Slide 1: First Quarter 2024 Earnings Call
First Quarter 2024 Earnings Call April 30, 2024
Slide 2: Forward Looking Statements and Non-GAAP Measures
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 re
Slide 3: Key Messages
Key Messages 1 Strong Electrical Solutions organic growth and margin expansion 2 Utility growth driven by acquisitions and grid automation; telcom markets weak 3 Price | Cost | Productivity positive 4 Reaffirm 2024 outlook 3
Slide 4: Customer Spotlight: Hubbell Utility Connect Conference
Customer Spotlight: Hubbell Utility Connect Conference Background Key Takeaways HUS customer conference in April 2024 Customers planning for robust, multi-year T&D investment cycle >400 utility customers across electric, water and gas Electrification requires more transmission and substation
Slide 5: 1Q 2024 Results
1Q 2024 Results $1.40B Organic growth driven by price realization Sales Electrical and industrial markets strong; Utility T&D end demand solid; telcom weak (Organic +2%, Net M&A +6%) 19.7% Telcom-driven volume declines in utility enclosures business Adj. OP Margin Higher y/y investment in lo
Slide 6: 1Q 2024 Results
1Q 2024 Results NET SALES ADJUSTED OPERATING PROFIT $ millions +9% $ millions +3% 1,399 267 275 1,285 20.7% 19.7% 1Q 2023 1Q 2024 1Q 2023 1Q 2024 ADJUSTED DILUTED EPS FREE CASH FLOW $ per share flat $ millions $3.61 $3.60 -35% 80 52 1Q 2023 1Q 2024 1Q 2023 1Q 2024 Solid operating results versus stro
Slide 7: 1Q 2024 Hubbell Utility Solutions (HUS) Segment Results
1Q 2024 Hubbell Utility Solutions (HUS) Segment Results UTILITY SOLUTIONS NET SALES UTILITY SOLUTIONS ADJ. OPERATING PROFIT $ millions $ millions +2% +14% 894 191 195 782 24.4% 21.8% Organic flat Acquisitions +14% 1Q 2023 1Q 2024 1Q 2023 1Q 2024 Grid Infrastructure +9% (organic -8%) Solid price re
Slide 8: Utility Solutions End Market Considerations
Utility Solutions End Market Considerations 1Q 2Q 2H Trends Considerations Considerations Grid Grid Automation Infrastructure Solid demand Solid demand Solid demand DISTRIBUTION Inventory normalization Sequential improvement Easing y/y comparisons TRANSMISSION Strong demand Strong demand Strong dema
Slide 9: 1Q 2024 Hubbell Electrical Solutions (HES) Segment Results
1Q 2024 Hubbell Electrical Solutions (HES) Segment Results ELECTRICAL SOLUTIONS NET SALES ELECTRICAL SOLUTIONS ADJ. OPERATING PROFIT $ millions $ millions +6% Flat 80 504 505 76 15.8% Organic +6% Divestiture -6% 15.0% 1Q 2023 1Q 2024 1Q 2023 1Q 2024 Broad-based strength on electrification and US p
Slide 10: Reaffirming 2024 Outlook
Reaffirming 2024 Outlook Markets Operations Electrical markets off to strong start Strong price traction Utility T&D end markets solid Driving productivity to offset inflation Channel inventory mostly normalized Increased restructuring investment Telcom weaker than anticipated Servic
Slide 11: Appendix
APPENDIX USBELL
Slide 12: Appendix
Appendix References to "adjusted" operating measures exclude the impact of certain costs, gains or losses. Management believes In connection with our restructuring and related actions, we have incurred restructuring costs as defined by U.S. GAAP, which these adjusted operating measures provide usefu
Slide 13: Appendix
Appendix Reconciliation of Adjusted Net Income to the most directly comparable GAAP measure (millions): Hubbell Incorporated Three Months Ended March 31, 2024 2023 Change Net income attributable to Hubbell (GAAP measure) $ 147.8 $ 181.9 (19) % Amortization of acquisition-related intangible assets 39
Slide 14: Appendix
Appendix Reconciliation of Adjusted Operating Margin to the most directly comparable GAAP measure (millions): Hubbell Incorporated Three Months Ended March 31, 2024 2023 Change Net Sales [a] $ 1,399.1 $ 1,285.4 9% Operating Income GAAP measure [b] $ 228.5 $ 248.8 (8)% Amortization of acquisition-rel
Slide 15: Appendix
Appendix Reconciliation of Organic Net Sales Growth to Net Sales Growth (millions): Hubbell Incorporated Three Months Ended March 31, 2024 Inc/(Dec)% 2023 Inc/(Dec)% Net sales growth (GAAP measure) $ 113.7 8.8 $ 129.3 11.2 Impact of acquisitions 108.5 8.4 20.7 1.8 Impact of divestitures (28.1) (2.2)
Slide 16: Appendix
Appendix Reconciliation of Net Debt to the most directly comparable GAAP measure (millions): Hubbell Incorporated March 31, 2024 December 31, 2023 Total Debt (GAAP measure) $ 2,115.4 $ 2,140.6 Total Hubbell Shareholders’ Equity 2,930.4 2,877.0 Total Capital $ 5,045.8 $ 5,017.6 Total Debt to Total Ca