Hubbell Inc

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 Inamorado, VP of Investor Relations. Please go ahead.

Great. 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. The press release and slides are posted to the Investor section of our website at hubble.com. I'm joined today by our Chairman, President, and CEO, Gerben Vocker, 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. These are 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 to this call. Additionally, comments may also include non-GAAP financial measures. Those measures are reconciled to the comparable GAAP measures which are included in the press release and slides. Now let me turn the call over to Gerben.

Great. Good morning, and thank you for joining us to discuss Hubble's third quarter 2025 results. Hubble delivered double-digit adjusted earnings growth in the third quarter, driven by strong high single-digit organic growth in electrical solutions and grid infrastructure, as well as a lower year-on-year tax rate. In utility solutions, T&D markets remain strong as utility customers invest to interconnect new sources of load and generation on the grid, while aging infrastructure continues to drive solid hardening and resiliency activity. Our grid infrastructure businesses achieved high single-digit organic growth in the quarter. While the pace of inflection in grid infrastructure growth was steadier than we anticipated in our July outlook, markets and order activities are strong, and we anticipate further improvement in year-over-year organic growth in the fourth quarter. While grid automation sales declined 18% in the third quarter on large project roll-offs, we anticipate these headwinds to fade in the fourth quarter as the business returns to more normalized comparisons. In electrical solutions, we delivered high single-digit organic growth with continued margin expansion and double-digit adjusted operating profit growth. Our segment unification efforts and strategy to compete collectively are driving outgrowth in key vertical markets, most notably in data center where new product introduction and capacity additions contributed to strong performance in the third quarter, with visibility to continued strength in the fourth quarter. we continue to simplify our HES segment to drive productivity and operating efficiencies, which we are confident will drive long-term margin expansion. Turning back to overall Hubble, while cost inflation accelerated from the first half as anticipated, our pricing and productivity actions have been successful in more than offsetting these costs. Our strong positions in attractive markets and our execution in proactively managing our cost structure drove positive price-cost productivity in the third quarter and positions as well to drive continued profitable growth going forward. We are raising our full-year 2025 outlook this morning. Operationally, we anticipate the impact of lower organic growth to be fully offset by stronger margin performance, while a lower full-year tax rate drives higher adjusted earnings per share relative to our prior outlook. As we look ahead to 2026, we anticipate a year of strong, broad-based organic growth across the portfolio. Hubble is uniquely positioned at the intersection of grid modernization and electrification, and we have driven strong performance over the last five years. As these megatrends accelerate and we exit 2025 with recent supply chain normalization dynamics behind us, we are confident in our ability to deliver continued strong performance in 2026 and beyond. Now turning to slide five, we announced at the beginning of October the closing of our acquisition of DMC Power. We are very excited to add DMC to Hubbell's portfolio as the business is highly complementary to our utility connector product offerings and provides a unique technical solution in high-growth substation markets. Hubbell has been very successful in our acquisition playbook in utilizing our industry-leading sales force and portfolio breadth to drive penetration of new solutions across our customer base. And we are confident that we can accelerate DMC's strong growth trajectory further over the long term. This acquisition is a continuation of our capital allocation strategy to acquire high growth, high margin businesses in attractive markets with strong strategic fit and product differentiation. We anticipate the acquisition of DMC will contribute approximately 20 cents of adjusted earnings per share accretion in 2026. Before I turn the call over to Bill, I want to highlight a recent announcement of Bill's upcoming retirement as CFO at the end of this year. Bill's contributions to Hubbell have been immeasurable over his 18-year career with the company, but let me highlight a few statistics that put his impact into perspective. He led 68 quarterly earnings calls, including more than 50 as CFO. He led the acquisition of 50 companies, averaging a double-digit ROIC for our shareholders. And most prominently, under Bill's tenure, Hubble has more than doubled sales, improved OP margins from low teens to over 20%, and increased our market cap from less than $3 billion to $23 billion. In short, Bill's strategic and financial leadership have helped shape Hubble in the company it is today. He is valued and respected by employees, customers, and shareholders alike. And on a more personal note, Bill has been a trusted partner to me and our entire leadership team. Thank you for your distinguished service to Hubble, Bill, and we wish you all the best in a well-earned retirement. One of Bill's many strengths was developing a strong bench of finance talent at Hubble. I am pleased to have announced Joe Capozzoli as Bill's successor. Joe has held a wide range of leadership positions across Hubbell and the finance organizations over his 12 years, and most recently has been the CFO of our electrical solutions segment, where he has worked as a close business partner to our segment president, Mark Mikes, in implementing our strategy to transform HCS as a unified operating segment. You can see the success of Joe's leadership in that role through the strong growth and margin expansion of HES over the last few years. Joe and I have worked closely together over our careers, and I am confident in a seamless transition and in Joe's ability to drive further value for all of our key stakeholders in his new role as CFO starting in 2026. With that, let me turn the call over to Bill to provide some additional details on our financial results.