Hubbell 10-Q 2023-03-31

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission File Number 1-2958

HUBBELL INCORPORATED

(Exact name of registrant as specified in its charter)

Connecticut						06-0397030
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
40 Waterview Drive
Shelton,			CT			06484
(Address of principal executive offices)						(Zip Code)
(475)						882-4000
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock - par value $0.01 per share			HUBB			New York Stock Exchange

Indicate by check mark
•whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.																		Yes			☑			No			☐
•whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).																		Yes			☑			No			☐
•whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer			☑			Accelerated filer			☐			Non-accelerated filer			☐			Smaller reporting company									☐
Emerging growth company			☐			If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the Exchange Act. ☐
•whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).																		Yes			☐			No			☑

The number of shares outstanding of Hubbell common stock as of April 27, 2023 was 53,588,548.

HUBBELL INCORPORATED-Form 10-Q 1

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Index

Table of Contents
PART I						3
ITEM 1			Financial Statements (unaudited)
			Condensed Consolidated Statements of Income			3
			Condensed Consolidated Statements of Comprehensive Income			4
			Condensed Consolidated Balance Sheets			5
			Condensed Consolidated Statements of Cash Flows			6
			Notes to Condensed Consolidated Financial Statements			7
ITEM 2			Management’s Discussion and Analysis of Financial Condition and Results of Operations			27
ITEM 3			Quantitative and Qualitative Disclosures About Market Risk			39
ITEM 4			Controls and Procedures			40
PART II						41
ITEM 1A			Risk Factors			41
ITEM 2			Unregistered Sales of Equity Securities and Use of Proceeds			42
ITEM 6			Exhibits			43
			Signatures			44

HUBBELL INCORPORATED-Form 10-Q 2

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PART I			FINANCIAL INFORMATION

Condensed Consolidated Statements of Income (unaudited)

			Three Months Ended March 31,
(in millions, except per share amounts)			2023			2022
Net sales			$	1,285.4		$	1,156.1
Cost of goods sold			837.1			833.0
Gross profit			448.3			323.1
Selling & administrative expenses			199.5			180.2
Operating income			248.8			142.9
Interest expense, net			(9.7)			(13.1)
Other (expense) income, net			(4.1)			3.6
Total other expense			(13.8)			(9.5)
Income from continuing operations before income taxes			235.0			133.4
Provision for income taxes			51.6			29.6
Net income from continuing operations			183.4			103.8
Less: Net income from continuing operations attributable to noncontrolling interest			(1.5)			(1.3)
Net income from continuing operations attributable to Hubbell Incorporated			181.9			102.5
Income from discontinued operations, net of tax (Note 2)			—			77.7
Net Income attributable to Hubbell Incorporated			$	181.9		$	180.2
Earnings per share:
Basic earnings per share from continuing operations			$	3.39		$	1.89
Basic earnings per share from discontinued operations			—			1.43
Basic earnings per share			$	3.39		$	3.32
Diluted earnings per share from continuing operations			$	3.37		$	1.88
Diluted earnings per share from discontinued operations			—			1.43
Diluted earnings per share			$	3.37		$	3.31
Cash dividends per common share			$	1.12		$	1.05

See notes to unaudited Condensed Consolidated Financial Statements.

HUBBELL INCORPORATED-Form 10-Q 3

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Condensed Consolidated Statements of Comprehensive Income (unaudited)

			Three Months Ended March 31,
(in millions)			2023			2022
Net income			$	183.4		$	181.5
Other comprehensive income (loss):
Currency translation adjustments:
Foreign currency translation adjustments			7.9			4.6
Reclassification of currency translation losses included in net income			—			0.5
Defined benefit pension and post-retirement plans, net of taxes of $(1.2) and $(0.5)			1.4			2.1
Unrealized gain (loss) on investments, net of taxes of $(0.1) and $0.4			0.3			(1.2)
Unrealized loss on cash flow hedges, net of taxes of $0.1 and $0.2			(0.3)			(0.6)
Other comprehensive income			9.3			5.4
Comprehensive income			192.7			186.9
Less: Comprehensive income attributable to noncontrolling interest			1.5			1.3
Comprehensive income attributable to Hubbell Incorporated			$	191.2		$	185.6

See notes to unaudited Condensed Consolidated Financial Statements.

See notes to unaudited Condensed Consolidated Financial Statements.

HUBBELL INCORPORATED-Form 10-Q 4

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Condensed Consolidated Balance Sheets (unaudited)

