July 30 (Reuters) - Electrical equipment maker Hubbell

on Tuesday raised the lower end of its annual adjusted

profit forecast as it looks to benefit from strong demand for

its devices used in power grids.

The company now expects full-year adjusted profit to be

between $16.20 and $16.50 per share, compared with the previous

forecast of between $16.00 and $16.50 per share.

Hubbell has benefited from the modernization of the U.S.

power grid to meet the growing power demand from data centers

and as homes and businesses use more electricity for heating and

transportation.

The utility segment sales, which made up 61% of total

revenue in 2023, increased 12% in the second quarter from a year

earlier, driven by strong growth in transmission infrastructure

and grid automation.

However, sales in the electrical segment, which makes wiring

and lighting fixtures, declined 1.7%.

The Connecticut-based company reported a second-quarter

adjusted profit of $4.37 per share, above analysts' average

expectations of $4.24 per share, according to LSEG data.

Revenue rose 6% to $1.45 billion, but were below estimates

of $1.48 billion.