hubb-20240630

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•whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

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•whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

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•whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer

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Accelerated filer

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Non-accelerated filer

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Smaller reporting company

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Emerging growth company

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the Exchange Act. ☐

•whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

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	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2024		2023		2024		2023
Net sales	$	1,452.5	$	1,365.9	$	2,851.6	$	2,651.3
Cost of goods sold	943.8		869.7		1,895.2		1,706.8
Gross profit	508.7		496.2		956.4		944.5
Selling & administrative expenses	207.5		208.4		426.7		407.9
Operating income	301.2		287.8		529.7		536.6
Interest expense, net	(19.8)		(9.2)		(40.9)		(18.9)
Loss on disposition of business	—		—		(5.3)		—


Other expense, net	(1.2)		(4.8)		(1.9)		(8.9)
Total other expense	(21.0)		(14.0)		(48.1)		(27.8)
Income before income taxes	280.2		273.8		481.6		508.8
Provision for income taxes	65.0		65.6		117.3		117.2
Net income	215.2		208.2		364.3		391.6
Less: Net income attributable to noncontrolling interest	(1.6)		(1.4)		(2.9)		(2.9)
Net income attributable to Hubbell Incorporated	$	213.6	$	206.8	$	361.4	$	388.7

Earnings per share:
Basic earnings per share	$	3.97	$	3.85	$	6.72	$	7.24
Diluted earnings per share	$	3.94	$	3.82	$	6.67	$	7.19


	Three Months Ended June 30,
(in millions)	2024		2023
Net income	$	215.2	$	208.2
Other comprehensive income (loss):

Foreign currency translation adjustments	(19.0)		5.4

Defined benefit pension and post-retirement plans, net of taxes of $(0.6) and $(0.6)	1.7		2.0
Unrealized gain (loss) on investments, net of taxes of $0.0 and $0.1	(0.1)		(0.3)
Unrealized gain (loss) on cash flow hedges, net of taxes of $(0.1) and $0.2	0.1		(0.6)
Other comprehensive income (loss)	(17.3)		6.5
Comprehensive income	197.9		214.7
Less: Comprehensive income attributable to noncontrolling interest	1.6		1.4
Comprehensive income attributable to Hubbell Incorporated	$	196.3	$	213.3


	Six Months Ended June 30,
(in millions)	2024		2023
Net income	$	364.3	$	391.6
Other comprehensive income (loss):

Foreign currency translation adjustments	(30.9)		13.3

Defined benefit pension and post-retirement plans, net of taxes of $(1.2) and $(1.8)	4.2		3.4
Unrealized gain (loss) on investments, net of taxes of $0.1 and $0.0	(0.4)		—
Unrealized gain (loss) on cash flow hedges, net of taxes of $(0.2) and $0.3	0.5		(0.9)
Other comprehensive income (loss)	(26.6)		15.8
Comprehensive income	337.7		407.4
Less: Comprehensive income attributable to noncontrolling interest	2.9		2.9
Comprehensive income attributable to Hubbell Incorporated	$	334.8	$	404.5


(in millions)	June 30, 2024		December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	397.2	$	336.1
Short-term investments	9.3		12.6
Accounts receivable (net of allowances of $10.9 and $11.6)	893.2		785.4
Inventories, net	856.5		832.9
Other current assets	118.5		129.7
Assets held for sale - current	—		70.5
Total Current Assets	2,274.7		2,167.2
Property, Plant, and Equipment, net	674.5		652.6
Other Assets
Investments	80.8		75.8
Goodwill	2,513.7		2,533.4
Other intangible assets, net	1,135.7		1,196.0
Other long-term assets	192.3		197.1
Assets held for sale - non-current	—		91.9
TOTAL ASSETS	$	6,871.7	$	6,914.0
LIABILITIES AND EQUITY
Current Liabilities
Short-term debt and current portion of long-term debt	$	110.5	$	117.4
Accounts payable	586.7		563.5
Accrued salaries, wages and employee benefits	110.9		173.6
Accrued insurance	76.1		79.1
Other accrued liabilities	374.3		365.2
Liabilities held for sale - current	—		24.6
Total Current Liabilities	1,258.5		1,323.4
Long-Term Debt	1,892.7		2,023.2
Other Non-Current Liabilities	654.2		660.6
Liabilities held for sale - non-current	—		17.5
TOTAL LIABILITIES	3,805.4		4,024.7





Commitments and contingencies (Note 15)
Hubbell Incorporated Shareholders’ Equity	3,052.6		2,877.0
Noncontrolling interest	13.7		12.3
TOTAL EQUITY	3,066.3		2,889.3
TOTAL LIABILITIES AND EQUITY	$	6,871.7	$	6,914.0


	Six Months Ended June 30,
(in millions)	2024		2023
Cash Flows from Operating Activities
Net income	$	364.3	$	391.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	109.5		72.5
Deferred income taxes	9.8		(5.2)
Stock-based compensation	18.9		16.1
Provision for bad debt expense	—		0.1
Loss on disposition of business	5.3		—


Loss on sale of assets	0.2		0.6
Changes in assets and liabilities, excluding effects of acquisitions:
Increase in accounts receivable, net	(115.2)		(60.4)
Increase in inventories, net	(36.8)		(45.2)
Increase in accounts payable	29.1		26.5
Decrease in current liabilities	(56.9)		(50.2)
Changes in other assets and liabilities, net	17.3		(3.3)
Contribution to qualified defined benefit pension plans	(1.3)		—
Other, net	(12.4)		(1.7)
Net cash provided by operating activities	331.8		341.4
Cash Flows from Investing Activities
Capital expenditures	(74.2)		(68.9)
Acquisitions, net of cash acquired	5.9		(60.0)
Proceeds from disposal of business, net of cash	122.9		—
Purchases of available-for-sale investments	(9.7)		(9.1)
Proceeds from available-for-sale investments	10.6		10.4
Other, net	0.6		(0.6)
Net cash provided by (used in) investing activities	56.1		(128.2)
Cash Flows from Financing Activities

Payment of long-term debt	(128.8)		—

Payment of short-term debt, net	(10.9)		(2.8)
Payment of dividends	(131.0)		(120.1)


Acquisition of common shares	(20.0)		(20.0)
Other, net	(28.6)		(23.0)
Net cash used in financing activities	(319.3)		(165.9)
Effect of exchange rate changes on cash and cash equivalents	(8.0)		5.1
Increase (decrease) in cash and cash equivalents	60.6		52.4
Cash and cash equivalents, beginning of year	336.1		440.5
Cash and cash equivalents within assets held for sale, beginning of year	—		—
Restricted cash, included in other assets, beginning of year	3.2		2.8
Less: Restricted cash, included in Other Assets	2.7		3.1

Cash and cash equivalents, end of period	$	397.2	$	492.6

Hubbell is a global manufacturer of quality electrical products and utility solutions for a broad range of customer and end market applications. We provide utility and electrical solutions that enable our customers to operate critical infrastructure reliably and efficiently, and we empower and energize communities through innovative solutions supporting energy infrastructure In Front of the Meter, on The Edge, and Behind the Meter. In Front of the Meter is where utilities transmit and distribute energy to their customers. The Edge connects utilities with owner/operators and allows energy and data to be distributed back and forth. Behind the Meter is where owners and operators of buildings and other critical infrastructure consume energy. Products are either sourced complete, manufactured or assembled by subsidiaries in the United States, Canada, Puerto Rico, Mexico, China, the UK, Brazil, Australia, Spain, Ireland and the Republic of the Philippines. The Company also participates in joint ventures in Hong Kong and the Republic of the Philippines, and maintains offices in Singapore, Italy, China, India, Mexico, South Korea, Chile, and countries in the Middle East. The Company employed approximately 18,300 individuals worldwide as of June 30, 2024.

