Hubbell Incorporated is a world-class manufacturer of electrical and utility solutions. The company provides utility and electrical solutions that enable customers to operate critical infrastructure reliably and efficiently, and empowers communities through innovative solutions supporting energy infrastructure in front of the meter, on the edge, and behind the meter. Hubbell's core business model focuses on designing, manufacturing, and selling a wide variety of electrical and utility products. The company's primary revenue streams are derived from the Utility Solutions segment and the Electrical Solutions segment. Hubbell has a global presence with more than 75 brands used around the world. The company's competitive advantage lies in its innovation, quality, and deep commitment to serving its customers. Hubbell's key markets include electrical distribution, electrical transmission, water, gas distribution, telecommunications, and solar and wind markets. The competitive landscape is diverse, with the number and size of competitors varying depending on the product line.

• Employees: 18,317 (as of December 31, 2023)
• Geographic Footprint: Operations in the United States, Canada, Puerto Rico, Mexico, China, the UK, Brazil, Australia, Spain, Ireland, and the Republic of the Philippines, and offices in Singapore, Italy, China, India, Mexico, South Korea, Chile, and countries in the Middle East.
• Number of locations/facilities: The Utility Solutions segment operates 2 warehouse facilities and 31 manufacturing facilities globally. The Electrical Solutions segment operates 7 warehouse facilities and 21 manufacturing facilities globally.
• Revenue: $5.37 billion (FY2023)
• Key Subsidiaries or Brands: More than 75 brands, including Chance, Hubbell, Quazite, Aclara, Fargo, Kellems, Raco, Bryant, Wiegmann, and others.
• Year Founded: 1888 (as a proprietorship) / 1905 (incorporated)
• Headquarters Location: Shelton, CT

• CEO: Gerben W. Bakker (President and Chief Executive Officer since May 2021)
• CFO: William R. Sperry (Executive Vice President, Chief Financial Officer since May 2020)
• Other Key Executives:
  • Jonathan M. Del Nero (Vice President, Controller since January 2021)
  • Alyssa R. Flynn (Chief Human Resources Officer since February 2022)
  • Gregory A. Gumbs (President, Utility Solutions Segment since July 2023)
  • Katherine A. Lane (Senior Vice President, General Counsel and Secretary since May 2021)
  • Mark E. Mikes (President, Electrical Solutions Segment since July 2023)

Key leaders have significant experience within Hubbell and in related industries.

• Annual Revenue: $5.37 billion (FY2023)
• Net Income: $759.8 million (FY2023)
• Total Assets: $6.91 billion (as of December 31, 2023)
• Number of Employees: 18,317 (as of December 31, 2023)
• Key Financial Highlights: Net sales increased by 8.6% and operating margin increased by 500 basis points in 2023. Net income from continuing operations attributable to Hubbell increased by 48.6% in 2023 compared to the prior year.

Hubbell offers a wide array of products and services across its two main segments:

• Utility Solutions: Electrical distribution, transmission, substation, and telecommunications products, including arresters, insulators, connectors, anchors, bushings, enclosures, cutouts, and switches. Also includes smart meters, communications systems, and protection and control devices.
• Electrical Solutions: Standard and special application wiring device products, rough-in electrical products, connector and grounding products, and lighting fixtures, as well as other electrical equipment. Includes industrial controls and communication systems.

Flagship offerings include solutions for utility transmission and distribution, smart metering, and harsh and hazardous environment applications.

Hubbell operates through two main segments:

• Utility Solutions: This segment accounted for 61% of consolidated revenues in 2023, 58% in 2022 and 56% in 2021. It focuses on products and solutions for the utility industry, including electrical distribution, transmission, substation, and telecommunications products.
• Electrical Solutions: This segment accounted for 39% of consolidated revenues in 2023, 42% in 2022 and 44% in 2021. It focuses on products for light industrial, non-residential, wireless communications, transportation, data center, and heavy industrial markets.

Hubbell's current strategic priorities include:

• Serving customers with reliable and innovative solutions with desired brands and high-quality service.
• Complementing organic revenue growth with strategic acquisitions.
• Allocating capital effectively to create shareholder value.

The company is focused on optimizing its manufacturing footprint, cost structure, and workforce efficiency. Key initiatives include global product and component sourcing, supplier cost reduction, value engineering, and lean process improvements. Hubbell is also investing in capacity, innovation, and productivity. The company is building upon the benefits of its enterprise resource planning system. Hubbell aims to achieve long-term profitability goals through productivity initiatives and cost control.

Hubbell operates in the electrical and utility solutions industry. Key market trends affecting the business include:

• Fluctuations in domestic and international economic conditions.
• Changes in currency exchange rates and commodity costs.
• Inflationary pressures and supply chain disruptions.
• Technological changes, including the rise of artificial intelligence and machine learning.

Major competitors vary by product line, and some are larger companies with substantial financial resources. Hubbell considers product performance, reliability, quality, and technological innovation as important factors for competition.

• Industry-Specific Risks: Competition, pricing pressures, and changes in customer demand.
• Operational Risks: Supply chain disruptions, raw material availability, and manufacturing and sourcing challenges.
• Financial Risks: Currency exchange rate volatility, interest rate fluctuations, and the ability to access capital markets.
• Regulatory Risks: Compliance with data privacy laws, environmental regulations, and trade policies.
• Strategic Risks: Ability to integrate acquisitions, manage strategic investments, and implement restructuring activities.