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
6 questions for HUBB
Jeffrey Sprague
Vertical Research Partners
5 questions for HUBB
Nigel Coe
Wolfe Research, LLC
5 questions for HUBB
Brett Linzey
Mizuho Securities
4 questions for HUBB
Christopher Glynn
Oppenheimer & Co. Inc.
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
Chad Dillard
AllianceBernstein
3 questions for HUBB
Thomas Moll
Stephens Inc.
3 questions for HUBB
Chris Snyder
Morgan Stanley
2 questions for HUBB
Nicole DeBlase
BofA Securities
2 questions for HUBB
Tommy Moll
Stephens Inc.
2 questions for HUBB
Joe O'Dea
Wells Fargo
1 question 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
Steve Tusa
JPMorgan Chase & Co.
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.
- 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.
- Hubbell targets mid-single-digit through-cycle top-line growth with 25–30% incremental margin leverage, driving roughly 8% EPS growth and aiming for medium-term double-digit earnings via acquisitions.
- Incumbent CFO Bill Sperry will retire upon turning 64 in February, with Joe Cappuzzola—currently CFO of the Electrical segment—named his successor and set to lead the January earnings call.
- Disaggregated utility end markets: distribution is expected to grow low–mid single digits, transmission/substation is driving double-digit growth from data center hookups, and smart meters have bottomed out with modest recovery anticipated in Q4.
- Announced an $825 million acquisition of DMC Power, a high-voltage transmission connector business with ~20% growth and $60 million EBITDA, closing in Q4 and accretive to 2026–27.
- Executed multi-wave pricing actions to offset tariffs and inflation—stepped in Q2–Q4—with limited demand elasticity achieved through proactive distributor and customer communication.
- Hubbell CFO Bill Sperry announced that Joe Cappuzzola will succeed him as CFO in February, citing Cappuzzola’s 13-year tenure and leadership across accounting, operations, and segment finance roles.
- The company reiterated its medium-term targets of mid-single-digit revenue growth, 25–30% margin incrementals, and ~8% EPS growth, aiming for through-cycle double-digit EPS expansion via organic improvements and M&A.
- In the utility segment, electrical distribution is expected to grow low-to-mid single digits, transmission/substation demand is in double digits driven by data-center hookups, and the smart-meter business has bottomed, with modest growth anticipated in Q4.
- Hubbell announced the $825 million acquisition of DMC Power—a high-voltage transmission connector specialist with ~$60 million EBITDA and ~20% growth—expected to close in Q4 and be accretive to 2026 EPS.
- Hubbell entered into a definitive agreement to acquire DMC Power for $825 million in cash, to be financed with cash on hand and debt, with the transaction expected to close by end of 2025, subject to regulatory approvals.
- The deal expands Hubbell’s Utility Solutions portfolio by adding DMC’s high-voltage connector systems, aligning with megatrends in load growth, data center interconnection, and aging infrastructure.
- DMC Power projects 2026 revenue of approximately $130 million and EBITDA of approximately $60 million; the acquisition is anticipated to be accretive to Hubbell’s adjusted EPS in 2026.
- Stephens Inc. and Holland & Knight LLP serve as Hubbell’s financial and legal advisors, respectively; Harris Williams, Lincoln International, and Paul, Weiss advise Golden Gate Capital.
- Sales up 2% to $1.5 B, adjusted operating profit +8% to $362 M (24.4% margin), and EPS +11% to $4.93; free cash flow conversion ~90%.
- Raised full-year adj. EPS guidance to $17.65–$18.15, targeting 4–6% organic growth and further margin expansion.
- Adopted uniform FIFO accounting, lowering Q2 COGS by $29 M and adding ~$0.30 to H1 EPS.
- Segment highlights: Grid Infrastructure +7% organic growth (Grid Automation –13%), Utility sales +1% to $936 M; Electrical Solutions +4% to $545 M, with $225 M in share repurchases YTD.
- Guidance remains steady with a maintained outlook of 3-4% organic volume growth despite tariff challenges, as price offsets and productivity improvements mitigate additional costs.
- Improved market conditions are evident with double-digit order gains in utility infrastructure and the normalization of inventory levels in distribution and telecom segments.
- The company is actively pursuing acquisitions ranging from $100M to $1B and enhancing its share repurchase program, reflecting a robust capital allocation strategy.
- Streamlined operations in the Electrical segment are expected to boost margins, positioning Hubbell to achieve efficiencies relative to peers.
- Q1 2025 Financial Highlights: Net sales totaled $1,365M (down 2% YoY), with a diluted EPS of $3.15, adjusted EPS of $3.50, and operating margins at 17.5% (GAAP) and 19.3% (adjusted) .
- Electrical Solutions: Achieved mid-single digit organic sales growth with a modest increase to $508M and strong margin expansion driven by robust datacenter performance and pricing/productivity improvements .
- Utility Solutions: Reported a 4% decline in net sales to $857M with mixed results—organic improvement in grid infrastructure offset by mid-teens contraction in grid automation and margin pressures from LIFO-related cost recognition .
- Price & Cost Management: Implemented significant price increases to counteract a $135M headwind from tariffs and raw material inflation, with expectations to neutralize these impacts within 2025 .
- Guidance & Share Buybacks: Maintained the 2025 outlook with proactive cost management, reaffirming full-year guidance of 6%-8% organic EPS growth and EPS ranges of $15.95–16.45 (diluted) and $17.35–17.85 (adjusted), supported by continued $125M in share repurchases .