Reports Q1 revenue $1.4B, consensus $1.39B. “Hubbell is off to a solid start in 2024,” said Gerben Bakker, Chairman, President and CEO. “Operating performance was highlighted by strong organic growth in our Electrical Solutions segment, where electrification drove broad-based strength across industrial markets and continued execution on our segment unification strategy drove operating profit growth and margin expansion. In Utility Solutions, sales growth was driven by acquisitions, as well as strength in grid protection and controls products and continued backlog conversion in AMI and smart meters. Utility T&D end market demand remains strong, with robust growth in transmission markets offset by continued channel inventory management in distribution markets as anticipated. Telcom markets were weak in the quarter. Operationally, price/cost/productivity was positive in both segments. Price traction is healthy, supported by our strong positions and leading service levels. As anticipated, investments in long-term growth and productivity initiatives impacted year-over-year operating margins in the first quarter, including increased restructuring and related investment. Hubbell’s first quarter results position us well to achieve our reaffirmed 2024 outlook.”
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