(in millions)			March 31, 2023			December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents			$	429.8		$	440.5
Short-term investments			17.0			14.3
Accounts receivable (net of allowances of $13.9 and $14.3)			778.3			741.6
Inventories, net			779.6			740.7
Other current assets			94.0			84.3
Total Current Assets			2,098.7			2,021.4
Property, Plant, and Equipment, net			539.0			528.0
Other Assets
Investments			66.1			65.9
Goodwill			1,976.1			1,970.5
Other intangible assets, net			652.9			669.9
Other long-term assets			148.0			146.9
TOTAL ASSETS			$	5,480.8		$	5,402.6
LIABILITIES AND EQUITY
Current Liabilities
Short-term debt			$	4.7		$	4.7
Accounts payable			545.3			529.9
Accrued salaries, wages and employee benefits			69.1			144.2
Accrued insurance			84.7			75.6
Other accrued liabilities			348.3			334.1
Total Current Liabilities			1,052.1			1,088.5
Long-Term Debt			1,438.5			1,437.9
Other Non-Current Liabilities			507.1			505.6
TOTAL LIABILITIES			2,997.7			3,032.0
Hubbell Incorporated Shareholders’ Equity			2,472.7			2,360.9
Noncontrolling interest			10.4			9.7
TOTAL EQUITY			2,483.1			2,370.6
TOTAL LIABILITIES AND EQUITY			$	5,480.8		$	5,402.6

*See notes to unaudited Condensed Consolidated Financial Sta

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Executive Overview of the Business

Hubbell is a global manufacturer of quality electrical products and utility solutions for a broad range of customer and end market applications. We provide utility and electrical solutions that enable our customers to operate critical infrastructure reliably and efficiently, and we empower and energize communities through innovation solutions supporting energy infrastructure In Front of the Meter, on The Edge, and Behind the Meter. In Front of the Meter is where utilities transmit and distribute energy to their customers. The Edge connects utilities with owner/operators and allows energy and data to be distributed back and forth. Behind the Meter is where owners and operators of buildings and other critical infrastructure consume energy. Products are either sourced complete, manufactured or assembled by subsidiaries in the United States, Canada, Puerto Rico, Mexico, China, the UK, Brazil, Australia, Spain and Ireland. The Company also participates in joint ventures in Hong Kong and the Philippines, and maintains offices in Singapore, Italy, China, India, Mexico, South Korea, Chile, and countries in the Middle East. The Company employed approximately 16,600 individuals worldwide as of March 31, 2023.

The Company’s reporting segments consist of the Utility Solutions segment and Electrical Solutions segment.

Results for the three months ended March 31, 2023 by segment are included under “Segment Results” within this Management’s Discussion and Analysis.

The Company's long-term strategy is to serve its customers with reliable and innovative electrical and related infrastructure solutions with desired brands and high-quality service, delivered through a competitive cost structure; to complement organic revenue growth with acquisitions that enhance its product offerings; and to allocate capital effectively to create shareholder value.

Our strategy to complement organic revenue growth with acquisitions is focused on acquiring assets that extend our capabilities, expand our product offerings, and present opportunities to compete in core, adjacent or complementary markets. Our acquisition strategy also provides the opportunity to advance our revenue growth objectives during periods of weakness or inconsistency in our end-markets.

Our strategy to deliver products through a competitive cost structure has resulted in past and ongoing restructuring and related activities. Our restructuring and related efforts include the consolidation of manufacturing and distribution facilities, and workforce actions, as well as streamlining and consolidating our back-office functions. The primary objectives of our restructuring and related activities are to optimize our manufacturing footprint, cost structure, and effectiveness and efficiency of our workforce.

Productivity improvement also continues to be a key area of focus for the Company and efforts to drive productivity complement our restructuring and related activities to minimize the impact of rising material costs and other administrative cost inflation. Because material costs are approximately two thirds of our cost of goods sold, continued volatility in this area could significantly impact profitability. Our goal is to have pricing and productivity programs that offset material and other inflationary cost increases as well as pay for investments in key growth areas.

Productivity programs affect virtually all functional areas within the Company by reducing or eliminating waste and improving processes. We continue to expand our efforts related to global product and component sourcing and supplier cost reduction programs. Value engineering efforts, product transfers and the use of lean process improvement techniques are expected to continue to increase manufacturing efficiency. In addition, we continue to build upon the benefits of our enterprise resource planning system across all functions.

Our sales are also subject to market conditions that may cause customer demand for our products to be volatile and unpredictable, particularly in our Electrical Solutions segment. Product demand can be affected by fluctuations in domestic and international economic conditions, as well as currency fluctuations, commodity costs, and a variety of other factors. We have recently experienced significant inflationary pressure across much of our business. We have had to take various pricing actions to cover the higher costs and protect our profitability. Because we expect inflation to remain a factor for the foreseeable future, we expect to continue these pricing actions subject, however, to demand and market conditions. Accordingly, there can be no assurance that we will be able to maintain our margins in response to further changes in inflationary pressures. In addition, macroeconomic effects such as increases in interest rates and other measures taken by central banks and other policy makers could have a negative effect on overall economic activity which could reduce our customers’ demand for our products.

HUBBELL INCORPORATED-Form 10-Q 27

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Impact of the COVID-19 Pandemic

The COVID-19 pandemic, which began in March of 2020, created significant uncertainties in the U.S. and global economies, including the shutdown of large portions of, or imposition of restrictions on, the U.S. and global economies. Although the most significant effects of the pandemic have subsided, there continues to be lingering impacts and significant uncertainty around the extent to which the lingering impact of the pandemic, will continue to affect our business, operations, supply chains, inflation, interest rates and our financial results in future periods.