Our strategy to deliver products through a competitive cost structure has resulted in past and ongoing restructuring and related activities. Our restructuring and related efforts include the consolidation of manufacturing and distribution facilities, and workforce actions, as well as streamlining and consolidating our back-office functions. The primary objectives of our restructuring and related activities are to optimize our manufacturing footprint, cost structure, and effectiveness and efficiency of our workforce.

Productivity improvement also continues to be a key area of focus for the Company and efforts to drive productivity complement our restructuring and related activities to minimize the impact of rising material costs and other administrative cost inflation. Because material costs are approximately half of our cost of goods sold, continued volatility in this area could significantly impact profitability. Our goal is to have pricing and productivity programs that offset material and other inflationary cost increases as well as pay for investments in key growth areas.

Productivity programs affect virtually all functional areas within the Company by reducing or eliminating waste and improving processes. We continue to expand our efforts related to global product and component sourcing, as well as supplier cost reduction programs. Value engineering efforts, product transfers and the use of lean process improvement techniques are expected to continue to increase manufacturing efficiency. In addition, we continue to build upon the benefits of our enterprise resource planning system across all functions.

Our sales are also subject to market conditions that may cause customer demand for our products to be volatile and unpredictable, particularly in our Electrical Solutions segment. Product demand can be affected by fluctuations in domestic and international economic conditions, as well as currency fluctuations, commodity costs, and a variety of other factors. Since early 2021, we have experienced significant inflationary pressure across much of our business. As a result, we have taken various pricing actions to cover the higher costs and protect our profitability. Although there has been some mitigation in the rate of inflation starting in 2023, we expect inflation to remain a factor for the foreseeable future and we expect to continue to take these pricing actions subject to demand and market conditions. Accordingly, there can be no assurance that we will be able to maintain our margins in response to further changes in inflationary pressures. In addition, macroeconomic effects such as increases in interest rates and other measures taken by central banks and other policy makers could have a negative effect on overall economic activity which could reduce our customers’ demand for our products, and cause the continuation of relatively high market interest rates that increase our borrowing costs.

The following is a discussion and analysis of our business, financial condition and results of operations as of and for the three and six months ended June 30, 2024 and 2023. This discussion and analysis should be read in conjunction with our Condensed Consolidated Financial Statements and notes thereto in Item 1 of this Quarterly Report on Form 10-Q (the "Condensed Financial Statements"), and the audited consolidated financial statements, accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Organic growth in the Electrical Solutions segment was strong, led by datacenter and renewables verticals as electrification drives strong project activity. Organic growth was down 1.5% in the Utility Solutions segment as strength in transmission, substation and grid automation markets was offset by continued customer inventory management in distribution markets and weak telcom markets in the quarter. Price realization remains positive in both segments as compared to the second quarter of 2023.

Operating margin in the second quarter of 2024 was 20.7% and contracted by 40 basis points. Adjusted operating margin, which excludes amortization of acquisition-related intangibles and transaction, integration and separation costs, was 22.8% and expanded by 40 basis points. Margin expansion in the quarter was primarily driven by favorable price realization and benefits from operational productivity, as well as the impact of recent portfolio transformation efforts. Those factors were partially offset by higher material and other cost inflation, and investments. These factors are further described within Segment Results below.

In December 2023, the Company entered into a definitive agreement to sell its residential lighting business for a cash purchase price of $131 million, subject to customary adjustments. The Company concluded the business met the criteria for classification as held for sale in the fourth quarter of 2023. The residential lighting business was reported within the Electrical Solutions Segment. The transaction closed in the first quarter of 2024 and the Company recorded a pre-tax loss on the sale of $5.3 million in the first quarter of 2024, which is recorded within Total other expense in the Company's Condensed Consolidated Statement of Income.


	Three Months Ended June 30,
	2024		% of Net sales		2023		% of Net sales
Net sales	$	1,452.5			$	1,365.9
Cost of goods sold	943.8		65.0	%	869.7		63.7	%
Gross profit	508.7		35.0	%	496.2		36.3	%
Selling & administrative ("S&A") expense	207.5		14.3	%	208.4		15.2	%
Operating income	301.2		20.7	%	287.8		21.1	%
Net income	215.2		14.8	%	208.2		15.2	%
Less: Net income attributable to non-controlling interest	(1.6)		(0.1)	%	(1.4)		(0.1)	%
Net income attributable to Hubbell Incorporated	213.6		14.7	%	206.8		15.1	%
Less: Earnings allocated to participating securities	(0.4)				(0.5)
Net income available to common shareholders	$	213.2			$	206.3
Average number of diluted shares outstanding	54.1				54.0
DILUTED EARNINGS PER SHARE	$	3.94			$	3.82

In the following discussion of results of operations, we refer to "adjusted" operating measures. We believe those adjusted measures, which exclude the impact of certain costs, gains and losses, may provide investors with useful information regarding our underlying performance from period to period and allow investors to understand our results of operations without regard to items that, in management's judgement, significantly affect the comparability of operating results, or we do not consider a components of our core operating performance.

Adjusted operating measures exclude amortization of all intangible assets associated with our business acquisitions, including inventory step-up amortization associated with those acquisitions. The intangible assets associated with our business acquisitions arise from the allocation of the purchase price using the acquisition method of accounting in accordance with Accounting Standards Codification 805, “Business Combinations.” These assets consist primarily of customer relationships, developed technology, trademarks and tradenames, and patents, as reported in Note 7 – Goodwill and Other Intangible Assets, under the heading “Total Definite-Lived Intangibles,” within the Company’s audited consolidated financial statements set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

The Company believes that the exclusion of these non-cash expenses (i) enhances management’s and investors’ ability to analyze underlying business performance, (ii) facilitates comparisons of our financial results over multiple periods, and (iii) provides more relevant comparisons of our results with the results of other companies as the amortization expense associated with these assets may fluctuate significantly from period to period based on the timing, size, nature, and number of acquisitions. Although we exclude amortization of these acquired intangible assets and inventory step-up from our non-GAAP results, we believe that it is important for investors to understand that revenue generated, in part, from such intangibles is included within revenue in determining adjusted net income attributable to Hubbell Incorporated.

Organic net sales (or organic net sales growth), a non-GAAP measure, represents Net sales according to U.S. GAAP, less Net sales from acquisitions and divestitures during the first twelve months of ownership or divestiture, respectively, less the effect of fluctuations in Net sales from foreign currency exchange. The period-over-period effect of fluctuations in Net sales from foreign currency exchange is calculated as the difference between local currency Net sales of the prior period translated at the current period exchange rate as compared to the same local currency Net sales translated at the prior period exchange rate. We believe this measure provides management and investors with a more complete understanding of the underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency as these activities can obscure underlying trends. When comparing Net sales growth between periods, excluding the effects of acquisitions, business dispositions and currency exchange rates, those effects are different when comparing results for different periods. For example, because Net sales from acquisitions are considered inorganic from the date we complete an acquisition through the end of the first year following the acquisition, Net sales from such acquisition are reflected as organic net sales thereafter.

There are limitations to the use of non-GAAP measures. Non-GAAP measures do not present complete financial results. We compensate for this limitation by providing a reconciliation between our non-GAAP financial measures and the respective most directly comparable financial measure calculated and presented in accordance with GAAP. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported GAAP financial results, and should be viewed in conjunction with the most comparable GAAP financial measures and the provided reconciliations thereto. We believe, however, that these non-GAAP financial measures, when viewed together with our GAAP results and related reconciliations, provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.


