Back to Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number 1-2958 HUBBELL INCORPORATED (Exact name of registrant as specified in its charter) Connecticut 06-0 ...

Financial Data and Key Metrics Changes - Sales increased by 21% to $1.16 billion, driven by organic growth and price increases [13] - Operating profit grew by 22% to $160 million, with a margin expansion of 20 basis points to 13.9% [15] - Earnings per share rose by 30% year-over-year to $2.12, supported by operating profit growth and other income [16] Business Line Data and Key Metrics Changes - The Electrical segment saw a 19% growth, with 10 points from price and 9 points from volume [17] - The Utility Solutions segment experienced a 22% growth, with 13 points from price and 10 points from volume [19] - The residential side of the Electrical segment faced challenges due to tough comparisons from the previous year [18] Market Data and Key Metrics Changes - Orders increased by 25%, indicating strong demand and backlog growth despite a 21% increase in shipments [15] - The utility market remains robust, driven by infrastructure spending and grid modernization initiatives [26] Company Strategy and Development Direction - The company is focused on capital deployment, returning cash to shareholders through share repurchase [8] - There is an emphasis on operational efficiency and price traction to navigate supply chain challenges [6] - The company aims to continue executing its bolt-on acquisition strategy to generate attractive returns [8] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains dynamic, but the company is confident in its strong order book and operational discipline [6] - The full-year outlook has been raised to reflect mid-teens adjusted earnings per share growth [7] - Management acknowledges ongoing supply chain headwinds but believes in their ability to manage through these challenges [6] Other Important Information - Hubbell was recognized as one of the World's Most Ethical Companies for the second consecutive year [9] - The company released its second annual sustainability report, highlighting progress in ESG initiatives [9] Q&A Session Summary Question: Volume dynamics in the utility market - Management noted strong demand in the utility market, with orders exceeding shipments and a growing backlog [26] Question: Pressure on T&D spending due to inflation - Management acknowledged the importance of monitoring consumer pressure but indicated no current evidence of impact on demand [29] Question: Second quarter performance expectations - Management anticipates momentum in sales but expects a more muted seasonal pickup compared to previous years [33][34] Question: Pricing strategy amid inflation - Management emphasized the need for continued pricing actions to offset ongoing inflation across various costs [66] Question: Backlog management and future orders - Management indicated that while current order rates are high, they expect normalization as supply chain issues are resolved [56] Question: Growth outlook for the utility segment - Management expressed optimism about the utility segment's growth potential, driven by grid modernization and automation initiatives [58][59]

First Quarter 2022 Earnings Call April 26, 2022 Forward Looking Statements and Non-GAAP Measures Forward Looking Statements Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements about expectations regarding our financial results, condition and outlook, anticipated end markets, persisting supply chain headwinds resulting in manufacturing and transportation inefficiencies, confidence in ...

