increase by 7% while operating margin is anticipated to be 15.9%, which it said was below its previous expectations. Hubbell said it expects FY 2014 revenue to increase in the low end of the previously provided 5%-6% range. Full year operating margins are expected to decrease by 60 to 70 basis points compared to the prior year as most of the headwinds from the third quarter are likely to persist through the remainder of 2014, Hubbell said. Analysts surveyed on Capital IQ were expecting Q3 revenues to increase 5.02% to $899 million, and FY 2014 revenues to hit $3.4 billion from $3.2 billion in 2013. The company said it would provide additional details after its Q3 earnings are released Oct. 23. In afternoon trade, Hubbell Incorporated (NYSE:HUB.B) was off 10.87% to $110.70.