	Three Months Ended June 30,
	2024		% of Net sales			2023		% of Net sales
Operating income (GAAP measure)	$	301.2	20.7		%	$	287.8	21.1		%
Amortization of acquisition-related intangible assets	28.5		2.0		%	18.1		1.3		%

Transaction, integration & separation costs	1.7		0.1		%	—		—		%
Adjusted operating income (non-GAAP measure)	$	331.4	22.8		%	$	305.9	22.4		%






The following table reconciles Adjusted net income attributable to Hubbell Incorporated, Adjusted net income available to common shareholders, and the diluted per share amounts thereof, each a non-GAAP measure, to the directly comparable GAAP financial measures (in millions, except per share data).


	Three Months Ended June 30,
	2024		Diluted Per Share			2023		Diluted Per Share
Net income attributable to Hubbell Incorporated (GAAP measure)	$	213.6	$	3.95		$	206.8	$	3.83
Amortization of acquisition-related intangible assets	28.5		0.53			18.1		0.34


Transaction, integration & separation costs	1.7		0.03			—		—

Subtotal	$	243.8	$	4.51		$	224.9	$	4.17
Income tax effects(1)	7.3		0.13			4.5		0.09
Adjusted net income attributable to Hubbell Incorporated (non-GAAP measure)	$	236.5	$	4.38		$	220.4	$	4.08
Less: Earnings allocated to participating securities	(0.5)		(0.01)			(0.5)		(0.01)
Adjusted net income available to common shareholders (non-GAAP measure)	$	236.0	$	4.37		$	219.9	$	4.07

Net sales of $1,452.5 million in the second quarter of 2024 increased by $86.6 million compared to the second quarter of 2023. Organic net sales increased by 1.9% driven by a low single digit percentage increase in price realization. The impact of volume on net sales was flat quarter over quarter. Acquisitions net of divestitures contributed 4.5% to net sales growth. These changes are discussed in more detail in the Segment Results section below.

As a percentage of Net sales, cost of goods sold increased by 130 basis points to 65.0% in the second quarter of 2024, resulting in gross profit margin contracting to 35.0%. Approximately four percentage points of gross profit margin contraction was driven by higher intangible amortization expense, material and other cost inflation, which was partially offset by approximately three percentage points of margin expansion driven by favorable price realization and improved operational productivity.

S&A expense in the second quarter of 2024 was $207.5 million and decreased by $0.9 million or 0.4% compared to the prior year period. This decrease was driven by lower professional services and employee incentive expense, partially offset by the impact of 2023 acquisitions net of divestitures, including an increase in intangible amortization expense. S&A expense as a percentage of Net sales was 14.3% in the second quarter of 2024, compared to 15.2% in the second quarter of 2023.

Total other expense increased by $7.0 million in the second quarter of 2024 to $21.0 million, primarily due to higher net interest expense of $10.6 million in the second quarter of 2024 compared to the same period in 2023, partially offset by $2.5 million of TSA income related to the disposal of the residential lighting business. The increase in interest expense was primarily attributable to debt incurred in connection with the acquisition of Systems Control and higher market interest rates.

Net income attributable to Hubbell Incorporated was $213.6 million in the second quarter of 2024 and increased 3.3% as compared to the same period of the prior year, reflecting the factors described above. As a result, earnings per diluted share in the second quarter of 2024 increased 3% as compared to the second quarter of 2023. Adjusted net income attributable to Hubbell Incorporated, which excludes amortization of acquisition-related intangibles from both periods and transaction, integration & separation costs in the second quarter of 2024, was $236.5 million in the second quarter of 2024 and increased by 7% as compared to the second quarter of 2023.

Net sales in the Utility Solutions segment in the second quarter of 2024 were $926.5 million, and increased by $95.7 million, or 11.5%, as compared to the second quarter of 2023. That increase was driven by a 13.1% increase in net sales from acquisitions, partially offset by a 1.5% decrease in organic net sales. The decrease in organic net sales was driven by a low single digit percentage decrease in unit volume, partially offset by a low single digit percentage increase in price realization. The decrease in unit volume was largely driven by volume declines in enclosures products primarily driven by weakness in the telcom markets, as well as continued customer inventory management in distribution markets. These factors were partially offset by robust growth in transmission and substation markets, as well as backlog conversion in meters and AMI products. Favorable price realization was driven by actions to offset inflation, as well as by service levels.

Operating income in the Utility Solutions segment for the second quarter of 2024 was $196.1 million, a decrease of 1.7% compared to the second quarter of 2023. Operating margin decreased by 280 basis points to 21.2% in the second quarter of 2024, as compared to the same period of 2023. Excluding amortization of acquisition-related intangibles and transaction, integration and separation costs, the adjusted operating margin decreased by 160 basis points to 24.0%, as compared to the 2023 period. The decrease in operating margin includes approximately three percentage points of margin expansion primarily due to favorable price realization and improved operational productivity, but that expansion was more than offset by approximately five percentage points of margin contraction primarily due to material and other cost inflation, lower unit volume and higher restructuring and related costs. The acquisition of Systems Control also contributed to second quarter operating margin contraction. The impact of lower unit volume includes an impact of approximately 150 basis points from enclosures products, driven primarily by weakness in the telcom market.

Net sales in the Electrical Solutions segment in the second quarter of 2024 were $526.0 million and decreased by $9.1 million, or 1.7%, as compared to the second quarter of 2023. That decrease includes 7.2% growth in organic net sales, which was more than offset by an 8.8% decline in net sales resulting from the disposition of our residential lighting business during the first quarter of 2024. The increase in organic net sales was driven by a mid-single digit percentage increase in unit volume and a low single digit percentage increase in price realization. Volume growth in the quarter was driven primarily by strength in datacenter and renewables markets, while broader industrial and electrical markets were steady. Favorable price realization was driven primarily by actions to recover inflationary costs.

Operating income in the Electrical Solutions segment for the second quarter of 2024 was $105.1 million and increased approximately 19.0% compared to the second quarter of 2023, while operating margin in the second quarter of 2024 expanded by 350 basis points to 20.0%. Excluding amortization of acquisition-related intangibles, the adjusted operating margin expanded by 350 basis points to 20.8%. The increase in operating margin was primarily due to approximately six percentage points of margin expansion from favorable price realization, improved operational productivity, higher volume and business mix. The disposition of the residential lighting business also contributed to that expansion. Those factors were partially offset by approximately two percentage points of margin contraction driven by higher material and other cost inflation.


	Six Months Ended June 30,
	2024		% of Net sales		2023		% of Net sales
Net sales	$	2,851.6			$	2,651.3
Cost of goods sold	1,895.2		66.5	%	1,706.8		64.4	%
Gross profit	956.4		33.5	%	944.5		35.6	%
Selling & administrative ("S&A") expense	426.7		14.9	%	407.9		15.4	%
Operating income	529.7		18.6	%	536.6		20.2	%
Net income	364.3		12.8	%	391.6		14.8	%
Less: Net income attributable to non-controlling interest	(2.9)		(0.1)	%	(2.9)		(0.1)	%
Net income attributable to Hubbell Incorporated	361.4		12.7	%	388.7		14.7	%
Less: Earnings allocated to participating securities	(0.7)				(0.9)
Net income available to common shareholders	$	360.7			$	387.8
Average number of diluted shares outstanding	54.1				53.9
DILUTED EARNINGS PER SHARE	$	6.67			$	7.19


	Six Months Ended June 30,
	2024		% of Net sales			2023		% of Net sales
Operating income (GAAP measure)	$	529.7	18.6		%	$	536.6	20.2		%
Amortization of acquisition-related intangible assets	67.9		2.4		%	35.9		1.4		%

Transaction, integration & separation costs	9.0		0.3		%	—		—		%
Adjusted operating income (non-GAAP measure)	$	606.6	21.3		%	$	572.5	21.6		%






The following table reconciles Adjusted net income attributable to Hubbell Incorporated, Adjusted net income available to common shareholders, and the diluted per share amounts thereof, each a non-GAAP measure, to the directly comparable GAAP financial measures (in millions, except per share data).


