Systems Control

Previously noted as a key contributor to sales growth and margins, with alignment to Utility Solutions and grid modernization. " " " " " " " " " " " " " "

Generated approximately $120 million in Q3 revenue, heading toward $400 million for 2024. Strong growth, attractive margins, and solid integration. " " " "

Consistently highlighted for strong performance and strategic fit

Transmission and Substation

Consistently reported as a high-growth market fueled by grid modernization and resiliency needs, with double-digit gains in prior quarters. " " " " " " " " " " " "

Continued double-digit growth, driven by electrification and renewables, with confidence extending into 2025. " " " "

Recurring bullish commentary with long-term expansion prospects

Renewables and Data Centers

Previously cited as significant growth drivers, contributing to double-digit gains and benefiting from electrification and reshoring trends. " " " " " " " "

Posted strong double-digit growth in Q3; these verticals represent over 25% of the Electrical Solutions portfolio. Vertical sales strategy is successful. " " "

Sustained strong momentum and focus

Telecom

Had been down ~40% in earlier quarters, with inventory overhang and delayed funding. Limited near-term recovery, but potential for 2025 rebound. " " " " " " " " " " " "

Market remained weak, down ~30%. Modest sequential improvement, but still uneven month-to-month. " " "

Ongoing slump with cautious optimism

Inventory Destocking in Distribution Utility

Extended destocking in 2023 and early 2024; various speeds across product lines, with signs of moderation continuing. " " " " " "

Destocking by large IOUs continued, though storms partially corrected some overstock; expected normalization by year-end 2024. " " " "

Persistent but easing headwind

Pricing Strategies and Margin Management

Consistently strong price/cost execution, with notable expansions in Utility and Electrical segments; retained pricing even when some commodity costs moderated. " " " " " " " " " " " "

Achieved about 1 point of price at the enterprise; margins expanded by 180 bps. Future margin gains will rely more on volume. " " " " " "

Maintaining margin discipline amid evolving price/cost environment

Electrical Solutions Segment Optimization

Ongoing portfolio transformations, restructuring, and exit of low-margin businesses (e.g., residential lighting) have driven segment margin gains over multiple quarters. " " " " " " " " "

Delivered 190 bps margin expansion in Q3 via simplification, portfolio focus, and vertical sales approach. " "

Steady operational improvements with a multi-year growth outlook

PCX and Burndy Expansions

Noted strong performance in Q4 2023, particularly serving data centers and renewables. " "

No mention in Q3 2024

Not mentioned in the current quarter