Financial Performance - In 2021, net sales increased by 13.9% or $511.6 million, with organic net sales rising by 9.7% or $356 million due to favorable price realization and higher volumes[125]. - Net income attributable to Hubbell increased by 10.6% in 2021, reaching $399.5 million, with diluted earnings per share rising by 10.3% to $6.66[127]. - Free cash flow decreased to $423.5 million in 2021 from $520.1 million in the prior year, while shareholder dividends increased by 7.7% to $216.9 million[125]. - Operating income in 2021 was $532.3 million, a 7.6% increase from 2020, with an operating margin of 12.7%, down 70 basis points[139]. - Gross profit for 2021 was $1,151.5 million, accounting for 27.5% of net sales, down from 29.5% in 2020[127]. - Cost of goods sold for 2021 was $3,042.6 million, representing 72.5% of net sales, compared to 70.5% in 2020[127]. - Operating margin declined by 70 basis points in 2021, while adjusted operating margin decreased by 90 basis points, primarily due to material cost inflation and increased freight, logistics, and manufacturing costs[125]. - The effective tax rate decreased to 19.2% in 2021 from 21.2% in 2020, primarily due to favorable tax effects from stock-based compensation[141]. Segment Performance - The Electrical Solutions segment accounted for 44% of consolidated revenues in 2021, while the Utility Solutions segment represented 56%[11][14]. - Electrical Solutions segment net sales were $1,859.7 million in 2021, an increase of 16.0% compared to 2020, with organic net sales growth of 13.8%[145]. - Utility Solutions segment net sales were $2,334.4 million in 2021, a 12.3% increase from 2020, driven by a 6.5% increase in organic net sales[148]. - Utility Solutions segment net sales increased by approximately 16.2% year-over-year, driven by 10.5% organic growth and 5.7% from acquisitions[149]. - Operating income in the Utility Solutions segment decreased by 7.0% to $284.1 million in 2021, with an operating margin decline to 12.2% from 14.7% in 2020[150]. Operational Challenges - The company faces significant supply chain shortages and escalating prices due to global disruptions, particularly in semiconductor and component availability[46]. - The ongoing COVID-19 pandemic has led to significant uncertainties affecting business operations and supply chains, impacting timely product shipments and increasing costs[121]. - Supply chain disruptions have resulted in increased freight, labor, and commodity costs, which may persist into 2022[121]. - The company is unable to predict the long-term impact of COVID-19 related regulations on workforce and operational costs[120]. - Competitive pricing pressures may hinder the company's ability to offset rising costs of raw materials and components[51]. Strategic Initiatives - The Company’s long-term strategy includes complementing organic revenue growth with acquisitions to enhance product offerings and create shareholder value[111]. - The Company is pursuing acquisitions and strategic investments to complement and expand its existing businesses, but may face difficulties in obtaining and integrating these acquisitions, which could adversely affect growth rates[59]. - New product introductions are critical for the company's competitive strategy, with risks associated with development and market acceptance[54]. - The Company’s productivity improvement initiatives focus on reducing waste and improving processes across all functional areas[115]. Employee and Diversity Metrics - As of December 31, 2021, approximately 32% of employees identified as female, and 44% were racially diverse, highlighting the Company's commitment to diversity[30]. - The Company employed approximately 19,300 individuals worldwide as of December 31, 2021[109]. Financial Position and Debt - The company reported a net carrying value of goodwill and other intangible assets totaling approximately $2,552.8 million as of December 31, 2021[58]. - The company has outstanding indebtedness, which could increase if additional debt is incurred; this may reduce flexibility and expose the company to interest rate risks[69]. - Long-term debt outstanding was $1,435.5 million at December 31, 2021, slightly down from $1,436.9 million in 2020[185]. - The company had total debt of $1,445.2 million and total capital of $3,675.0 million as of December 31, 2021, resulting in a total debt to total capital ratio of 39%[197]. - The company reduced its debt by $144.8 million in 2021, indicating a focus on improving financial stability[125]. Legal and Regulatory Risks - The company is subject to various legal proceedings and claims that could materially affect its results of operations and financial condition[84]. - The company is subject to evolving data privacy and security laws, and failure to comply could result in fines and disrupt operations, particularly with regulations like the GDPR and California's Consumer Privacy Act[64]. - The company may face adverse impacts from potential new regulations regarding COVID-19 vaccination mandates for employees[48]. - The uncertainty surrounding Brexit could adversely affect the company's business, as shipments from UK subsidiaries represented 3% of total net sales in both 2021 and 2020[81]. Shareholder Returns - The Board of Directors approved an increase in the common stock dividend rate from $0.98 to $1.05 per share per quarter, effective December 15, 2021[100]. - The Company has a remaining share repurchase authorization of $288.8 million under the October 2020 program as of December 31, 2021[102]. - Cash used for share repurchases in 2021 was $11.2 million, while dividends paid on common stock totaled $216.9 million[200].

Hubbell Incorporated (NYSE:HUBB) Q4 2021 Earnings Conference Call February 3, 2022 10:00 AM ET Company Participants Dan Innamorato - Senior Director, Investor Relations Gerben Bakker - Chairman, President and CEO Bill Sperry - Executive Vice President and CFO Conference Call Participants Jeff Sprague - Vertical Research Partners Tommy Moll - Stephens Steve Tusa - JP Morgan Brett Linzey - Mizuho Josh Pokrzywinski - Morgan Stanley Operator Good day. Thank you for standing by and welcome to the Fourth Quarter ...

PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited Q3 2021 financial statements show increased net sales and income, rising assets and liabilities, but decreased operating cash flow due to working capital [Condensed Consolidated Statements of Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q3 2021 and nine-month period income statements show increased net sales and net income attributable to Hubbell compared to the prior year | (in millions, except per share amounts) | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | **$1,213.6** | **$1,108.6** | **$3,483.8** | **$3,148.1** | | Gross profit | $330.3 | $329.6 | $950.9 | $923.6 | | Operating income | $155.3 | $162.9 | $425.6 | $413.2 | | **Net income attributable to Hubbell** | **$108.5** | **$107.1** | **$282.0** | **$270.3** | | Diluted Earnings per share | $1.98 | $1.96 | $5.14 | $4.95 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance sheets as of September 30, 2021, indicate an increase in total assets and liabilities compared to December 31, 2020, driven by receivables and inventories | (in millions) | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | **$1,833.2** | **$1,587.6** | | Total Assets | $5,241.7 | $5,085.1 | | **Total Current Liabilities** | **$1,035.4** | **$948.2** | | Total Liabilities | $3,063.6 | $2,999.7 | | Total Equity | $2,178.1 | $2,085.4 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Nine-month cash flow statements show a significant decrease in operating cash flow due to increased working capital, while investing and financing activities used cash | (in millions) | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$306.8** | **$455.6** | | Net cash used in investing activities | ($53.5) | ($46.4) | | Net cash used by financing activities | ($252.4) | ($316.1) | | Increase (decrease) in cash | ($1.7) | $87.2 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies and significant events, including segment restructuring, business divestitures, debt refinancing, and a subsequent agreement to sell a lighting business - Effective January 1, 2021, the company consolidated its Electrical segment into Hubbell Electrical Solutions and moved its Gas Connectors and Accessories business to Utility Solutions[15](index=15&type=chunk)[16](index=16&type=chunk) - In June 2021, the company sold its Consumer Analytics Solutions business for **$9.8 million**, recognizing a pre-tax loss of **$6.9 million**[36](index=36&type=chunk) - The company incurred pre-tax restructuring costs of **$1.4 million** in Q3 2021 and **$3.5 million** for the first nine months, primarily for facility consolidations and workforce reductions[71](index=71&type=chunk)[72](index=72&type=chunk) - In March 2021, the company issued **$300 million** of 2.300% Senior Notes due 2031 and redeemed 3.625% Senior Notes due 2022, resulting in a **$16.8 million** loss on debt extinguishment[76](index=76&type=chunk) - On October 26, 2021, Hubbell agreed to sell its Commercial and Industrial Lighting business to GE Current for **$350 million** in cash[100](index=100&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2021 performance, highlighting increased net sales, but declining operating margins due to cost inflation and decreased operating cash flow from working capital investments [Results of Operations – Q3 2021 vs Q3 2020](index=30&type=section&id=Results%20of%20Operations%20%E2%80%93%20Q3%202021%20vs%20Q3%202020) Q3 2021 results show a 9.5% increase in net sales, but gross profit margin declined by 250 basis points due to material cost inflation, leading to a contracted operating margin | (in millions) | Q3 2021 | Q3 2020 | | :--- | :--- | :--- | | Net sales | $1,213.6 | $1,108.6 | | Gross profit | $330.3 | $329.6 | | Operating income | $155.3 | $162.9 | | Net income attributable to Hubbell | $108.5 | $107.1 | - Organic net sales grew **5.4%** in Q3 2021, driven by favorable price realization, while acquisitions (net of dispositions) added **3.5%** to growth[127](index=127&type=chunk) - Gross profit margin declined by **250 basis points**, primarily due to material cost inflation, higher freight, and logistics costs not fully offset by pricing and productivity initiatives[128](index=128&type=chunk)[129](index=129&type=chunk) [Results of Operations – Nine Months 2021 vs 2020](index=36&type=section&id=Results%20of%20Operations%20%E2%80%93%20Nine%20Months%202021%20vs%202020) Nine-month results show a 10.7% increase in net sales, but gross profit margin decreased by 200 basis points due to cost pressures, despite an increase in operating income | (in millions) | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | | Net sales | $3,483.8 | $3,148.1 | | Gross profit | $950.9 | $923.6 | | Operating income | $425.6 | $413.2 | | Net income attributable to Hubbell | $282.0 | $270.3 | - Organic net sales for the nine-month period grew **6.8%**, driven by favorable pricing and higher volume[144](index=144&type=chunk)[145](index=145&type=chunk) - Adjusted earnings per diluted share increased by **8.6%** to **$6.31** for the nine months ended September 30, 2021, compared to **$5.81** in the prior year period[151](index=151&type=chunk) [Segment Results](index=33&type=section&id=Segment%20Results) Q3 2021 segment results show Electrical Solutions sales growth with a slight margin decline, while Utility Solutions experienced sales growth but a significant operating margin decrease due to cost inflation and supply chain Electrical Solutions Segment Performance (Q3) | (in millions) | Q3 2021 | Q3 2020 | | :--- | :--- | :--- | | Net sales | $611.9 | $551.0 | | Operating income | $72.0 | $65.9 | | Adjusted operating margin | 12.4% | 12.7% | Utility Solutions Segment Performance (Q3) | (in millions) | Q3 2021 | Q3 2020 | | :--- | :--- | :--- | | Net sales | $601.7 | $557.6 | | Operating income | $83.3 | $97.0 | | Adjusted operating margin | 16.3% | 20.0% | - The Utility Solutions segment's adjusted operating margin decline in Q3 was driven by material costs exceeding price realization, higher freight costs, and lower volumes, with acquisitions contributing **90 basis points** to the decline[141](index=141&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=40&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) Operating cash flow decreased due to working capital investments, but the company maintains strong liquidity with available cash and an undrawn revolving credit facility, with a stable debt to capital ratio - Net cash from operating activities decreased to **$306.8 million** for the nine months ended Sep 30, 2021, from **$455.6 million** in the prior year, mainly due to investments in working capital[158](index=158&type=chunk) - The company entered into a new five-year, **$750 million** committed revolving credit facility in March 2021, which was undrawn as of September 30, 2021[168](index=168&type=chunk) | (In millions) | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Total Debt | $1,563.8 | $1,590.0 | | Total Capital | $3,732.6 | $3,660.0 | | **Total Debt to Total Capital** | **42%** | **43%** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no significant changes in the company's exposure to market risks during the nine months ended September 30, 2021 - There have been no significant changes in the Company's exposure to market risks during the nine months ended September 30, 2021[188](index=188&type=chunk) [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of September 30, 2021, with no material changes to internal controls over financial reporting during the quarter - The CEO and CFO concluded that as of September 30, 2021, the Company's disclosure controls and procedures were effective at the reasonable assurance level[191](index=191&type=chunk) - There were no changes in internal control over financial reporting during the most recent quarter that have materially affected, or are reasonably likely to materially affect, these controls[192](index=192&type=chunk) PART II OTHER INFORMATION [Item 1A. Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor has been identified concerning potential U.S. government mandates for COVID-19 vaccination or testing, which could adversely impact business operations and financial results - A new risk factor has been added concerning potential U.S. government mandates for COVID-19 vaccination or testing for employees of large companies and federal contractors[195](index=195&type=chunk)[196](index=196&type=chunk) - The company notes that these requirements may lead to increased attrition, challenges in securing labor, and additional costs, which could materially affect business operations and financial results[196](index=196&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any equity securities during Q3 2021, with **$288.8 million** remaining under the October 2020 stock repurchase program authorization - There were no share repurchases during the quarter ended September 30, 2021[199](index=199&type=chunk) - The remaining authorization under the October 2020 stock repurchase program is **$288.8 million**[198](index=198&type=chunk) [Item 6. Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data files