	Six Months Ended June 30,
	2024		Diluted Per Share			2023		Diluted Per Share
Net income attributable to Hubbell Incorporated (GAAP measure)	$	361.4	$	6.68		$	388.7	$	7.21
Amortization of acquisition-related intangible assets	67.9		1.26			35.9		0.67


Transaction, integration & separation costs	9.0		0.17			—		—
Loss on disposition of business	5.3		0.10			—		—
Subtotal	$	443.6	$	8.21		$	424.6	$	7.88
Income tax effects(1)	11.9		0.22			8.9		0.17
Adjusted net income attributable to Hubbell Incorporated (non-GAAP measure)	$	431.7	$	7.99		$	415.7	$	7.71
Less: Earnings allocated to participating securities	(0.9)		(0.02)			(1.0)		(0.02)
Adjusted net income available to common shareholders (non-GAAP measure)	$	430.8	$	7.97		$	414.7	$	7.69

Net sales of $2,851.6 million in the first six months of 2024 increased by $200.3 million compared to the same period in 2023. Organic net sales increased by 2.1%, driven by a low single digit percentage increase in price realization. The impact of volume on net sales was flat year over year. Acquisitions net of divestitures contributed 5.4% to net sales growth. These changes are discussed in more detail in the Segment Results section below.

As a percentage of net sales, cost of goods sold increased by 210 basis points to 66.5% in the first six months of 2024, resulting in gross profit margin contracting to 33.5%. Approximately five percentage points of gross profit margin contraction was driven by higher intangible amortization expense, material and other cost inflation, higher restructuring and related costs, as well as continued investments in long-term growth and productivity initiatives, which was partially offset by approximately three percentage points of margin expansion driven by favorable price realization and improved operational productivity.

S&A expense in the first six months of 2024 was $426.7 million and increased by $18.8 million or 4.6% compared to the prior year period. This increase was driven by the impact of 2023 acquisitions net of divestitures, including an increase in intangible amortization expense, partially offset by lower employee incentive cost. S&A expense as a percentage of net sales was 14.9% in the first six months of 2024, as compared to 15.4% in the first six months of 2023.

Total other expense increased by $20.3 million in the first six months of 2024 to $48.1 million, primarily due to a $22.0 million increase in interest expense in the first six months of 2024, along with the $5.3 million loss recognized on the disposition of the residential lighting business, partially offset by $4.5 million of TSA income related to the disposal of the residential lighting business. The increase in interest expense was primarily attributable to debt incurred in connection with the Systems Control acquisition and higher market interest rates.

Net income attributable to Hubbell Incorporated was $361.4 million in the first six months of 2024 and decreased 7.0% as compared to the same period of the prior year, reflecting the factors described above. As a result, earnings per diluted share in the first six months of 2024 decreased 7.3% as compared to the first six months of 2023. Adjusted net income attributable to Hubbell Incorporated, which excludes amortization of acquisition-related intangibles from both periods and transaction, integration & separation costs and a loss on disposition of a business in the first six months of 2024, was $431.7 million in the first six months of 2024 and was $415.7 million in the first six months of 2023.

Net sales in the Utility Solutions segment in the first six months of 2024 were $1,820.5 million, and increased by $208.1 million, or 12.9%, as compared to the first six months of 2023. That increase was driven by a 13.5% increase in net sales from acquisitions offset by a 0.6% decrease in organic net sales. The decrease in organic net sales was driven by a low single digit percentage decrease in unit volume, partially offset by a low single digit percentage increase in price realization. The decrease in unit volume was largely driven by volume declines in enclosures products primarily driven by weakness in the telcom markets, as well as continued customer inventory management in distribution markets. These factors were partially offset by robust growth in transmission and substation markets, as well as backlog conversion in meters and AMI products. Favorable price realization was driven by actions to offset inflation, as well as by our service levels.

Operating income in the Utility Solutions segment for the first six months of 2024 was $353.6 million, a decrease of 6.2% compared to the first six months of 2023. Operating margin declined by 400 basis points to 19.4% in the first six months of 2024, as compared to the same period of 2023. Excluding amortization of acquisition-related intangibles and transaction, integration and separation costs, the adjusted operating margin declined by 210 basis points to 22.9% as compared to the 2023 period. The decrease in operating margin includes approximately three percentage points of margin expansion primarily due to favorable price realization and improved operational productivity, but that expansion was more than offset by approximately five percentage points of margin contraction primarily due to material and other cost inflation, lower unit volume and continuing investments in long-term growth and productivity initiatives. The acquisition of Systems Control also contributed to 2024 operating margin contraction. The impact of lower unit volume includes approximately 150 basis points from enclosures products, driven primarily by weakness in the telcom market.

Net sales in the Electrical Solutions segment in the first six months of 2024 were $1,031.1 million and decreased by $7.8 million, or 0.8%, as compared to the first six months of 2023. That decrease was driven by a 7.3% decline in net sales resulting from the disposition of our residential lighting business in the first quarter of 2024, offset by a 6.3% increase in organic net sales. The increase in organic net sales was driven by a mid-single digit percentage increase in unit volume and a low single digit percentage increase in price realization. Volume growth was driven primarily by strength in datacenter and renewables markets, while broader industrial and electrical markets were steady. Favorable price realization was driven primarily by actions to recover inflationary costs.

Operating income in the Electrical Solutions segment for the first six months of 2024 was $176.1 million and increased approximately 10.3% compared to the first six months of 2023, while operating margin in the first six months of 2024 increased by 170 basis points to 17.1%. Excluding amortization of acquisition-related intangibles and transaction, integration and separation costs, the adjusted operating margin increased by 210 basis points to 18.3%. The increases are primarily due to approximately five percentage points of margin expansion from favorable price realization, improved operational productivity and higher volume. The disposition of the residential lighting business also contributed to that expansion. Those factors were partially offset by approximately three percentage points of margin contraction driven by, higher material and other cost inflation.

Cash provided by operating activities for the six months ended June 30, 2024 was $331.8 million compared to cash provided by operating activities of $341.4 million for the same period in 2023. The decrease was primarily due lower net income in the current year, and an increase in investments in working capital to serve customer demand, partially offset by higher adjustments to net income for amortization and depreciation expense in 2024.

We continue to invest in restructuring and related programs to maintain a competitive cost structure, to drive operational efficiencies and to mitigate the impact of rising material costs and administrative cost inflation. We expect our investment in restructuring and related activities to continue through 2024 as we continue to invest in previously initiated actions and initiate further footprint consolidation and other cost reduction initiatives.

In connection with our restructuring and related actions, we have incurred restructuring costs as defined by U.S. GAAP, which are primarily severance and employee benefits, asset impairments, and accelerated depreciation, as well as facility closure, contract termination and certain pension costs that are directly related to restructuring actions. We also incurred restructuring-related costs, which are costs associated with our business transformation initiatives, including the consolidation of back-office functions and streamlining of our processes, and certain other costs and gains associated with restructuring actions. We refer to these costs on a combined basis as "restructuring and related costs", which is a non-GAAP measure. We believe this non-GAAP measure provides investors with useful information regarding our underlying performance from period to period. Restructuring costs are predominantly settled in cash from our operating activities and are generally settled within one year, with the exception of asset impairments, which are non-cash.