Additionally, as economies have re-opened, global supply chains have struggled to keep up with increasing demand, and the resulting supply chain disruptions have, in certain cases, affected our ability to ship finished products in a timely manner. These supply chain disruptions and the increase in demand have also led to increased freight, labor and commodity costs, which are expected to persist through the remainder of 2023.

Discontinued Operations

On February 1, 2022, the Company completed the sale of the C&I Lighting business to GE Current, a Daintree Company, for total net cash consideration of $332.8 million. The sale of this business is reported as a discontinued operation in our Condensed Consolidated Financial Statements. For additional information regarding this transaction and its effect on our financial reporting, see Note 2 – Discontinued Operations, in the accompanying Condensed Consolidated Financial Statements, which note is incorporated herein by reference.

The following is a discussion and analysis of our business, financial condition and results of operations as of and for the three month periods ended March 31, 2023 and 2022. This discussion and analysis should be read in conjunction with our Condensed Consolidated Financial Statements and notes thereto in Item 1 of this Quarterly Report on Form 10-Q, and the audited consolidated financial statements, accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Results of Operations – First Quarter of 2023 compared to the First Quarter of 2022

Overview

Hubbell delivered a strong first quarter of 2023, with grid modernization and electrification continuing to drive demand for Hubbell products and solutions. Margin expansion in the quarter was driven primarily by favorable price realization and modestly lower material costs, as well as higher volumes. Improvements in operational productivity were more than offset by non-material cost inflation and investments in our business.

Utility Solutions segment demand remained strong in the first quarter, leading to another quarter of increased orders as customers actively invested in grid hardening and resiliency initiatives, enhanced smart grid applications and accelerated broadband deployments. In the Electrical Solutions segment, industrial end-markets and strategic growth verticals highlighted by renewables were strong, while commercial markets showed more modest activity, and the residential market showed continued softness.

HUBBELL INCORPORATED-Form 10-Q 28

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SUMMARY OF CONDENSED CONSOLIDATED RESULTS (IN MILLIONS, EXCEPT PER SHARE DATA):

			Three Months Ended March 31,
			2023			% of Net sales			2022			% of Net sales
Net sales			$	1,285.4					$	1,156.1
Cost of goods sold			837.1			65.1		%	833.0			72.1		%
Gross profit			448.3			34.9		%	323.1			27.9		%
Selling & administrative ("S&A") expense			199.5			15.5		%	180.2			15.6		%
Operating income			248.8			19.4		%	142.9			12.4		%
Net income from continuing operations			183.4			14.3		%	103.8			9.0		%
Less: Net income from continuing operations attributable to non-controlling interest			(1.5)			(0.1)		%	(1.3)			(0.1)		%
Net income from continuing operations attributable to Hubbell Incorporated			181.9			14.2		%	102.5			8.9		%
Income from discontinued operations, net of tax			—						77.7
Net income attributable to Hubbell incorporated			181.9						180.2
Less: Earnings allocated to participating securities			(0.4)						(0.5)
Net income available to common shareholders			$	181.5					$	179.7
Average number of diluted shares outstanding			53.9						54.4
DILUTED EARNINGS PER SHARE - CONTINUING OPERATIONS			$	3.37					$	1.88
DILUTED EARNINGS PER SHARE - DISCONTINUED OPERATIONS			$	—					$	1.43

In the following discussion of results of operations, we refer to "adjusted" operating measures. We believe those adjusted measures, which exclude the impact of certain costs, gains and losses, may provide investors with useful information regarding our underlying performance from period to period and allow investors to understand our results of operations without regard to items we do not consider a component of our core operating performance.

Adjusted operating measures exclude amortization of all intangible assets associated with our business acquisitions, including inventory step-up amortization associated with those acquisitions. The intangible assets associated with our business acquisitions arise from the allocation of the purchase price using the acquisition method of accounting in accordance with Accounting Standards Codification 805, “Business Combinations.” These assets consist primarily of customer relationships, developed technology, trademarks and tradenames, and patents, as reported in Note 7 – Goodwill and Other Intangible Assets, under the heading “Total Definite-Lived Intangibles,” within the Company’s audited consolidated financial statements set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

The Company believes that the exclusion of these non-cash expenses (i) enhances management’s and investors’ ability to analyze underlying business performance, (ii) facilitates comparisons of our financial results over multiple periods, and (iii) provides more relevant comparisons of our results with the results of other companies as the amortization expense associated with these assets may fluctuate significantly from period to period based on the timing, size, nature, and number of acquisitions. Although we exclude amortization of these acquired intangible assets and inventory step-up from our non-GAAP results, we believe that it is important for investors to understand that revenue generated, in part, from such intangibles is included within revenue in determining adjusted net income attributable to Hubbell Incorporated.

Organic net sales (or organic net sales growth), a non-GAAP measure, represents Net sales according to U.S. GAAP, less Net sales from acquisitions and divestitures during the first twelve months of ownership or divestiture, respectively, less the effect of fluctuations in Net sales from foreign currency exchange. The period-over-period effect of fluctuations in Net sales from foreign currency exchange is calculated as the difference between local currency Net sales of the prior period translated at the current period exchange rate as compared to the same local currency Net sales translated at the prior period exchange rate. We believe this measure provides management and investors with a more complete understanding of the underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency as these activities can obscure underlying trends. When comparing Net sales growth between periods, excluding the effects of acquisitions, business dispositions and currency exchange rates, those effects are different when comparing results for different periods. For example, because Net sales from acquisitions are considered inorganic from the date we complete an acquisition through the end of the first year following the acquisition, Net sales from such acquisition are reflected as organic net sales thereafter.

