Hubbell, Inc. (HUBB) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

July 26, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Thank you for standing by, and welcome to the second quarter 2022 earnings conference call for Hubbell Corporation. [Operator Instructions]. As a reminder, today's program may be recorded.

And now I'd like to introduce your host for today's program, Dan Innamorato, Vice President, Investor Relations. Please go ahead, sir.

Daniel Innamorato

Thanks, operator. Good morning, everyone, and thank you for joining us. Earlier this morning, we issued a press release announcing our second 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 into this call.

Additionally, comments may also include non-GAAP financial measures. Those measures are reconciled to the comparable GAAP measures and 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 second quarter results. I will open our call this morning with a broad overview of our performance, markets and the investments we continue to make that drive value for our stakeholders. Bill will then provide details on our second quarter results, and I'll come back with some comments on the outlook for the year.

Hubbell delivered another strong quarter of operating performance with year-over-year organic growth of 20% and adjusted operating profit growth of 29%. We are performing above our initial expectations through the first half of the year and have generated year-over-year adjusted EPS growth of 29% through the first 2 quarters. We are raising our annual outlook this morning to reflect that strong performance.

While we anticipate the second half operating environment to remain dynamic, and we see uncertainty around macroeconomic conditions, we are confident in our ability to continue to execute effectively and deliver on the stronger outlook due to three key factors: the strength of our end markets; the strength of our position in those markets; and our continued operational execution, particularly proactively managing price/cost as well as supply chain constraints.