Hubbell Incorporated (NYSE:HUBB) Q3 2021 Earnings Conference Call October 26, 2021 10:00 AM ET Company Participants Dan Innamorato - Senior Director, IR Gerben Bakker - Chairman, President and CEO Bill Sperry - EVP and CFO Conference Call Participants Jeff Sprague - Vertical Research Steve Tusa - JPMorgan Josh Pokrzywinski - Morgan Stanley Christopher Glynn - Oppenheimer Tommy Moll - Stephens Nigel Coe - Wolfe Research Chris Snyder - UBS Operator Good day and thank you for standing by. Welcome to the Hubbel ...

Commission File Number 1-2958 HUBBELL INCORPORATED Back to Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ (Exact name of registrant as specified in its charter) Connecticut 06-03 ...

Hubbell Incorporated (NYSE:HUBB) Q2 2021 Earnings Conference Call July 27, 2021 10:00 AM ET Company Participants Dan Innamorato - Senior Director of Investor Relations Gerben Bakker - Chairman, President & Chief Executive Officer Bill Sperry - Executive Vice President & Chief Financial Officer Conference Call Participants Jeff Sprague - Vertical Research Tommy Moll - Stephens Christopher Glynn - Oppenheimer Josh Pokrzywinski - Morgan Stanley Chris Snyder - UBS Justin Bergner - G.Research Operator Good day a ...

Second Quarter 2021 Earnings Call July 27, 2021 Forward Looking Statements and Non-GAAP Measures Forward Looking Statements Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements about expectations regarding our financial results, condition and outlook, anticipated end markets, near-term volume, continued opportunity for operational improvement, our ability to drive consistent and diff ...