HUBBELL INCORPORATED-Form 10-Q 29

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There are limitations to the use of non-GAAP measures. Non-GAAP measures do not present complete financial results. We compensate for this limitation by providing a reconciliation between our non-GAAP financial measures and the respective most directly comparable financial measure calculated and presented in accordance with GAAP. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported GAAP financial results, and should be viewed in conjunction with the most comparable GAAP financial measures and the provided reconciliations thereto. We believe, however, that these non-GAAP financial measures, when viewed together with our GAAP results and related reconciliations, provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.

The following table reconciles Adjusted operating income, a non-GAAP measure, to Operating income, the directly comparable GAAP financial measure (in millions):

			Three Months Ended March 31,
			2023			% of Net sales			2022			% of Net sales
Operating income (GAAP measure)			$	248.8		19.4		%	$	142.9		12.4		%
Amortization of acquisition-related intangible assets			17.8			1.3		%	17.5			1.5		%
Adjusted operating income (non-GAAP measure)			$	266.6		20.7		%	$	160.4		13.9		%
The following table reconciles Adjusted net income from continuing operations attributable to Hubbell Incorporated, Adjusted net income from continuing operations available to common shareholders, and the diluted per share amounts thereof, each a non-GAAP measure, to the directly comparable GAAP financial measures (in millions, except per share data).
			Three Months Ended March 31,
			2023			Diluted Per Share			2022			Diluted Per Share
Net income from continuing operations attributable to Hubbell Incorporated (GAAP measure)			$	181.9		$	3.37		$	102.5		$	1.88
Amortization of acquisition-related intangible assets			17.8			0.33			17.5			0.32
Subtotal			$	199.7		$	3.70		$	120.0		$	2.20
Income tax effects(1)			4.4			0.08			4.3			0.08
Adjusted net income from continuing operations attributable to Hubbell Incorporated (non-GAAP measure)			$	195.3		$	3.62		$	115.7		$	2.12
Less: Earnings allocated to participating securities			(0.5)			(0.01)			(0.3)			—
Adjusted net income from continuing operations available to common shareholders (non-GAAP measure)			$	194.8		$	3.61		$	115.4		$	2.12

(1) The income tax effects are calculated using the statutory tax rate, taking into consideration the nature of the item and the relevant taxing jurisdiction, unless otherwise noted.

The following table reconciles our Organic net sales to the directly comparable GAAP financial measure (in millions and percentage change):

			Three Months Ended March 31,
			2023			Inc/(Dec) %			2022			Inc/(Dec) %
Net sales growth (GAAP measure)			$	129.3		11.2			$	199.8		20.9
Impact of acquisitions			20.7			1.8			—			—
Impact of divestitures			—			—			(2.8)			(0.3)
Foreign currency exchange			(4.7)			(0.4)			(0.3)			—
Organic net sales growth (non-GAAP measure)			$	113.3		9.8			$	202.9		21.2

HUBBELL INCORPORATED-Form 10-Q 30

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Net Sales

Net sales of $1,285.4 million in the first quarter of 2023 increased by $129.3 million compared to the first quarter of 2022. Organic net sales increased by 9.8% which was comprised of a high single digit percentage increase in price realization and a low single digit percentage increase in volumes. Acquisitions contributed 1.8% to sales growth, partially offset by 0.4% of headwind from foreign exchange. The primary drivers of these changes are discussed in more detail in the Segment Results section below.

Cost of Goods Sold and Gross Profit

As a percentage of Net sales, cost of goods sold decreased by 700 basis points to 65.1% in the first quarter of 2023, as compared to 72.1% in the first quarter of 2022, resulting in a related 700 basis points increase in Gross profit margin in the first quarter of 2023 to 34.9% as compared to 27.9% in the first quarter of 2022. The increase in the gross profit margin primarily reflects approximately ten percentage points of margin expansion driven by favorable price realization, improved operational productivity and modestly lower material costs. Operational productivity was driven by improving supply chain conditions and reduced rates of absenteeism as compared to the prior year period. Those increases were offset by approximately three percentage points of margin headwind driven by continued non-material cost inflation as well as increased investments in capacity, innovation and productivity.

Selling & Administrative Expenses

S&A expense in the first quarter of 2023 was $199.5 million and increased by $19.3 million compared to the prior year period. Approximately half of this increase was driven by labor and other cost inflation, while the remainder of the increase was primarily driven by higher travel and entertainment costs, as well as increased marketing expenditures. S&A expense as a percentage of Net sales decreased by 10 basis points to 15.5% in the first quarter of 2023.

Total Other Expense

Total other expense increased by $4.3 million in the first quarter of 2023 to $13.8 million, primarily due to higher non-service pension cost recognized in the first quarter of 2023 as compared to the same period of the prior year.

