Hubbell Incorporated (HUBB) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 25, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, and thank you for standing by. Welcome to the Second Quarter 2023 Hubbell Incorporated 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 is being recorded.

I'd now like to hand the conference over to your speaker today, Dan Innamorato, Vice President of Investor Relations. Please go ahead.

Dan Innamorato

Thanks Michelle. 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 2023. The press release and slides are posted to the Investors section of our Web site 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 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 considered and incorporated by reference to this call. Additionally comments may also include non-GAAP financial measures. These measures are reconciled to the comparable GAAP measures and are included in the press release and slides.

Now, let me turn the call over to Gerben.

Gerben Bakker

Great. Good morning, everyone. And thank you for joining us to discuss Hubbell's second quarter '23 results. Hubbell delivered another strong quarter of financial results. Our favorable position in attractive markets enabled us to achieve 6% organic growth, which combined with improved productivity and supply chain dynamics to drive significant -- and margin expansion in the quarter. Solid execution through the first half of 2023 and good visibility through continued strength in our businesses give us the confidence to raise our full year outlook again this morning. In addition to the strong finance results, we continue to improve our service levels to customers. Hubbell's investments in capacity, innovation and supply chain resiliency are enabling increased sequential output and improved lead times. Looking ahead, we expect grid modernization and electrification to continue to drive elevated demand for Hubbell's critical infrastructure solutions, both in front and behind the meter. We will continue to make the investments into our business to support this growth in the second half of '23 and beyond.