On this page of StockholderLetter.com we present the latest annual shareholder letter from HUBBELL INC — ticker symbol HUBB. Reading current and past HUBB letters to shareholders can bring important insights into the investment thesis.

 •  3/24/2025 Letter Continued (Full PDF)
 •  3/20/2023 HUBB Stockholder Letter
 •  3/25/2024 HUBB Stockholder Letter
 •  More "Electronic Equipment & Products" Category Stockholder Letters
 •  HUBB Benford's Law Stock Score = 83

HUBB Shareholder/Stockholder Letter Transcript:

Annual Report and
Notice of Annual Meeting
to Shareholders

At a Glance
Founded in 1888, Hubbell Incorporated is a best   in   class provider of high quality, reliable electrical
and utility solutions for a broad range of customer and end   market applications.
$3.6B
$2.0B
UTILITY SOLUTIONS SEGMENT
NET SALES
ELECTRICAL SOLUTIONS
SEGMENT NET SALES
Hubbell Utility Solutions (   HUS   ) consists of
businesses that enable the grid to conduct,
communicate, and control energy across
utility applications. HUS provides the critical
components that allow the grid to reliably
transmit and distribute energy, as well as the
communications and controls technologies to
make the grid smarter and more flexible.
Hubbell Electrical Solutions (   HES   ) consists
of businesses that are essential to managing
power across a wide range of industries and
applications. HES provides the critical
components that allow operators of buildings,
factories, and other industrial infrastructure to
connect, protect, wire, and manage power
reliably and efficiently.
$5.6B
2024 Total Sales
OPERATIONS HIGHLIGHTS
(As of December 31, 2024)
SHELTON, CT
17,700
8
52
Headquarters
Employees
Warehouse Locations
Manufacturing Locations
PERFORMANCE HIGHLIGHTS(1)
Net Sales
($ Billions)
$4.9
$5.4
$5.6
Adjusted
Diluted EPS(2)
$15.33
Free Cash Flow(2)
($ Millions)
2023
2024
2022
$715
$507
$10.62
2022
$811
$16.57
2023
2024
2022
2023
2024
(1)
These performance highlights represent the results of continuing operations. See Note 2 in the Notes to the Consolidated Financial Statements in our
Annual Report on Form 10   K for the year ended December 31, 2024, filed with the SEC on February 13, 2025 for further details.
(2)
Adjusted diluted earnings per share and free cash flow are non   GAAP financial measures. A reconciliation to the comparable GAAP financial measures can
be found in Management   s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10   K for the year ended
December 31, 2024, filed with the SEC on February 13, 2025.
-4 ii HUBBELL INCORPORATED I 2024 ANNUAL REPORT

