Hubbell Incorporated is a global manufacturer specializing in electrical products and utility solutions, catering to a diverse range of customer and end-market applications. The company operates through two main segments: Utility Solutions and Electrical Solutions, providing products for electrical distribution, transmission, substation, telecommunications, building operators, and industrial customers . Hubbell's offerings include components like arresters, insulators, connectors, smart meters, wiring devices, lighting fixtures, and industrial controls, which are used in industrial, commercial, and institutional facilities . The company emphasizes innovation and quality, focusing on both "In Front of the Meter" and "Behind the Meter" applications related to energy transmission and consumption .
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Utility Solutions - Focuses on products for electrical distribution, transmission, substation, and telecommunications, including components like arresters, insulators, connectors, and smart meters .
- Electrical Distribution - Provides components for the distribution of electricity.
- Transmission and Substation - Offers products for the transmission of electricity and substation applications.
- Telecommunications - Supplies components for telecommunications infrastructure.
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Electrical Solutions - Provides components for building operators and industrial customers, such as wiring devices, lighting fixtures, and industrial controls, with applications in light industrial, non-residential, and heavy industrial markets .
- Wiring Devices - Manufactures devices for electrical wiring applications.
- Lighting Fixtures - Produces lighting solutions for various settings.
- Industrial Controls - Offers controls for industrial applications.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Gerben W. Bakker ExecutiveBoard | Chairman of the Board, President, and CEO | Board of Trustees of Manufacturers Alliance | Began at Hubbell in 1988 as a manufacturing engineer; became CEO in 2020 and Chairman in 2021. Led 12 acquisitions, including Aclara, growing Hubbell Power Systems' net sales from $921M to $1.8B in four years. | View Report → |
Alyssa R. Flynn Executive | Chief Human Resources Officer (CHRO) | None | Joined Hubbell in 2014; became CHRO in 2022. Previously VP of Compensation, Benefits & HR Systems and Chief of Staff to the CEO. | |
Gregory A. Gumbs Executive | President, Utility Solutions Segment | None | Joined Hubbell in 2023. Previously President and CEO of Bosch Rexroth North America and held leadership roles at Eaton Corporation. | |
Jonathan M. Del Nero Executive | Vice President, Controller | None | Joined Hubbell in 2014; became VP, Controller in 2021. Previously held financial roles at Aetna, Stanley Black & Decker, and The Hartford. | |
Katherine A. Lane Executive | Senior Vice President, General Counsel, and Secretary | None | Joined Hubbell in 2010; became SVP, General Counsel, and Secretary in 2021. Previously VP, Associate General Counsel. | |
Mark E. Mikes Executive | President, Electrical Solutions Segment | None | Over 30 years at Hubbell. Became President of Electrical Solutions Segment in 2023. Previously Division President of Hubbell Power Systems. | |
William R. Sperry Executive | Executive Vice President and CFO | Board Member at MSA Safety Incorporated | Joined Hubbell in 2008; became CFO in 2012. Previously worked at Lehman Brothers and J.P. Morgan. Expertise in corporate strategy and financial leadership. | |
Anthony J. Guzzi Board | Independent Lead Director | Chairman, President, and CEO of EMCOR Group, Inc. | Director at Hubbell since 2006. Extensive leadership experience in manufacturing and operations. CEO of EMCOR Group since 2011. | |
Bonnie C. Lind Board | Independent Director | Director at Mission Produce, Tamarack Timberlands LLC, and Albany International Corp. | Director at Hubbell since 2019. Former CFO and Treasurer of Neenah, Inc. Expertise in finance, manufacturing, and governance. | |
Carlos M. Cardoso Board | Independent Director | Principal of CMPC Advisors LLC; Director at Freudenberg Group | Director at Hubbell since 2013. Extensive experience in manufacturing and operations. Former President of the Pump Division at Flowserve Corporation. | |
Debra L. Dial Board | Independent Director | Board Member at Dow, Inc. | Joined Hubbell's Board in 2023. Former SVP, Chief Accounting Officer, and Controller at AT&T. Expertise in finance, accounting, and risk management. | |
Garrick J. Rochow Board | Independent Director | President, CEO, and Director of CMS Energy Corporation | Joined Hubbell's Board in 2024. Extensive leadership experience at CMS Energy, including roles as EVP of Operations and Chief Customer Officer. | |
John F. Malloy Board | Independent Director | Executive Chairman of Victaulic Company; Director at Hollingsworth & Vose | Director at Hubbell since 2011. Former Chairman, President, and CEO of Victaulic Company. Holds a Ph.D. in Economics. |
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You mentioned that destocking in the Utility Distribution market is lasting longer than initially anticipated due to limited visibility into end customer demand. Can you provide more specifics on how this prolonged destocking is impacting your sales and when you expect it to normalize?