In October 2022, the Board of Directors approved a share repurchase program that authorized the repurchase of up to $300 million of common stock, which expires in October 2025. In the first six months of 2024, the Company repurchased $20.0 million of shares of common stock authorized under the October 2022 program. At June 30, 2024, our remaining share repurchase authorization was $280.0 million. Subject to numerous factors, including market conditions and alternative uses of cash, we may conduct discretionary repurchases through open market or privately negotiated transactions, which may include repurchases under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.

At June 30, 2024 and December 31, 2023, the Company had $1,892.7 million and $2,023.2 million, respectively, of long-term debt outstanding, net of the unamortized balance of capitalized debt issuance costs. The Company had $18.7 million and $15.0 million at June 30, 2024 and December 31, 2023 respectively of maturities due within the next 12 months related to the Term Loan Agreement described below, which were classified within short term debt in the Consolidated Balance Sheet.

In connection with the December 2023 acquisition of Systems Control, the Company entered into a Term Loan Agreement with a syndicate of lenders under which the Company borrowed $600 million on an unsecured basis. Borrowings under the Term Loan Agreement bear interest generally at either the adjusted term SOFR rate plus an applicable margin (determined by a ratings based grid) or the alternative base rate. Currently, the loans bear interest based on the adjusted term SOFR rate. The principal amount of borrowings under the Term Loan Agreement amortize in equal quarterly installments of 2.5% of the original outstanding principal amount in 2024, 2.5% in 2025, and, 5% in 2026, with the remaining outstanding principal amount under the Term Loan Agreement due and payable in full at maturity in December 2026. The Company may make principal payments in excess of the amortization schedule at its discretion. During the six months ended June 30, 2024, the Company made $128.8 million of principal payments. The sole financial covenant in the Term Loan Agreement requires that total debt not exceed 65% of total capitalization as of the last day of each fiscal quarter of the Company. The Company was in compliance with this covenant as of June 30, 2024.

On March 12, 2021, the Company, as borrower, and its subsidiaries Hubbell Power Holdings S.à r.l. and Harvey Hubbell Holdings S.à r.l., each as a subsidiary borrower (collectively, the “Subsidiary Borrowers”) entered into a new five-year credit agreement with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent, that provides a $750 million committed revolving credit facility (the “2021 Credit Facility"). Commitments under the 2021 Credit Facility may be increased to an aggregate amount not to exceed $1.25 billion. The 2021 Credit Facility includes a $50 million sub-limit for the issuance of letters of credit. The sum of the dollar amount of loans and letters of credits to the Subsidiary Borrowers under the 2021 Credit Facility may not exceed $75 million. There were no borrowings outstanding under the 2021 Credit Facility at June 30, 2024.

We measure liquidity on the basis of our ability to meet short-term and long-term operational funding needs, to fund additional investments in our business, including acquisitions, and to make dividend payments to shareholders. Significant factors affecting the management of liquidity are cash flows from operating activities, capital expenditures, cash dividend payments, stock repurchases, access to bank lines of credit and our ability to attract long-term capital with satisfactory terms. In the first six months of 2024, we returned capital to our shareholders by paying $131.0 million of dividends on our common stock and using $20.0 million of cash for share repurchases.

We also require cash outlays to fund our operations, capital expenditures, and working capital requirements to accommodate anticipated levels of business activity, as well as our rate of cash dividends, and potential future acquisitions. We have contractual obligations for long-term debt, operating leases, purchase obligations, and certain other long-term liabilities that are summarized in the Financial Condition, Liquidity and Capital Resources section in our Annual Report on Form 10-K for the year ended December 31, 2023. As a result of the Tax Cuts and Jobs Act of 2017 (the "TCJA"), we also have an obligation to fund, by annual installments through 2025, the Company's liability for the transition tax on the deemed repatriation of foreign earnings.

◦Our 2021 Credit Facility provides a $750.0 million committed revolving credit facility and commitments under the 2021 Credit Facility may be increased (subject to certain conditions) to an aggregate amount not to exceed $1.25 billion. Annual commitment fees to support availability under the 2021 Credit Facility are not material. Although not the principal source of liquidity, we believe our 2021 Credit Facility is capable of providing significant financing flexibility at reasonable rates of interest and is an attractive alternative source of funding in the event that commercial paper markets experience disruption. However, an increase in usage of the 2021 Credit Facility related to growth or a significant deterioration in the results of our operations or cash flows could cause our borrowing costs to increase and/or our ability to borrow could be restricted. We have not entered into any guarantees that could give rise to material unexpected cash requirements. The full $750.0 million of borrowing capacity under the 2021 Credit Facility was available to the Company at June 30, 2024.

A summary of our critical accounting estimates is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2023. We are required to make estimates and judgments in the preparation of our financial statements that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures. We continually review these estimates and their underlying assumptions to ensure they are appropriate for the circumstances. Changes in the estimates and assumptions we use could have a material impact on our financial results. During the six months ended June 30, 2024, there were no material changes in our estimates and critical accounting policies.

Some of the information included in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, and elsewhere in this Form 10-Q, contain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. These statements generally relate to our expectations and beliefs regarding our financial results, condition and outlook, projections of future performance, anticipated growth and end markets, changes in operating results, market conditions and economic conditions, expected capital resources, liquidity, financial performance, pension funding and results of operations, plans, strategize, opportunities, developments and productivity initiatives, competitive positioning, and trends in particular markets or industries. In addition, all statements regarding the expected financial impact of the integration of acquisitions, adoption of updated accounting standards and any expected effects of such adoption, and intent to continue repurchasing shares of common stock, as well as other statements that are not strictly historic in nature, are forward-looking. Forward-looking statements may be identified by the use of words, such as “believe”, “expect”, “anticipate”, “intend”, “depend”, “should”, “plan”, “estimated”, “predict”, “could”, “may”, “subject to”, “continues”, “growing”, “prospective”, “forecast”, “projected”, “purport”, “might”, “if”, “contemplate”, “potential”, “pending,” “target”, “goals”, “scheduled”, “will", "will likely be”, and similar words and phrases. Such forward-looking statements are based on our current expectations and involve numerous assumptions, known and unknown risks, uncertainties and other factors, which may cause actual and future performance or the Company's achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to:

•Ability to successfully manage and integrate an acquired business, such as the recent acquisitions of El Electronics LLC, Indústria Eletromecânica Balestro Ltda., and Systems Control, as well as the failure to realize expected synergies and benefits anticipated when we make an acquisition due to potential adverse reactions or changes to business or employee relationships resulting from completion of the transaction, competitive responses to the transaction, the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the acquired business, diversion of management's attention from ongoing business operations and opportunities, and litigation relating to the transaction.

•Other factors described in our Securities and Exchange Commission filings, including in the “Business”, “Risk Factors”, "Management's Discussion and Analysis of Financial Condition and Results of Operations", and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in the Company's Quarterly Reports on Form 10-Q.

In the operation of its business, the Company has exposures to fluctuating foreign currency exchange rates, availability of purchased finished goods and raw materials, changes in material prices, foreign sourcing issues, and changes in interest rates. There have been no significant changes in our exposure to these market risks during the six months ended June 30, 2024. For a complete discussion of the Company’s exposure to market risk, refer to Item 7A, “Quantitative and Qualitative Disclosures about Market Risk”, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

Our management carried out an evaluation, with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and 15d-15(e), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, each of the Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2024, the Company’s disclosure controls and procedures were effective at the reasonable assurance level.