Income Taxes

The effective tax rate in the first quarter of 2023 decreased to 22.0% as compared to 22.2% in the first quarter of 2022, primarily due to favorable tax effects of the settlement of tax examinations in the first quarter of 2023 and an increased benefit of stock based compensation partially offset by unfavorable impacts of earnings mix.

Net Income From Continuing Operations Attributable to Hubbell Incorporated and Earnings Per Diluted Share From Continuing Operations

Net income from continuing operations attributable to Hubbell Incorporated was $181.9 million in the first quarter of 2023 and increased 77.5% as compared to the same period of the prior year, reflecting the factors described above. As a result, earnings per diluted share from continuing operations in the first quarter of 2023 increased 79.3% as compared to the first quarter of 2022. Adjusted net income from continuing operations attributable to Hubbell Incorporated, which excludes amortization of acquisition-related intangibles from both periods was $195.3 million in the first quarter of 2023 and increased by 68.8% as compared to the first quarter of 2022.

Income From Discontinued Operations, Net of Tax

Income from discontinued operations, was $77.7 million net of tax in the first quarter of 2022 and included a pre-tax gain on disposal of $88.5 million, partially offset by $2.1 million of pre-tax transaction and separation costs. There was no income from discontinued operations in the first quarter of 2023.

HUBBELL INCORPORATED-Form 10-Q 31

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Segment Results

UTILITY SOLUTIONS

			Three Months Ended March 31,
(In millions)			2023			2022
Net sales			$	781.6		$	651.8
Operating income (GAAP measure)			177.5			88.1
Amortization of acquisition-related intangible assets			13.3			14.0
Adjusted operating income			$	190.8		$	102.1
Operating margin (GAAP measure)			22.7		%	13.5		%
Adjusted operating margin			24.4		%	15.7		%

The following table reconciles our Organic net sales to the directly comparable GAAP financial measure (in millions and percentage change):

			Three Months Ended March 31,
Utility Solutions			2023			Inc/(Dec) %			2022			Inc/(Dec) %
Net sales growth (GAAP measure)			$	129.8		19.9			$	119.6		22.5
Impact of acquisitions			5.6			0.9			—			—
Impact of divestitures			—			—			(2.8)			(0.5)
Foreign currency exchange			(1.7)			(0.3)			0.5			0.1
Organic net sales growth (non-GAAP measure)			$	125.9		19.3			$	121.9		22.9

Net sales in the Utility Solutions segment in the first quarter of 2023 were $781.6 million, an increase of $129.8 million, or 19.9%, as compared to the first quarter of 2022. This increase was due to a 19.3% increase in organic net sales in the first quarter of 2022 as compared to the same prior year period, driven by a low double digit percentage increase in price realization and high single digit percentage increase in unit volumes. Net sales increased by 0.9% due to acquisitions, and decreased 0.3% due to foreign exchange. Volume increases were primarily driven by strong demand in Utility T&D Components as utility customers actively invested to upgrade aging infrastructure and modernize the grid. Favorable price realization was driven by actions to offset inflation, as well as by our service levels and tight industry supply chains.

Operating income in the Utility Solutions segment for the first quarter of 2023 was $177.5 million, an increase of 101.5% compared to the first quarter of 2022. Operating margin increased to 22.7% as compared to 13.5% in the same period of 2022. Excluding amortization of acquisition-related intangibles, the adjusted operating margin increased to 24.4% in the first quarter of 2022 compared to 15.7% in the prior year period. The increase in operating margin was primarily driven by approximately eleven percentage points of margin expansion from favorable price realization, increased volumes and lower material costs. Those increases were partially offset by three percentage points of margin headwind due to increases in non-material cost inflation and investments in capacity, innovation and productivity.

ELECTRICAL SOLUTIONS

			Three Months Ended March 31,
(In millions)			2023			2022
Net sales			$	503.8		$	504.3
Operating income (GAAP measure)			71.3			54.8
Amortization of acquisition-related intangible assets			4.5			3.5
Adjusted operating income			$	75.8		$	58.3
Operating margin (GAAP measure)			14.2		%	10.9		%
Adjusted operating margin			15.0		%	11.6		%

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The following table reconciles our Organic net sales to the directly comparable GAAP financial measure (in millions and percentage change):

			Three Months Ended March 31,
Electrical Solutions			2023			Inc/(Dec) %			2022			Inc/(Dec) %
Net sales growth (GAAP measure)			$	(0.5)		(0.1)			$	80.2		18.9
Impact of acquisitions			15.1			3.0			—			—
Impact of divestitures			—			—			—			—
Foreign currency exchange			(3.0)			(0.6)			(0.8)			(0.2)
Organic net sales growth (non-GAAP measure)			$	(12.6)		(2.5)			$	81.0		19.1

Net sales in the Electrical Solutions segment in the first quarter of 2023 were $503.8 million and decreased by $0.5 million, or 0.1%, as compared to the first quarter of 2022. The decrease was due to a 2.5% decrease in organic net sales in the first quarter of 2023 as compared to the same prior year period, driven by a high single digit percentage decrease in unit volume and mid single digit percentage increase in price realization. Net sales increased by 3.0% due to acquisitions, and decreased by 0.6% due to foreign exchange. Markets for the Electrical Solutions segment were mixed with weakness in residential and customer inventory management in non-residential driving the decline in unit volume, while industrial markets experienced higher unit volumes. Vertical markets such as renewables and electric T&D were also notably strong in the quarter. Favorable price realization was driven primarily by actions to recover inflationary costs.