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In the Utility Solutions segment, weakness in the telecom market has been a significant headwind. Given the ongoing challenges, what strategic actions are you taking to mitigate the impact of a weak telecom market on your overall utility business?
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Despite strong performance in certain areas, there was an indication that margins in the Systems Control business are slightly below the mid-20s and creating a headwind quarter-over-quarter. Can you elaborate on why these margins are lower than expected and what measures you're implementing to improve profitability in this area?
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You've raised your full-year adjusted earnings per share outlook but have slightly trimmed your full-year sales guidance. With no changes to margin guidance, what factors are driving the expected EPS growth despite lower sales, and how confident are you in achieving these targets?
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Given the strong growth in data center and renewables markets within Electrical Solutions, how sustainable do you view this growth trajectory, and what risks do you see that could potentially slow down the momentum in these high-growth verticals?
Research analysts who have asked questions during HUBBELL earnings calls.
Julian Mitchell
Barclays Investment Bank
8 questions for HUBB
Jeffrey Sprague
Vertical Research Partners
7 questions for HUBB
Nigel Coe
Wolfe Research, LLC
7 questions for HUBB
Christopher Glynn
Oppenheimer & Co. Inc.
6 questions for HUBB
Brett Linzey
Mizuho Securities
4 questions for HUBB
Chris Snyder
Morgan Stanley
4 questions for HUBB
Christopher Snyder
Morgan Stanley
4 questions for HUBB
C. Stephen Tusa
JPMorgan Chase & Co.
4 questions for HUBB
Joseph O'Dea
Wells Fargo & Company
4 questions for HUBB
Tommy Moll
Stephens Inc.
4 questions for HUBB
Chad Dillard
AllianceBernstein
3 questions for HUBB
Joe O'Dea
Wells Fargo
3 questions for HUBB
Steve Tusa
JPMorgan Chase & Co.
3 questions for HUBB
Thomas Moll
Stephens Inc.
3 questions for HUBB
Nicole DeBlase
BofA Securities
2 questions for HUBB
Joseph O'Dea
Wells Fargo
1 question for HUBB
Patrick Baumann
JPMorgan Chase & Co.