On October 21, 2022, we announced that the Board of Directors had approved a share repurchase program (the "Program") that authorized the repurchase of up to $300 million of common stock, which expires in October 2025. At June 30, 2024, our remaining share repurchase authorization was $280.0 million. Subject to numerous factors, including market conditions and alternative uses of cash, we may conduct discretionary repurchases through open market or privately negotiated transactions, which may include repurchases under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.


Period	Total Number of Shares of Common Stock Purchased (000s)	Average Price Paid Per Share of Common Stock		Approximate Value of Shares that May Yet be Purchased Under the Plans (in millions)		Total number of shares purchased as part of publicly announced plans (000s)
April 1, 2024 - April 30, 2024	—	$	—	$	290.0	—
May 1, 2024 - May 31, 2024	25	$	393.97	$	280.0	25
June 1, 2024 - June 30, 2024	—	$	—	$	280.0	—
TOTAL FOR THE QUARTER ENDED JUNE 30, 2024	25	$	393.97	$	280.0	25

Incorporated by Reference

Exhibit
Number

Exhibit Description

Form

File No.

Exhibit

Filing
Date

Filed/
Furnished
Herewith

31.1

Certification of Chief Executive Officer Pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of Chief Financial Officer Pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101

The following materials from Hubbell Incorporated's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Condensed Consolidated Financial Statements.

104

The cover page of this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted in Inline XBRL (included within the Exhibit 101 attachments)


Connecticut		06-0397030
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
40 Waterview Drive
Shelton,	CT	06484
(Address of principal executive offices)		(Zip Code)
(475)		882-4000
(Registrant’s telephone number, including area code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock - par value $0.01 per share	HUBB	New York Stock Exchange


Table of Contents

PART I		3

ITEM 1	Financial Statements (unaudited)
	Condensed Consolidated Statements of Income	3
	Condensed Consolidated Statements of Comprehensive Income	4
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	7
ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
ITEM 3	Quantitative and Qualitative Disclosures About Market Risk	48
ITEM 4	Controls and Procedures	49

PART II		50

ITEM 1A	Risk Factors	50
ITEM 2	Unregistered Sales of Equity Securities and Use of Proceeds	50
ITEM 5	Other information	50
ITEM 6	Exhibits	51
	Signatures	52



(in millions)	Six Months Ended June 30, 2024
Confirmed obligations outstanding at the beginning of the period	$	101.3
Invoices confirmed during the period	174.0
Confirmed invoices paid during the period	(167.2)
Confirmed obligations outstanding at the end of the period	$	108.1


Accounts receivable	$	71.5
Inventories	85.7
Other current assets	49.6
Property, plant and equipment	31.9
Other non-current assets	2.8
Intangible assets	602.7
Accounts payable	(18.5)
Other accrued liabilities	(84.0)
Deferred tax liabilities, net	(132.2)
Other non-current liabilities	(11.9)
Goodwill	608.2
Total Estimate of Consideration Transferred, Net of Cash Acquired	$	1,205.8


N/A
(Former name, former address and former fiscal year, if changed since last report.)


	At December 31,
(in millions)	2023
Cash and cash equivalents	$	—
Accounts receivable, net	29.8
Inventories, net	37.8
Other current assets	2.9
Assets held for sale - current	$	70.5
Property, Plant, and Equipment, net	1.6
Goodwill	63.2
Other Intangible assets, net	6.5
Other long-term assets	20.6
Assets held for sale - non-current	$	91.9
Accounts payable	1.9
Accrued salaries, wages and employee benefits	3.5
Accrued insurance	3.4
Other accrued liabilities	15.8
Liabilities held for sale - current	$	24.6
Other Non-Current Liabilities	17.5
Liabilities held for sale - non-current	$	17.5


	Three Months Ended June 30,				Six Months Ended June 30,
in millions	2024		2023		2024		2023
Net sales
Grid Infrastructure	$	654.5	$	583.1	$	1,267.3	$	1,144.8
Grid Automation	272.0		247.7		553.2		467.6
Total Utility Solutions	$	926.5	$	830.8	$	1,820.5	$	1,612.4
Electrical Products	$	223.1	$	213.0	$	434.6	$	417.0
Connection and Bonding	192.3		165.7		367.8		319.6
Industrial Controls	110.6		109.1		207.5		203.0
Retail and Builder	—		47.3		21.2		99.3
Total Electrical Solutions	$	526.0	$	535.1	$	1,031.1	$	1,038.9
TOTAL	$	1,452.5	$	1,365.9	$	2,851.6	$	2,651.3


	Net Sales				Operating Income				Operating Income as a % of Net Sales
	2024		2023		2024		2023		2024		2023
Three Months Ended June 30,
Utility Solutions	$	926.5	$	830.8	$	196.1	$	199.5	21.2	%	24.0	%
Electrical Solutions	526.0		535.1		105.1		88.3		20.0	%	16.5	%
TOTAL	$	1,452.5	$	1,365.9	$	301.2	$	287.8	20.7	%	21.1	%
Six Months Ended June 30,
Utility Solutions	$	1,820.5	$	1,612.4	$	353.6	$	377.0	19.4	%	23.4	%
Electrical Solutions	1,031.1		1,038.9		176.1		159.6		17.1	%	15.4	%
TOTAL	$	2,851.6	$	2,651.3	$	529.7	$	536.6	18.6	%	20.2	%


	June 30, 2024		December 31, 2023
Raw material	$	398.5	$	394.1
Work-in-process	214.0		189.2
Finished goods	405.8		412.1
Subtotal	1,018.3		995.4
Excess of FIFO over LIFO cost basis	(161.8)		(162.5)
TOTAL	$	856.5	$	832.9


	Segment
	Utility Solutions		Electrical Solutions		Total
BALANCE AT DECEMBER 31, 2023	$	1,897.5	$	635.9	$	2,533.4
Prior year acquisitions(1)	(6.5)		—		(6.5)

Foreign currency translation	(11.9)		(1.3)		(13.2)
BALANCE AT JUNE 30, 2024	$	1,879.1	$	634.6	$	2,513.7


	June 30, 2024				December 31, 2023
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Definite-lived:
Patents, tradenames and trademarks	$	233.0	$	(90.1)	$	233.7	$	(84.8)
Customer relationships, developed technology and other	1,509.0		(550.0)		1,513.1		(500.1)
TOTAL DEFINITE-LIVED INTANGIBLES	$	1,742.0	$	(640.1)	$	1,746.8	$	(584.9)
Indefinite-lived:
Tradenames and other	33.8		—		34.1		—
TOTAL OTHER INTANGIBLE ASSETS	$	1,775.8	$	(640.1)	$	1,780.9	$	(584.9)


	June 30, 2024		December 31, 2023
Customer program incentives	$	41.0	$	57.4
Accrued income taxes	21.1		21.1
Contract liabilities - deferred revenue	141.5		111.5
Customer refund liability	19.9		18.1
Accrued warranties short-term(1)	15.5		15.6
Current operating lease liabilities	33.7		30.6
Other	101.6		110.9
TOTAL	$	374.3	$	365.2


	June 30, 2024		December 31, 2023
Pensions	$	132.2	$	135.0
Other post-retirement benefits	14.4		14.4
Deferred tax liabilities	248.2		240.3
Accrued warranties long-term(1)	24.5		23.6
Non-current operating lease liabilities	114.0		118.8
Other	120.9		128.5
TOTAL	$	654.2	$	660.6


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Hubbell Shareholders' Equity		Non- controlling interest
BALANCE AT DECEMBER 31, 2023	$	0.6	$	6.1	$	3,182.7	$	(312.4)	$	2,877.0	$	12.3
Net income	—		—		147.8		—		147.8		1.3
Other comprehensive (loss) income	—		—		—		(9.3)		(9.3)		—
Stock-based compensation	—		12.8		—		—		12.8		—

