Hubbell Inc

Thank you for standing by. Welcome to the third quarter, 2024, Hubble Incorporated earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Dan Enamorato, VP of Investor Relations. Please go ahead.

Thanks, Operator. Good morning, everyone, and thank you for joining us. Earlier this morning, we issued a press release announcing our results for the third quarter of 2024. The press release and slides are posted to the investor section of our website at hubble.com. I'm joined today by Chairman, President, and CEO, Gervin Bakker, and 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 our forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Please note the discussion of forward-looking statements in our press release and consider it incorporated by reference into this call. Additionally, comments may also include non-GAAP financial measures. Those measures are reconciled with the comparable GAAP measures and are included in the press release and slides. Now let me turn the call over to Gervin.

Great. Good morning, and thank you for joining us to discuss Hubble's third quarter 2024 results. Hubbell delivered strong operating performance in the quarter, generating 14% year-over-year adjusted earnings per share and operating profit growth, as well as 180 basis points of adjusted operating margin expansion. We are raising our full year outlook this morning, and we remain confident in delivering double-digit adjusted operating profit growth in 2024. In our utility solution segment, grid modernization and electrification continue to drive strong growth in transmission, substation, and grid automation markets, as utility customers invest in grid infrastructure upgrades to accommodate electrification-driven load growth and interconnect new sources of renewable generation. We believe that we are at the early stages of a multi-year T&D investment cycle. and that Hubble's leading positions and service levels position us for sustained GDP-plus growth over the long term. As anticipated, telecom markets remained weak, and utility distribution markets continued to reflect the impact of customer inventory normalization. Operational execution was strong in the quarter, and utility solutions returned to year-over-year operating margin expansion. Electrical Solutions delivered another quarter of strong core operating performance, with solid organic growth and 190 basis points of adjusted operating margin expansion. Performance in the quarter was led by strength in data center and renewable markets, where we are executing effectively on our strategy to compete collectively in high growth verticals with specified positions, innovative new products, and an integrated solution-oriented service model for customers. From an operational standpoint, we continue to simplify our business to drive productivity and operating efficiencies, which along with portfolio transformation efforts, contributed to robust margin expansion in the quarter. Overall, while we continue to navigate pockets of challenges in certain large, high margin businesses, Hubble is proving the ability to compound off of recent outperformance. As we look ahead, our portfolio and strategy uniquely position Hubble to capitalize on grid modernization and electrification megatrends. We are confident in our ability to deliver on our increased full-year outlook, as well as to achieve differentiated performance for our shareholders over the long term. Before I turn it over to Bill to discuss the quarter in more detail, I would like to provide some additional context on recent storm activity and the potential implications to our business. First and foremost, our thoughts are with all the people and communities impacted by these catastrophes. Hubbell has a large manufacturing presence in the U.S. Southeast, and three of our manufacturing facilities were impacted and encountered disruptions as a result of Hurricanes Helene and Milton. However, all have quickly returned to full operation and I'm relieved that all of our employees are safe. I am proud of how Hubbell and our employees have responded in support of all of those in need during this time, as well as the collective efforts to serve our customers and ensure that critical infrastructure in the impacted community is restored safely and efficiently. When we highlight service as a key differentiator in our industry, Storms are a prime example where our customers depend on trusted partners who can reliably serve their needs at scale and with agility. Our dedicated emergency response team is unique in this regard, providing customers with 24-7 support, dedicated storm inventory, prioritized production, engineering to support to identify alternative restoration solutions, and logistics capability to expedite delivery. and never charging premiums or fees, but viewing it as our obligation and privilege to make a positive impact during these times of critical need. Bill will provide you with more specifics on the financial impacts of the storms in the third quarter in a few minutes, as well as the anticipated contribution of storm-related orders in the fourth quarter. As we have highlighted many times over the years, the impact of storms typically represent only a small portion of full-year revenues, But more importantly, they highlight the ongoing need to harden our critical infrastructure in order to mitigate against the increasing impact of extreme weather events, as well as the mission-critical nature of Hubbell product offerings and our commitments to service excellence for our customer. With that, let me now turn it over to Bill to walk you through some more details of the quarter.