Oct 29 (Reuters) - Electrical equipment maker Hubbell

on Thursday raised its 2024 adjusted profit forecast

anticipating strong demand for its devices used in power grids.

The Connecticut-based company now expects full-year adjusted

profit to be between $16.35 and $16.55 per share, above its

earlier expectations of between $16.20 and $16.50 per share.

Hubbell has benefited from the ongoing U.S. power grid

upgrades, which has boosted demand for its products such as

insulators and arresters that help prevent outages and protect

transmission lines from lightning strikes.

The U.S. government has been working to overhaul the

country's electric transmission system, which is under pressure

from extreme weather conditions and a growing number of

power-hungry data centers.

In the third quarter, Hubbell's sales from the utility

segment, which made up 61% of its total revenue in 2023,

increased 11% from a year earlier.

"Performance in the quarter was led by strength in data

center and renewables verticals," Hubbell CEO Gerben Bakker

said.

However, sales in the electrical segment, which makes wiring

and lighting fixtures, were down about 5%.

Hubbell reported an adjusted profit of $4.49 per share for

the quarter, compared with analysts' average estimates of $4.45

per share, according to data compiled by LSEG.

Its revenue rose about 5% to $1.44 billion, compared with

estimates of $1.48 billion.