On this page of StockholderLetter.com we present the 3/20/2023 shareholder letter from HUBBELL INC — ticker symbol HUBB. Reading current and past HUBB letters to shareholders can bring important insights into the investment thesis.

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

HUBB 3/20/2023 Shareholder/Stockholder Letter Transcript:

C E L E B R AT I N G
Y E A R S
1888-2023
2022
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.
TOTAL SALES
2022
UTILITY
SOLUTIONS SEGMENT
NET SALES

4.9B
ELECTRICAL
SOLUTIONS SEGMENT
NET SALES


2.9B
2.0B
Hubbell Utility Solutions (   HUS   )
consists of businesses that design,
manufacture, and sell a wide variety
of electrical distribution, transmission,
substation, and telecommunications
products.
OPERATIONS HIGHLIGHTS
Hubbell Electrical Solutions (   HES   )
consists of businesses that design,
manufacture, and sell stock and custom
electrical products including wiring
device products, rough-in electrical
products, connector and grounding
products, as well as other electrical
equipment.
(As of December 31, 2022)
SHELTON, CT
16,300
48
10
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)
$4.9
2022
2021
2020
$4.2
$3.7
$10.62
2022
2021
2020
$8.05
$7.14
2022
2021
2020
$507
$424
$520
(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, 2022,    led with the SEC on February 9, 2023 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, 2022,    led with the SEC on February 9, 2023.
II
HUBBELL INCORPORATED I 2022 ANNUAL REPORT
WWW.HUBBELL.COM

A Letter to Our Shareholders
GERBEN W. BAKKER
Chairman, President and
Chief Executive Officer,
Hubbell Incorporated
2022 was a strong year for
Hubbell, one in which we
delivered for our customers
while investing in the
Company's future and driving
returns for our shareholders.
In 2022 we opened a new manufacturing facility in
Oklahoma City, Oklahoma for our enclosures, gas and
related product businesses. This new facility, our largest
manufacturing facility in the US, consolidates locations
while bringing together efficient processes and an
increased ability to deliver to our customers.
STRONG FINANCIAL
PERFORMANCE(1)
We also accelerated our innovation efforts, optimizing
investment into larger scale, strategic innovation projects.
We believe these investments will drive Hubbell's long-term
organic growth pro   le and position the company to
continue to capitalize on attractive megatrends in grid
modernization and electri   cation.
In 2022 we had record sales
of $4.9 billion, record adjusted
diluted earnings per share(2)
of $10.62 and free cash    ow(2)
of $507 million. Hubbell
increased its dividend by 7%
in 2022, representing the 15th
consecutive year of a dividend
increase.
We also executed a balanced and efficient capital
allocation program, repurchasing $182 million in shares
of Hubbell and investing over $177 million in acquisitions
and $129 million in capital expenditure and restructuring
projects to more effectively serve customers while driving
growth to the top and bottom line.
2022 HIGHLIGHTS
After closing on the sale of Hubbell   s commercial and
industrial lighting business in February, 2022 for a sale
price of $350 million, we grew our business with three
acquisitions in the second half of 2022     PCX Holdings
LLC, Ripley Tools and REF Automation.
LOOKING AHEAD
2023 is Hubbell   s 135th anniversary, and I look forward to
all of the opportunities for our business, our customers,
employees, shareholders and partners. The key to our
success continues to be our over 16,000 employees
around the world. Their dedication, support and resiliency
drive everything we do.
We are well positioned to continue executing on our
strategy of solving critical infrastructure problems through
reliable and efficient utility and electrical solutions. We
will continue to drive value from our positions across
the energy infrastructure to grow our business, operate
efficiently, innovate and serve our stakeholders.
I thank you for your continued support and investment in
Hubbell.
We saw unprecedented order demand from our customers
across both our Electrical and Utility segments in 2022, as
grid modernization and electri   cation continue to drive
demand for Hubbell products and solutions. Hubbell   s
unique, leading positions across the energy infrastructure
are enabling us to solve critical infrastructure problems for
our utility and electrical customers in front of and behind
the meter.

4.9B
NET SALES

507M
FREE CASH FLOW(2)
Gerben W. Bakker
Chairman, President and
Chief Executive Officer
March 20, 2023

10.62
ADJUSTED DILUTED
EARNINGS PER SHARE(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, 2022,    led with the SEC on February 9, 2023 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, 2022,    led with the SEC on February 9, 2023.
2022 ANNUAL REPORT I HUBBELL INCORPORATED
III

About Hubbell
Recognized for our innovation, quality, and deep commitment to serving our customers for 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.
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 2022 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 empower 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
2022 ANNUAL REPORT I HUBBELL INCORPORATED
V



 3/20/2023 Letter Continued (Full PDF)