Acquisition/surrender of common shares(1)	—		(17.6)		(14.6)		—		(32.2)		—
Cash dividends declared ($1.22 per share)	—		—		(65.7)		—		(65.7)		—
Dividends to noncontrolling interest	—		—		—		—		—		(0.9)

Directors deferred compensation	—		—		—		—		—		—

BALANCE AT MARCH 31, 2024	$	0.6	$	1.3	$	3,250.2	$	(321.7)	$	2,930.4	$	12.7
Net income	—		—		213.6		—		213.6		1.6
Other comprehensive (loss) income	—		—		—		(17.3)		(17.3)		—
Stock-based compensation	—		6.1		—		—		6.1		—
Acquisition/surrender of common shares(1)	—		(5.5)		(9.3)		—		(14.8)		—
Cash dividends declared ($1.22 per share)	—		—		(65.6)		—		(65.6)		—
Dividends to noncontrolling interest	—		—		—		—		—		(0.6)
Directors deferred compensation	—		0.2		—		—		0.2		—

BALANCE AT JUNE 30, 2024	$	0.6	$	2.1	$	3,388.9	$	(339.0)	$	3,052.6	$	13.7


PART I			FINANCIAL INFORMATION


(debit) credit	Cash flow hedge gain (loss)		Unrealized gain (loss) on available-for- sale securities		Pension and post retirement benefit plan adjustment		Cumulative translation adjustment		Total
BALANCE AT DECEMBER 31, 2023	$	(0.3)	$	(0.2)	$	(178.4)	$	(133.5)	$	(312.4)
Other comprehensive income (loss) before reclassifications	0.6		(0.4)		—		(30.9)		(30.7)
Amounts reclassified from accumulated other comprehensive income (loss)	(0.1)		—		4.2		—		4.1
Current period other comprehensive income (loss)	0.5		(0.4)		4.2		(30.9)		(26.6)
BALANCE AT JUNE 30, 2024	$	0.2	$	(0.6)	$	(174.2)	$	(164.4)	$	(339.0)


	Three Months Ended June 30,				Six Months Ended June 30,
Details about Accumulated Other Comprehensive Loss Components	2024		2023		2024		2023		Location of Gain (Loss) Reclassified into Income
Cash flow hedges gain (loss):
Forward exchange contracts	$	—	$	—	$	—	$	—	Net sales
	0.1		0.3		0.2		0.7		Cost of goods sold
	—		—		—		—		Other expense, net
	0.1		0.3		0.2		0.7		Total before tax
	(0.1)		(0.1)		(0.1)		(0.2)		Tax benefit (expense)
	$	—	$	0.2	$	0.1	$	0.5	Gain (loss) net of tax
Amortization of defined benefit pension and post retirement benefit items:
Prior-service costs (a)	$	(0.1)	$	(0.1)	$	(0.2)	$	(0.2)
Actuarial gains (losses) (a)	(2.2)		(2.5)		(5.2)		(5.0)

	(2.3)		(2.6)		(5.4)		(5.2)		Total before tax
	0.6		0.6		1.2		1.8		Tax benefit (expense)
	$	(1.7)	$	(2.0)	$	(4.2)	$	(3.4)	Gain (loss) net of tax










Gains (losses) reclassified into earnings	$	(1.7)	$	(1.8)	$	(4.1)	$	(2.9)	Gain (loss) net of tax


	Pension Benefits				Other Benefits
	2024		2023		2024		2023
Three Months Ended June 30,
Service cost	$	0.2	$	0.1	$	—	$	—
Interest cost	8.3		8.8		0.2		0.2
Expected return on plan assets	(7.6)		(7.0)		—		—
Amortization of prior service cost	0.1		0.1		—		—
Amortization of actuarial losses (gains)	2.3		2.6		(0.1)		(0.1)

NET PERIODIC BENEFIT COST	$	3.3	$	4.6	$	0.1	$	0.1
Six Months Ended June 30,
Service cost	$	0.3	$	0.2	$	—	$	—
Interest cost	16.6		17.5		0.4		0.4
Expected return on plan assets	(15.3)		(14.0)		—		—
Amortization of prior service cost	0.2		0.2		—		—
Amortization of actuarial losses (gains)	5.4		5.2		(0.2)		(0.2)

NET PERIODIC BENEFIT COST	$	7.2	$	9.1	$	0.2	$	0.2


	2024		2023
BALANCE AT JANUARY 1, (a)	$	39.2	$	46.2
Provision	4.6		6.5
Expenditures/payments/other	(3.8)		(6.9)
BALANCE AT JUNE 30, (a)	$	40.0	$	45.8


Asset (Liability)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Quoted Prices in Active Markets for Similar Assets (Level 2)		Unobservable inputs for which little or no market data exists (Level 3)		Total
June 30, 2024
Money market funds(a)	$	175.4	$	—	$	—	$	175.4

Available for sale investments	—		63.4		—		63.4
Trading securities	26.7		—		—		26.7
Deferred compensation plan liabilities	(26.7)		—		—		(26.7)
Derivatives:
Forward exchange contracts-Assets(b)	—		0.2		—		0.2

TOTAL	$	175.4	$	63.6	$	—	$	239.0

Asset (Liability)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Quoted Prices in Active Markets for Similar Assets (Level 2)		Unobservable inputs for which little or no market data exists (Level 3)		Total
December 31, 2023
Money market funds(a)	$	105.1	$	—	$	—	$	105.1

Available for sale investments	—		65.0		—		65.0
Trading securities	23.4		—		—		23.4
Deferred compensation plan liabilities	(23.4)		—		—		(23.4)
Derivatives:

Forward exchange contracts-(Liabilities)(c)	—		(0.5)		—		(0.5)
TOTAL	$	105.1	$	64.5	$	—	$	169.6


	Beginning Accrued Restructuring Balance 1/1/24		Pre-tax Restructuring Costs		Utilization and Foreign Exchange		Ending Accrued Restructuring Balance 6/30/24
2024 Restructuring Actions
Severance	$	—	$	8.0	$	(0.8)	$	7.2
Asset write-downs	—		—		—		—
Facility closure and other costs	—		0.5		(0.5)		—
Total 2024 Restructuring Actions	$	—	$	8.5	$	(1.3)	$	7.2
2023 and Prior Restructuring Actions
Severance	$	3.9	$	0.7	$	(3.2)	$	1.4
Asset write-downs	—		—		—		—
Facility closure and other costs	0.1		0.5		(0.6)		—
Total 2023 and Prior Restructuring Actions	$	4.0	$	1.2	$	(3.8)	$	1.4
Total Restructuring Actions	$	4.0	$	9.7	$	(5.1)	$	8.6


	Total expected costs		Costs incurred during 2023		Costs incurred in the first six months of 2024		Remaining costs at 6/30/2024
2024 Restructuring Actions
Utility Solutions	$	4.3	$	—	$	3.8	$	0.5
Electrical Solutions	8.4		—		4.7		3.7
Total 2024 Restructuring Actions	$	12.7	$	—	$	8.5	$	4.2
2023 and Prior Restructuring Actions
Utility Solutions	$	4.0	$	2.9	$	0.4	$	0.7
Electrical Solutions	3.7		2.5		0.8		0.4
Total 2023 and Prior Restructuring Actions	$	7.7	$	5.4	$	1.2	$	1.1
Total Restructuring Actions	$	20.4	$	5.4	$	9.7	$	5.3


	Maturity	June 30, 2024		December 31, 2023
Senior notes at 3.35%	2026	$	398.9	$	398.6
Senior notes at 3.15%	2027	298.3		298.0
Senior notes at 3.50%	2028	447.4		447.0
Senior notes at 2.300%	2031	297.0		296.7
Term loan, net of current portion of $18.7 million and $15.0 million, respectively	2026	451.1		582.9

