Hubbell, Inc. (HUBB) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 25, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day and thank you for standing by. Welcome to the Q3 2022 Hubbell Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference call is being recorded.

I would now like to turn the conference over to Dan Innamorato. Please go ahead.

Dan Innamorato

Thanks, Lisa. Good morning, everyone, and thank you for joining us. Earlier this morning, we issued a press release announcing our third quarter 2022 results. The press release and slides are posted to the Investors section of our website at hubbell.com.

I'm joined today by our Chairman, President and CEO, Gerben Bakker; and our Executive Vice President and CFO, Bill Sperry. Please note our comments this morning may include statements related to the expected future results of our company and are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.

Therefore, please note the discussion of forward-looking statements in our press release and considered incorporated by reference on this call. Additionally, comments may also include non-GAAP financial measures. Those measures are reconciled to the comparable GAAP measures ad are included in the press release and slides.

And with that, I'll turn the call over to Gerben.

Gerben Bakker

Great. Thanks, Dan, and good morning, everyone, and thank you for joining us to discuss Hubbell's third quarter results.

Consistent with the first half of 2022, our third quarter result was solid. Our markets are healthy, our positions in those markets are strong, and we continue to execute effectively from an operational standpoint.

Our third quarter results exceeded our initial expectations and we are raising our full year outlook to reflect a continuation of those positive trends throughout 2022. We are well positioned in attractive markets that are supported by long-term trends in grid modernization and electrification, which continue to drive strong demand for our products.

Utility customers are proactively replacing aging infrastructure while investing significantly to upgrade, harden and modernize the grid, driving another quarter of strong orders growth and backlog build.

The work that we have done to streamline our portfolio and the investments we are making in strategic growth verticals are positioning Hubbell for sustainable GDP plus growth as our economy becomes more electrified.