Operating income in the Electrical Solutions segment for the first quarter of 2023 was $71.3 million and increased approximately 30.1% compared to the first quarter of 2022, while operating margin in the first quarter of 2023 increased by 330 basis points to 14.2%. Excluding amortization of acquisition-related intangibles, adjusted operating margin increased by 340 basis points to 15.0%, as compared to the same prior year period. The increase in the adjusted operating margin in the first quarter of 2023 is primarily due to approximately eight percentage points of margin expansion from favorable price realization, lower material and freight costs and improved operational productivity. Those increases were partially offset by approximately five percentage points of margin headwind driven by lower volumes and increases in non-material cost inflation.

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Financial Condition, Liquidity and Capital Resources

Cash Flow

			Three months ended March 31,
(In millions)			2023			2022
Net cash provided by (used in):
Operating activities from continuing operations			$	113.7		$	(14.4)
Investing activities from continuing operations			(35.1)			317.9
Financing activities from continuing operations			(91.8)			(210.4)
Cash from discontinued operations			—			(23.8)
Effect of foreign currency exchange rate changes on cash and cash equivalents			2.7			3.2
NET CHANGE IN CASH AND CASH EQUIVALENTS			$	(10.5)		$	72.5

Cash provided by operating activities from continuing operations for the three months ended March 31, 2023 was $113.7 million compared to cash used in operating activities from continuing operations of $14.4 million for the same period in 2022. The increase was primarily due to higher net income during the first three months of 2023 and changes in the components of working capital in the first quarter of 2023 compared to the same period in 2022.

Cash used by investing activities from continuing operations was $35.1 million in the three months ended March 31, 2023 compared to cash provided of $317.9 million during the comparable period in 2022. This change was driven by $348.6 million in net proceeds from the disposal of the C&I Lighting business in 2022, and a $12.0 million increase in capital expenditures in the first quarter of 2023 compared to the same period of 2022, as we increased capital investments to expand capacity, optimize footprint and implement automation and productivity initiatives.

Cash used in financing activities from continuing operations was $91.8 million in the three months ended March 31, 2023 as compared to cash used of $210.4 million in the comparable period of 2022. This change primarily reflects a decrease of $124.0 million from the Company's share repurchases in the first three months of 2023 compared to the same prior year period.

We had no cash from discontinued operations in the three months ended March 31, 2023 as compared to cash used in discontinued operations of $23.8 million in the comparable period of 2022.

The favorable impact of foreign currency exchange rates on cash was $2.7 million for the three months ended March 31, 2023 and is primarily related to strengthening of the Mexican Peso and British Pound versus the U.S. Dollar.

Investments in the Business

Investments in our business include cash outlays for the acquisition of businesses, to invest in capacity and innovation, as well as expenditures on productivity initiatives and to maintain the operation of our equipment and facilities and invest in restructuring activities.

We continue to invest in restructuring and related programs to maintain a competitive cost structure, to drive operational efficiencies and to mitigate the impact of rising material costs and administrative cost inflation. We expect our investment in restructuring and related activities to continue in 2023 as we continue to invest in previously initiated actions and initiate further footprint consolidation and other cost reduction initiatives.

In connection with our restructuring and related actions, we have incurred restructuring costs as defined by U.S. GAAP, which are primarily severance and employee benefits, asset impairments, accelerated depreciation, as well as facility closure, contract termination and certain pension costs that are directly related to restructuring actions. We also incurred restructuring-related costs, which are costs associated with our business transformation initiatives, including the consolidation of back-office functions and streamlining of our processes, and certain other costs and gains associated with restructuring actions. We refer to these costs on a combined basis as "restructuring and related costs", which is a non-GAAP measure. We believe this non-GAAP measure provides investors with useful information regarding our underlying performance from period to period. Restructuring costs are predominantly settled in cash from our operating activities and are generally settled within one year, with the exception of asset impairments, which are non-cash.

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The table below presents the restructuring and related costs incurred in the first three months of 2023, additional expected costs, and the expected completion date of restructuring actions that have been initiated as of March 31, 2023 and in prior years (in millions):

			Costs incurred in the three months ended March 31, 2023			Additional expected costs			Expected completion date
2023 Restructuring Actions			$	—		$	—
2022 and Prior Restructuring Actions			0.5			4.3			2024
Total Restructuring cost (GAAP measure)			$	0.5		$	4.3
Restructuring-related costs			2.0			0.8
Restructuring and related costs (Non-GAAP)			$	2.5		$	5.1

During the first three months of 2023, we invested $33.4 million in capital expenditures, an increase of $12.0 million from the comparable period of 2022 as we continue our investment to expand capacity, optimize footprint and implement automation and productivity initiatives.