TOTAL LONG-TERM DEBT(a)		$	1,892.7	$	2,023.2


	Three Months Ended June 30,
	2024		Inc/(Dec) %	2023		Inc/(Dec) %
Net sales growth (GAAP measure)	$	86.6	6.3	$	109.9	8.7
Impact of acquisitions	108.8		8.0	38.1		3.0
Impact of divestitures	(47.2)		(3.5)	—		—
Foreign currency exchange	(1.2)		(0.1)	(1.1)		(0.1)
Organic net sales growth (non-GAAP measure)	$	26.2	1.9	$	72.9	5.8


	Costs incurred in the six months ended June 30, 2024		Additional expected costs		Expected completion date
2024 Restructuring Actions	$	8.5	$	4.2	2025
2023 and Prior Restructuring Actions	1.2		1.1		2025
Total Restructuring cost (GAAP measure)	$	9.7	$	5.3
Restructuring-related costs	3.3		8.1
Restructuring and related costs (Non-GAAP measure)	$	13.0	$	13.4


			/s/ Gerben W. Bakker
			Gerben W. Bakker
			Chairman of the Board, President and Chief Executive Officer
Date:			July 31, 2024


			/s/ William R. Sperry
			William R. Sperry
			Executive Vice President and Chief Financial Officer
Date:			July 31, 2024

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-2958
Entity Registrant Name	HUBBELL INC
Entity Incorporation, State or Country Code	CT
Entity Tax Identification Number	06-0397030
Entity Address, Address Line One	40 Waterview Drive
Entity Address, City or Town	Shelton,
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06484
City Area Code	(475)
Local Phone Number	882-4000
Title of 12(b) Security	Common Stock - par value $0.01 per share
Trading Symbol	HUBB
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,680,930
Amendment Flag	false
Entity Central Index Key	0000048898
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Condensed Consolidated Statements of Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 1,452.5	$ 1,365.9	$ 2,851.6	$ 2,651.3
Cost of goods sold	943.8	869.7	1,895.2	1,706.8
Gross profit	508.7	496.2	956.4	944.5
Selling & administrative expenses	207.5	208.4	426.7	407.9
Operating income	301.2	287.8	529.7	536.6
Interest expense, net	(19.8)	(9.2)	(40.9)	(18.9)
Loss on disposition of business	0.0	0.0	(5.3)	0.0
Other expense, net	(1.2)	(4.8)	(1.9)	(8.9)
Total other expense	(21.0)	(14.0)	(48.1)	(27.8)
Income before income taxes	280.2	273.8	481.6	508.8
Provision for income taxes	65.0	65.6	117.3	117.2
Net income	215.2	208.2	364.3	391.6
Less: Net income attributable to noncontrolling interest	(1.6)	(1.4)	(2.9)	(2.9)
Net income attributable to Hubbell Incorporated	$ 213.6	$ 206.8	$ 361.4	$ 388.7
Earnings per share:
Basic earnings per share (USD per share)	$ 3.97	$ 3.85	$ 6.72	$ 7.24
Diluted earnings per share (USD per share)	$ 3.94	$ 3.82	$ 6.67	$ 7.19

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 397.2	$ 336.1
Short-term investments	9.3	12.6
Accounts receivable (net of allowances of $10.9 and $11.6)	893.2	785.4
Inventories, net	856.5	832.9
Other current assets	118.5	129.7
Assets held for sale - current	0.0	70.5
Total Current Assets	2,274.7	2,167.2
Property, Plant, and Equipment, net	674.5	652.6
Other Assets
Investments	80.8	75.8
Goodwill	2,513.7	2,533.4
Other intangible assets, net	1,135.7	1,196.0
Other long-term assets	192.3	197.1
Assets held for sale - non-current	0.0	91.9
TOTAL ASSETS	6,871.7	6,914.0
Current Liabilities
Short-term debt and current portion of long-term debt	110.5	117.4
Accounts payable	586.7	563.5
Accrued salaries, wages and employee benefits	110.9	173.6
Accrued insurance	76.1	79.1
Other accrued liabilities	374.3	365.2
Liabilities held for sale - current	0.0	24.6
Total Current Liabilities	1,258.5	1,323.4
Long-Term Debt	1,892.7	2,023.2
Other Non-Current Liabilities	654.2	660.6
Liabilities held for sale - non-current	0.0	17.5
TOTAL LIABILITIES	3,805.4	4,024.7
Commitments and contingencies (Note 15)
Hubbell Incorporated Shareholders’ Equity	3,052.6	2,877.0
Noncontrolling interest	13.7	12.3
TOTAL EQUITY	3,066.3	2,889.3
TOTAL LIABILITIES AND EQUITY	$ 6,871.7	$ 6,914.0

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 10.9	$ 11.6

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities
Net income	$ 364.3	$ 391.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	109.5	72.5
Deferred income taxes	9.8	(5.2)
Stock-based compensation	18.9	16.1
Provision for bad debt expense	0.0	0.1
Loss on disposition of business	5.3	0.0
Loss on sale of assets	0.2	0.6
Changes in assets and liabilities, excluding effects of acquisitions:
Increase in accounts receivable, net	(115.2)	(60.4)
Increase in inventories, net	(36.8)	(45.2)
Increase in accounts payable	29.1	26.5
Decrease in current liabilities	(56.9)	(50.2)
Changes in other assets and liabilities, net	17.3	(3.3)
Contribution to qualified defined benefit pension plans	(1.3)	0.0
Other, net	(12.4)	(1.7)
Net cash provided by operating activities	331.8	341.4
Cash Flows from Investing Activities
Capital expenditures	(74.2)	(68.9)
Acquisitions, net of cash acquired	5.9	(60.0)
Proceeds from disposal of business, net of cash	122.9	0.0
Purchases of available-for-sale investments	(9.7)	(9.1)
Proceeds from available-for-sale investments	10.6	10.4
Other, net	0.6	(0.6)
Net cash provided by (used in) investing activities	56.1	(128.2)
Cash Flows from Financing Activities
Payment of long-term debt	(128.8)	0.0
Payment of short-term debt, net	(10.9)	(2.8)
Payment of dividends	(131.0)	(120.1)
Acquisition of common shares	(20.0)	(20.0)
Other, net	(28.6)	(23.0)
Net cash used in financing activities	(319.3)	(165.9)
Effect of exchange rate changes on cash and cash equivalents	(8.0)	5.1
Increase (decrease) in cash and cash equivalents	60.6	52.4
Cash and cash equivalents, beginning of year	336.1	440.5
Cash and cash equivalents within assets held for sale, beginning of year	0.0	0.0
Restricted cash, included in other assets, beginning of year	3.2	2.8
Less: Restricted cash, included in Other Assets	2.7	3.1
Cash and cash equivalents, end of period	$ 397.2	$ 492.6

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various legal proceedings arising in the normal course of its business. These proceedings include claims for damages arising out of use of the Company’s products, intellectual property, workers’ compensation and environmental matters. The Company is self-insured up to specified limits for certain types of claims, including product liability and workers’ compensation, and is fully self-insured for certain other types of claims, including environmental and intellectual property matters. The Company recognizes a liability for any contingency that in management’s judgment is probable of occurrence and can be reasonably estimated. We continually reassess the likelihood of adverse judgments and outcomes in these matters, as well as estimated ranges of possible losses based upon an analysis of each matter which includes advice of outside legal counsel and, if applicable, other experts.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 213.6	$ 206.8	$ 361.4	$ 388.7

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false