HUBB - Hubbell Incorporated (HUBB) Q1 2024 Earnings Call Transcript

2024-04-30 18:13:10 ET

Hubbell Incorporated (HUBB)

Q1 2024 Earnings Call Transcript

April 30, 2024, 10:00 AM ET

Company Participants

Dan Innamorato - VP of IR

Gerben Bakker - Chairman, President and CEO

Bill Sperry - EVP and CFO

Conference Call Participants

Jeffrey Sprague - Vertical Research Partners

Steve Tusa - JPMorgan

Nigel Coe - Wolfe Research

Tommy Moll - Stephens

Julian Mitchell - Barclays

Brett Linzey - Mizuho

Nicole DeBlase - Deutsche Bank

Christopher Glynn - Oppenheimer

Joe O'Dea - Wells Fargo

Scott Graham - Seaport Research Partners

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the First Quarter 2024 Hubbell Incorporated Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would like now to turn the conference over to your speaker today, Dan Innamorato, Vice President of Investor Relations. Please go ahead.

Dan Innamorato

Thanks, Michelle. Good morning, everyone, and thank you for joining us. Earlier this morning, we issued a press release announcing our results for the First Quarter of 2024. The press release and slides are posted to the Investors section of our website at hubbell.com. Joined today by our Chairman, President and CEO, Gerben Bakker, and Our Executive Vice President and CFO, Bill Sperry.

Please note our comments this morning may include statements related to the expected future results of our company and are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Please note the discussion of forward-looking statements in our press release and considered incorporated by reference into this call. Additionally, comments may also include non-GAAP financial measures. Those measures are reconciled to the comparable GAAP measures and are included in the press release and slides.

Now, let me turn the call over to Gerben.

Gerben Bakker

Great. Good morning, and thank you for joining us to discuss Hubbell's First Quarter 2024 Results. Hubbell is off to a solid start to '24 and we are well on track to deliver on our full year outlook, which contemplates double-digit adjusted operating profit growth at the midpoint. Performance in the quarter was highlighted by strong organic growth and margin expansion in Electrical Solutions.

Electrification and US manufacturing activity is driving broad-based strength across our markets, most notably in renewables and data centers which continued to grow double digits in the quarter. Our connectors and grounding business, which is strategically positioned in these verticals as well as in broader industrial markets, realized double-digit sales growth in the quarter....

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