Stock Repurchase Program

On October 23, 2020, the Board of Directors approved a stock repurchase program that authorized the repurchase of up to $300 million of common stock and expires in October 2023 (the "October 2020 program"). In the first three months of 2023, the Company repurchased $20.0 million of shares of common stock authorized under the October 2020 program. At March 31, 2023, our remaining share repurchase authorization under the October 2020 program is $86.7 million. On October 21, 2022 the Board of Directors approved a new stock repurchase program that authorized the repurchase of up to $300 million of common stock and expires in October 2025. There have been no repurchases under the October 2022 program. When combined with the $86.7 million of remaining share repurchase authorization under the October 2020 program, we have a total share repurchase authorization of approximately $386.7 million. Subject to numerous factors, including market conditions and alternative uses of cash, we may conduct discretionary repurchases through open market or privately negotiated transactions, which may include repurchases under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.

Debt to Capital

At March 31, 2023 and December 31, 2022, the Company had $1,438.5 million and $1,437.9 million, respectively, of long-term debt outstanding, net of the unamortized balance of capitalized debt issuance costs.

Revolving Credit Facility

On March 12, 2021, the Company, as borrower, and its subsidiaries Hubbell Power Holdings S.à r.l. and Harvey Hubbell Holdings S.à r.l., each as a subsidiary borrower (collectively, the “Subsidiary Borrowers”) entered into a new five-year credit agreement with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent, that provides a $750 million committed revolving credit facility (the “2021 Credit Facility"). Commitments under the 2021 Credit Facility may be increased to an aggregate amount not to exceed $1.25 billion. The 2021 Credit Facility includes a $50 million sub-limit for the issuance of letters of credit. The sum of the dollar amount of loans and letters of credits to the Subsidiary Borrowers under the 2021 Credit Facility may not exceed $75 million. There were no borrowings outstanding under the 2021 Credit Facility at March 31, 2023.

The interest rate applicable to borrowings under the 2021 Credit Facility is (i) either the alternate base rate (as defined in the 2021 Credit Facility) or (ii) the adjusted LIBOR rate (as defined in the 2021 Credit Facility) plus an applicable margin based on the Company’s credit ratings. All revolving loans outstanding under the 2021 Credit Facility will be due and payable on March 12, 2026.

The 2021 Credit Facility contains a financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of March 31, 2023. As of March 31, 2023, the 2021 Credit Facility was undrawn.

Unsecured Senior Notes

At both March 31, 2023 and December 31, 2022, the Company had outstanding unsecured, senior notes (the "Notes") in principal amounts of $400 million due in 2026, $300 million due in 2027, $450 million due in 2028 and $300 million due in 2031.

The carrying value of the Notes, net of unamortized discount and the unamortized balance of capitalized debt issuance costs, was $1,438.5 million and $1,437.9 million at March 31, 2023 and December 31, 2022, respectively.

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The Notes are callable at any time at specified prices and are only subject to accelerated payment prior to maturity upon customary events of default, or upon a change in control triggering event as defined in the indenture governing the Notes, as supplemented. The Company was in compliance with all covenants (none of which are financial) as of March 31, 2023.

Short-term Debt

At both March 31, 2023 and December 31, 2022 the Company had $4.7 million, of short-term debt outstanding, which consisted of borrowings to support our international operations in China, as well as $2.7 million outstanding under our Commercial Card Program at March 31, 2023.

Net debt, defined as total debt less cash and investments, is a non-GAAP measure that may not be comparable to definitions used by other companies. We consider net debt to be a useful measure of our financial leverage for evaluating the Company’s ability to meet its funding needs.

(In millions)			March 31, 2023			December 31, 2022
Total Debt			$	1,443.2		$	1,442.6
Hubbell Incorporated Shareholders’ Equity			2,472.7			2,360.9
TOTAL CAPITAL			$	3,915.9		$	3,803.5
Total Debt to Total Capital			37		%	38		%
Cash and Investments			512.9			520.7
Net Debt			$	930.3		$	921.9
Net Debt to Total Capital			24		%	24		%

Liquidity

We measure liquidity on the basis of our ability to meet short-term and long-term operational funding needs, to fund additional investments, including acquisitions, and to make dividend payments to shareholders. Significant factors affecting the management of liquidity are cash flows from operating activities, capital expenditures, cash dividend payments, stock repurchases, access to bank lines of credit and our ability to attract long-term capital with satisfactory terms. In the first three months of 2023, we returned capital to our shareholders by paying $60.0 million of dividends on our common stock and using $20.0 million of cash for share repurchases.

We also require cash outlays to fund our operations, capital expenditures, and working capital requirements to accommodate anticipated levels of business activity, as well as our rate of cash dividends, and potential future acquisitions. We have contractual obligations for long-term debt, operating leases, purchase obligations, and certain other long-term liabilities that are summarized in the Financial Condition, Liquidity and Capital Resources section in our Annual Report on Form 10-K for the year ended December 31, 2022. As a result of the Tax Cuts and Jobs Act of 2017 (the "TCJA"), we also have an obligation to fund, by annual installments through 2025, the Company's liability for the transition tax on the deemed repatriation of foreign earnings.