1 question for HUBB
Peter Costa
Mizuho Financial Group
1 question for HUBB
Scott Graham
Seaport Research Partners
1 question for HUBB
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Northern Star Holdings, Inc. (Systems Control) | 2023 | Completed in December 2023 for $1.1 billion in cash—financed through a $600M unsecured term loan facility, cash on hand, and commercial paper—with the acquisition adding advanced substation control and relay panel solutions to enhance Hubbell’s Utility Solutions portfolio, subject to customary regulatory conditions. |
Indústria Eletromecânica Balestro Ltda. (Balestro) | 2023 | Acquired on October 27, 2023 for approximately $89 million in cash—this strategic tuck-in vertically integrates supply chains by enhancing MOV block production capabilities for the electrical utility industry, with preliminary purchase accounting under the Utility Solutions segment. |
EI Electronics LLC (EIG) | 2023 | Completed in May 2023 for about $60 million in cash (net of adjustments)—this acquisition brings fully integrated energy management and power quality monitoring solutions to Hubbell’s Utility Solutions portfolio, with recognized intangible assets (e.g., customer relationships) and tax-deductible goodwill supporting synergistic growth. |
PCX Holdings LLC (PCX) | 2022 | Completed in July 2022 for approximately $114 million in cash (net of adjustments)—adding factory-built modular power solutions for the data center market to Hubbell’s Electrical Solutions segment, the deal includes recognized intangible assets and tax-deductible goodwill, furthering strategic growth in a high-demand area. |
Ripley Tools, LLC & Nooks Hill Road, LLC (Ripley Tools) | 2022 | Completed in July 2022 for about $49.6 million in cash (net of adjustments)—this acquisition expands Hubbell’s Utility Solutions segment with advanced cable and fiber preparation tools and test equipment, and includes recognized intangible assets and tax-deductible goodwill to support high-growth opportunities. |
Recent press releases and 8-K filings for HUBB.
- Sales grew 4% to $1.5 billion, operating profit rose 4% to $358 million, adjusted EPS increased 12%, and free cash flow climbed 34%.
- Achieved strong high single-digit organic growth in Electrical Solutions and Grid Infrastructure; Grid Automation sales declined 18% but are forecast to normalize in Q4.
- Raised full-year 2025 adjusted EPS guidance to $18.10–18.30, driven by margin improvements and a lower tax rate.
- Completed acquisition of DMC Power in October, projected to add approximately $0.20 to adjusted EPS in 2026.
- Announced CFO Bill Sperry will retire at year-end, with Joe Capozzoli appointed as successor effective 2026.
- Q3 sales increased 4% to $1.5 billion, operating profit rose 4% to $358 million, adjusted EPS grew 12%, and free cash flow jumped 34% to $254 million.
- Organic growth was driven by high single-digit gains in Electrical Solutions and Grid Infrastructure, while Grid Automation declined 18%, with normalization expected in Q4.
- Full-year 2025 EPS guidance was raised to $18.10–$18.30 (previously $17.65–$18.15), underpinned by 3–4% organic growth and 50–100 bps of margin expansion.
- Closed the acquisition of DMC Power (adding ~$0.20 EPS accretion in 2026) and announced CFO Bill Sperry’s retirement, with Joe Capozzoli named successor effective 2026.
- Hubbell’s Q3 sales rose 4% to $1.5 billion, operating profit increased 4% to $358 million, adjusted EPS grew 12%, and free cash flow jumped 34% to $254 million.
- In the utility segment, sales climbed 1% to $944 million, driven by high single-digit growth in grid infrastructure offset by an 18% decline in grid automation, while the electrical segment delivered 10% sales growth, 8% organic growth and 140 bps of margin expansion on strong data center demand.
- Full-year 2025 adjusted EPS guidance was raised to $18.10–$18.30 (midpoint $18.20), reflecting 3–4% organic growth, 50–100 bps of margin expansion and a lower tax rate.
- Closed the acquisition of DMC Power in early October, expected to add approximately $0.20 of adjusted EPS in 2026.
- Q3 net sales of $1,502 million (+4%), adjusted operating profit of $358 million (+4%), adj. diluted EPS of $5.17 (+12%) and free cash flow of $254 million (+34%).
- Electrical Solutions delivered $559 million in sales (+10%; organic +8%) with a 20.8% adjusted operating margin, while Utility Solutions posted $944 million in sales (+1%; grid infrastructure +8%, grid automation –18%).
- Raised full-year 2025 adjusted diluted EPS guidance to $18.10–$18.30 (up 3–4%), with expected double-digit Q4 EPS growth and ~90% free cash flow conversion on adjusted income.
- Closed acquisition of DMC Power, financed with a $600 million term loan and $225 million commercial paper; anticipate ~$130 million revenue and $0.20 EPS accretion in 2026.
