Q3 2024 Hubbell Inc Earnings Call Transcript
Key Points
- Hubbell Inc (HUBB) reported a 14% year-over-year growth in adjusted earnings per share and operating profit.
- The company achieved a 180 basis point expansion in adjusted operating margin.
- Utility Solutions segment showed strong growth driven by grid modernization and electrification trends.
- Electrabel solutions delivered solid organic growth and 190 basis points of adjusted operating margin expansion.
- Hubbell Inc (HUBB) raised its full-year outlook, confident in delivering double-digit adjusted operating profit growth for 2024.
- Telecom markets remained weak, impacting overall performance.
- Utility distribution markets were affected by customer inventory normalization.
- Hubbell Inc (HUBB) faced disruptions in three manufacturing facilities due to recent storm activity.
- Organic sales were slightly down, with net M&A contributing to growth.
- Interest expenses increased due to acquisitions, offsetting some financial gains.
Good day. Thank you for standing by. Welcome to the Third Quarter 2024 for Hubbell Incorporated earnings conference call.
(Operator Instructions)
Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Dan Marotta, VP of Investor Relations.
Thanks, operator. Good morning, everyone, and thank you for joining us. Earlier this morning, we issued a press release announcing our results for the third quarter of 2024. For the press release and slides are posted to the Investor section of our website at Hubbell.com.
I'm joined today by Chairman, President and CEO, Gerben Bakker and Executive Vice President and CFO, William Sperry. Please note, our comments this morning may have statements related to the expected future results of our company in our 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
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