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.

 •  3/25/2024 Letter Continued (Full PDF)
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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.
UTILITY
SOLUTIONS SEGMENT
NET SALES
TOTAL SALES
2023

5.4B
ELECTRICAL
SOLUTIONS SEGMENT
NET SALES


3.3B
2.1B
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    exible.
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.
OPERATIONS HIGHLIGHTS (As of December 31, 2023)
SHELTON, CT
18,300
52
9
12
HEADQUARTERS
EMPLOYEES
MANUFACTURING
LOCATIONS
WAREHOUSE
LOCATIONS
COUNTRIES
OF OPERATION
PERFORMANCE HIGHLIGHTS(1)
Adjusted Diluted EPS(2)
Net Sales
Free Cash Flow(2)
($ Billions)
($ Millions)
$5.4
2023
2022
2021
$4.9
$4.2
$15.33
2023
2022
2021
$10.62
$8.05
$715
2023
2022
2021
$507
$424
(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, 2023,    led with the SEC on February 8, 2024 for further details.
(2) Adjusted diluted earnings per share and free cash    ow are non-GAAP    nancial measures. A reconciliation to the comparable GAAP    nancial 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, 2023,    led with the SEC on February 8, 2024.
II
HUBBELL INCORPORATED I 2023 ANNUAL REPORT

A Letter to Our Shareholders
Fellow Shareholders,
2023 was another successful
year for Hubbell. We achieved
9% sales growth, over 500
basis points of operating
margin expansion, and over
40% growth in operating
pro   t and adjusted earnings
per share. Hubbell   s strong
positions in attractive Utility
and Electrical markets,
our leading service levels
to customers, and the
GERBEN W. BAKKER performance by our dedicated
employees were the key
Chairman, President and
contributors to our results.
Chief Executive Officer,
Hubbell Incorporated
This strong    nancial
performance for shareholders
enabled us to invest in Hubbell   s future by expanding
capacity for our customers and investing in innovation
and productivity initiatives. We invested $166 million in
capital expenditures in 2023, effectively doubling our
capital investment over the past three years, while still
generating a record $715 million in free cash    ow.
Our strong balance sheet supported a sixteenth
consecutive year of raising our dividend, which we
increased by 9% while also repurchasing $30 million of
stock and deploying $1.2 billion to three acquisitions
in 2023: Electro Industries Gaugetech, Balestro and
Systems Control. These acquisitions bolster an industry
leading Utility Solutions platform across components,
communications and controls. We also announced the
sale of our residential lighting business from our Electrical
Solutions segment at the end of 2023, a transaction
that recently closed for $131 million and now aligns our
Electrical Solutions segment to higher growth and margin
opportunities. Together, these portfolio actions re   ect the
continued execution of our strategy to create a focused
portfolio of critical infrastructure solutions strategically
aligned around grid modernization and electri   cation.
In 2023 we welcomed two new leaders to our two
operating segments, Hubbell Electrical Solutions
(HES) and Hubbell Utility Solutions (HUS).
Mark Mikes, a longtime senior leader in Hubbell   s Power
Systems business took over leadership of HES and Greg
Gumbs, a leader with a proven track record in the utility,
electrical and automation industries took over leadership
of HUS. Both Mark and Greg will be focused on building
off our recent success to deliver continued, long-term
pro   table growth for shareholders. I am con   dent in
their leadership, as well as Hubbell   s deep pool of talent
throughout our organization who remain focused on
delivering across each of our strategic pillars     to Serve
our Customers, Grow the Enterprise, Operate with
Discipline and Develop our People.
In July 2023, we were pleased to add Debra Dial to
the Board. Debbie brings strong    nancial, accounting,
risk management and strategy experience to Hubbell.
In January 2024, Director John Russell announced his
plan to retire from the Board in May 2024. Hubbell and
the Board bene   ted greatly from John's wisdom and
leadership these last thirteen years.
Hubbell was recently named to the S&P 500, the Dow
Jones Sustainability Index (DJSI) for North America and
(for the fourth year in a row) one of the World   s Most
Ethical Companies by Ethisphere. As a Company we are
incredibly proud of the recognition that Hubbell continues
to receive in the US and around the world. These honors
were achieved collectively by Hubbell   s over 18,000
employees, and I am thankful for their hard work and
dedication to our mission.
At Hubbell, our Mission is simple     we Electrify economies
and Energize communities. As more electrical applications
plug into the grid, we aim to build a Reliable, Resilient
and Renewable energy infrastructure on a backbone
of Hubbell solutions. We believe that executing on our
mission will enable Hubbell to solve critical infrastructure
problems for our customers, provide exciting career
growth opportunities for our employees and make a
positive impact on our communities, while of course
continuing to deliver strong results for our shareholders.
Thank you for your support and your investment in Hubbell.
Sincerely,
Gerben W. Bakker
Chairman, President and Chief Executive Officer
March 25, 2024
PERFORMANCE HIGHLIGHTS(1)


NET SALES
ADJUSTED DILUTED
EARNINGS PER SHARE(2)
5.4B
15.33

715M
FREE CASH FLOW(2)
(1) Represents 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, 2023,    led with the SEC on February 8, 2024 for further details.
(2) Adjusted diluted earnings per share and free cash    ow are non-GAAP    nancial measures. A reconciliation to the comparable GAAP    nancial
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, 2023,    led with the SEC on February 8, 2024.
2023 ANNUAL REPORT I HUBBELL INCORPORATED
III

About Hubbell
Recognized for our innovation, quality, and deep commitment to serving our customers for over 135 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 EDGE
COMMUNICATIONS
AND CONTROLS
DISTRIBUTION
ELECTRICITY
WATER
The Edge consists of
smart meters and
communication systems
which 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 2023 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 through acquisitions of complementary
businesses in established markets, as well as by 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
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
2023 ANNUAL REPORT I HUBBELL INCORPORATED
V



 3/25/2024 Letter Continued (Full PDF)