- Hubbell delivered Q3 diluted EPS of $4.77 and adjusted diluted EPS of $5.17, with net sales of $1.502 billion (+4% YoY, organic +3%) and GAAP operating margin of 22.0% (adjusted 23.9%).
- Utility Solutions net sales grew 1% to $944 million (organic +1%), led by Grid Infrastructure +9% and offset by Grid Automation −18%, while Electrical Solutions net sales rose 10% to $559 million (organic +8%).
- Effective tax rate decreased to 17.5% (vs 21.0%), supporting cash generation: operating cash flow of $284 million and free cash flow of $254 million in Q3 2025.
- Raised full-year 2025 guidance to diluted EPS of $16.55–$16.75 and adjusted EPS of $18.10–$18.30, expecting 3–4% organic sales growth and a 20.5–21.0% tax rate.
- The Board declared an 8% increase in the annual common stock dividend, raising it to $5.68 per share from $5.28 per share.
- The quarterly dividend will be $1.42, up from $1.32.
- The dividend is payable on December 15, 2025 to shareholders of record on November 28, 2025.
- Hubbell reported 2024 revenues of $5.6 billion and is headquartered in Shelton, CT.
- On October 1, 2025, Hubbell Incorporated closed its acquisition of DMC Power, LLC from Golden Gate Capital for $825 million in cash.
- The transaction was financed with $600 million of unsecured term loans and issuances of commercial paper under a new credit facility.
- DMC Power is a designer and manufacturer of high-voltage connector technology with over 350 employees across two U.S. manufacturing sites and multiple distribution centers.
- Hubbell reported 2024 revenues of $5.6 billion, highlighting its position as a leading utility and electrical solutions provider.
- Hubbell Incorporated completed the acquisition of DMC Power, LLC from an affiliate of Golden Gate Capital.
- The acquisition was financed with net proceeds from borrowings under a new unsecured term loan facility of $600 million and issuances of commercial paper.
- DMC Power, a designer and manufacturer of connector technology systems for high-voltage power infrastructure, has over 350 employees, two manufacturing facilities (Carson, CA; Olive Branch, MS) and multiple North American distribution centers.
- Hubbell reported 2024 revenues of $5.6 billion, underscoring its scale in utility and electrical solutions.
- Hubbell announced a planned CFO transition: current CFO Bill Sperry will hand over to Joe Cappuzzola (Designated CFO) in early 2026, after a multiyear succession process.
- The company reaffirmed its mid-single-digit through-cycle top-line growth target, backed by 25–30% incremental margins and ~8% EPS growth, aiming for medium-term double-digit earnings increases via organic execution and M&A.
- Utility end markets are diversifying: electric distribution is stabilizing at low- to mid-single-digit growth, transmission and substation segments are growing double digits, and smart-meter demand has bottomed and should modestly recover in Q4.
- Hubbell agreed to acquire DMC Power, an $825 million high-voltage connector business growing ~20% annually, expected to close in Q4 2025 and be accretive to 2026 results.
- Medium-term guidance: Hubbell aims for mid-single-digit top-line growth, 8% EPS growth driven by 25–30% operating leverage, and double-digit EPS growth with M&A support.
- CFO transition: Incumbent CFO Bill Sperry will retire by February 2026 at age 64, with Vice President of Finance Joe Capozzoli appointed as successor, to take the helm in January.
- Utility segment outlook: Electric distribution to grow low-to-mid-single digits, transmission and substation at double-digit growth, and smart-meter revenues stabilizing with modest recovery in Q4.
- Electrical segment high-grading: Shifted focus to industrial and data-center end markets, driving margin expansion via portfolio pruning, factory consolidations, and CapEx nearly doubled to ~3–4% of sales.
- M&A discipline and DMC Power deal: Announced acquisition of DMC Power for $825 million at ~15× EBITDA, targeting 20% revenue growth and higher margins, closing expected in Q4’25.