Q2 2024 Hubbell Inc Earnings Call Transcript
Key Points
- Hubbell Inc (HUBB) delivered 8% year-over-year adjusted operating profit growth and 40 basis points of adjusted operating margin expansion.
- The company raised its 2024 outlook, expecting double-digit adjusted operating profit growth for the full year.
- Strong performance in the electrical solutions segment, driven by robust project activity in data center and renewables markets.
- Utility solutions segment achieved robust double-digit growth in transmission and substation markets.
- Positive price-cost productivity across both segments, with continued investments in capacity and productivity initiatives.
- Weak telecom markets and customer inventory normalization impacted the utility solutions segment.
- Organic sales growth in the utility segment was slightly down, with telecom end market down 40%.
- Increased restructuring investments created a drag on margins.
- Systems control acquisition, while at attractive margin levels, was slightly below last year's levels, creating a headwind.
- Continued challenges in certain large high-margin businesses, absorbing pockets of challenges.
Good day and thank you for standing by. Welcome to the Hubbell Incorporated second quarter 2024 earnings conference call. (Operator Instructions) Please note that this conference is being recorded today. I would now like to hand the conference over to your speaker today, Dan Innamorato, Vice President, Investor Relations. Please go ahead.
Thanks, Shannon. Good morning, everyone and thank you for joining us. Earlier this morning, we issued a press release announcing our results for the second quarter of 2024. The press release and slides are posted to the Investors section of our website at hubbell.com
Joined today by our Chairman, President and CEO, Gerben Bakker, our Executive Vice President, CFO, Will Sperry. Please note our comments this morning may include statements related to the expected future results of our company, our forward-looking statements as defined by the Private Securities Litigation or Reform Act of 1995. Please note the discussion of forward-looking statements in our press release
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