A Letter to Our Shareholders
Fellow Shareholders,
2024 was another successful year for Hubbell, one where we achieved significant progress
across each of our key strategic pillars while also demonstrating our ability to compound off
a strong multi   year base of financial outperformance.
Gerben W. Bakker
Chairman, President and
Chief Executive Officer
Hubbell Incorporated
We continued to reshape our portfolio in 2024, most notably successfully integrating our
2023 Systems Control acquisition while also closing on the divestiture of the Residential
Lighting business. We realized significant growth in strategic vertical markets, aided by
successful new product introductions. We delivered accelerated productivity through lean
and procurement initiatives, while driving improvement in key safety and service metrics. We
invested in talent development and took action on employee feedback to drive improved
engagement across the organization.
Importantly, we delivered financial results above the high end of our initial commitments in 2024, despite having to
navigate pockets of challenges from telecommunication markets and customer inventory management. On a full year
basis, we achieved mid   single digit sales growth, 9% adjusted operating profit growth(1), 90 basis points of adjusted
operating margin(1) expansion and double digit growth in free cash flow(1).
We continued to invest in our business while returning value to shareholders in 2024, supported by a strong balance
sheet and record free cash flow(1) generation of $811 million. We invested $180 million in capital expenditures to drive
future growth and productivity in our facilities, while repurchasing $40 million of Hubbell stock and increasing our
dividend by 8%, representing the seventeenth consecutive year of increase.
In November 2024, Hubbell added a new independent Director to our Board, Garrick Rochow, to succeed former
Director John Russell, who retired in May 2024. Garrick brings strong operations, strategy, risk management and utility
industry experience to Hubbell and has joined both our Audit and Finance Committees.
We also continued to invest in our employees in 2024, launching a refreshed Mission, Vision and Hubbell brand intended
to align our organization around a common purpose while better connecting our employees, customers and
shareholders to our enterprise strategy. Our Mission is simple, but powerful: We electrify economies and energize
communities. Our Vision is aspirational, but attainable: A reliable, resilient, and renewable energy infrastructure built
on a backbone of Hubbell solutions. We brought this refreshed Mission and Vision to life for our employees through an
interactive learning campaign across our entire enterprise, enabling all employees to work in small groups to learn how
each of Hubbell   s businesses and functions connects to our overall strategy and business goals.
Looking ahead, I am excited for Hubbell   s future. As we outlined at our Investor Day in June 2024, we are confident in the
strength of our business model and in our playbook to deliver sustained outperformance for our key stakeholders. Hubbell is
uniquely positioned at the intersection of attractive megatrends in grid modernization and electrification. Energy
infrastructure is evolving rapidly as the emergence of artificial intelligence, renewable energy, industrial reshoring and grid
modernization combine to drive a long   term investment cycle in our industries. Our people and our service levels are our key
differentiators, and with continued focus and execution across each of our strategic pillars we will ensure that Hubbell
remains at the forefront in providing best   in   class critical infrastructure solutions for our utility and electrical customers.
Thank you for your continued support and investment in Hubbell.
Sincerely,
Gerben W. Bakker
Chairman, President and Chief Executive Officer
March 24, 2025
Performance Highlights(2)
$5.6B
Net Sales
(1)
(2)
$16.57
(1)
Adjusted Diluted Earnings per Share
$811M
Free Cash Flow(1)
Adjusted diluted earnings per share, adjusted operating profit growth, adjusted operating margin and free cash flow are non   GAAP financial measures. A
reconciliation to the comparable GAAP financial measures can be found in Management   s Discussion and Analysis of Financial Condition and Results of
Operations in our Annual Report on Form 10   K for the year ended December 31, 2024, filed with the SEC on February 13, 2025.
These performance highlights represent the results of continuing operations. See Note 2 in the Notes to the Consolidated Financial Statements in our
Annual Report on Form 10   K for the year ended December 31, 2024, filed with the SEC on February 13, 2025 for further details.
2024 ANNUAL REPORT I HUBBELL INCORPORATED iii -3

About Hubbell
Recognized for our innovation, quality, and deep commitment to serving our customers for over 136 years,
Hubbell Incorporated (   Hubbell   ) is a best   in   class provider of high quality, reliable electrical and utility solutions
for a broad range of customer and end market applications.
Our Vision
Our Mission
A Reliable, Resilient, and Renewable energy
infrastructure built on a backbone of Hubbell
solutions.
We Electrify economies and Energize communities.
UTILITY SOLUTIONS
IN FRONT OF THE METER
UTILITY
TRANSMISSION
In Front of the
Meter is where
utilities transmit
and distribute
energy to their
customers. This is
the backbone of
the grid.
RENEWABLES
THE E
COMMUNICATIONS A
DISTRIBUTION
ELECTRICITY
WATER
The Edge consists of
smart meters and
communication systems
that connect utilities
with owner/operators
and allow energy and
data to be distributed
back and forth.
GAS
TELCOM
ELECTRICITY
RENEWABLES
TELCOM
GAS
WATER
iv HUBBELL INCORPORATED I 2024 ANNUAL REPORT

Our Strategy
Our Solutions
Our strategic focus is on delivering a comprehensive
suite of leading   edge, high quality electrical and
utility solutions. We seek to achieve this by acquiring
complementary businesses in established markets
and investing in new product development to help
our existing products retain their market leadership.
Our reporting segments, Hubbell Utility Solutions
(   HUS   ) and Hubbell Electrical Solutions (   HES   ),
support the energy infrastructure and electrify and
energize communities through innovative solutions
In Front of the Meter, On the Edge, and Behind the
Meter.
ELECTRICAL SOLUTIONS
EDGE
AND CONTROLS
BEHIND THE METER
DIVERSIFIED APPLICATIONS
Behind the Meter
is where owners
and operators of
buildings and
other critical
infrastructure
consume energy.
OWNER/OPERATOR
RESIDENTIAL
NON-RESIDENTIAL
LIGHT INDUSTRIAL
HEAVY INDUSTRIAL
NON-RESIDENTIAL
HEAVY INDUSTRIAL
LIGHT INDUSTRIAL
RESIDENTIAL
2024 ANNUAL REPORT I HUBBELL INCORPORATED
v



 3/24/2025 Letter Continued (Full PDF)