Our sources of funds and available resources to meet these funding needs are as follows:

◦Cash flows from operating activities and existing cash resources: In addition to cash flows from operating activities, we also had $429.8 million of cash and cash equivalents at March 31, 2023, of which approximately 25% was held inside the United States and the remainder held internationally.

◦Our 2021 Credit Facility provides a $750.0 million committed revolving credit facility and commitments under the 2021 Credit Facility may be increased (subject to certain conditions) to an aggregate amount not to exceed $1.250 billion. Annual commitment fees to support availability under the 2021 Credit Facility are not material. Although not the principal source of liquidity, we believe our 2021 Credit Facility is capable of providing significant financing flexibility at reasonable rates of interest and is an attractive alternative source of funding in the event that commercial paper markets experience disruption. However, an increase in usage of the 2021 Credit Facility related to growth or a significant deterioration in the results of our operations or cash flows could cause our borrowing costs to increase and/or our ability to borrow could be restricted. We have not entered into any guarantees that could give rise to material unexpected cash requirements. The full $750.0 million of borrowing capacity under the 2021 Credit Facility was available to the Company at March 31, 2023.

◦In addition to our commercial paper program and existing revolving credit facility, we also have the ability to obtain additional financing through the issuance of long-term debt. Considering our current credit rating, historical earnings performance, and financial position, we believe that we would be able to obtain additional long-term debt financing on attractive terms.

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Critical Accounting Estimates

A summary of our critical accounting estimates is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2022. We are required to make estimates and judgments in the preparation of our financial statements that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures. We continually review these estimates and their underlying assumptions to ensure they are appropriate for the circumstances. Changes in the estimates and assumptions we use could have a material impact on our financial results. During the three months ended March 31, 2023, there were no material changes in our estimates and critical accounting policies.

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Forward-Looking Statements

Some of the information included in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, and elsewhere in this Form 10-Q, contain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. These include statements about our expectations regarding our financial results, condition and outlook, anticipated end markets, expected capital resources, liquidity, financial performance, pension funding, and results of operations and are based on our reasonable current expectations. In addition, all statements regarding the expected financial impact of the integration of acquisitions and completion of certain divestitures, as well as other statements that are not strictly historic in nature are forward looking. In addition, all statements regarding anticipated growth, changes in operating results, market conditions and economic conditions, adoption of updated accounting standards and any expected effects of such adoption, restructuring plans and expected associated costs and benefits, intent to continue repurchasing shares of common stock, and changes in operating results, anticipated market conditions and productivity initiatives, are also forward looking. Forward-looking statements may be identified by the use of words, such as “believe”, “expect”, “anticipate”, “intend”, “depend”, “should”, “plan”, “estimated”, “predict”, “could”, “may”, “subject to”, “continues”, “growing”, “prospective”, “forecast”, “projected”, “purport”, “might”, “if”, “contemplate”, “potential”, “pending,” “target”, “goals”, “scheduled”, “will" "will likely be”, and similar words and phrases. Discussions of strategies, plans or intentions often contain forward-looking statements. Important factors, among others, that could cause our actual results and future actions to differ materially from those described in forward-looking statements include, but are not limited to:

• The general impact of inflation on our business and our ability to implement and maintain pricing actions that we have taken to cover higher costs and protect our margin profile

• Economic and business conditions in particular industries, markets or geographic regions, as well the potential for runaway inflation, a significant economic slowdown, stagflation or recession (particularly in light of recent bank failures).

• The lingering impact of the COVID-19 pandemic, including ongoing supply chain disruptions and availability, costs and quantity of raw materials, purchased components, energy and freight.

• The potential resurgence of the COVID-19 pandemic and the potential impact it could have on global economic systems, our employees, sites, operations, and customers.

• Changes in demand for our products, market conditions, product quality, or product availability adversely affecting sales levels.

• Ability to effectively develop and introduce new products.

• Changes in markets or competition adversely affecting realization of price increases.

• Failure to achieve projected levels of efficiencies, and maintain cost savings and cost reduction measures, including those expected as a result of our lean initiatives and strategic sourcing plans.

• Impacts of trade tariffs, import quotas or other trade restrictions or measures taken by the U.S., U.K. and other countries, including the recent and potential changes in U.S. trade policies.

• Failure to comply with import and export laws.

• Changes relating to impairment of our goodwill and other intangible assets.

• Inability to access capital markets or failure to maintain our credit ratings.

• Changes in expected or future levels of operating cash flow, indebtedness and capital spending.

• Regulatory issues, changes in tax laws, including multijurisdictional implementation of the Organisation for Economic Co-operation and Development's comprehensive base erosion and profit shifting plan, or changes in geographic profit mix affecting tax rates and availability of tax incentives.

• A major disruption in one or more of our manufacturing or distribution facilities or headquarters, including the impact of plant consolidations and relocations.

• Changes in our relationships with, or the financial condition or performance of, key distributors and other customers, agents or business partners which could adversely affect our results of operations.

• Impact of productivity improvements on lead times, quality and delivery of product.

• Anticipated future contributions and assumptions including increases in interest rates and changes in plan assets with respect to pensions and other retirement benefits, as well as pension withdrawal liabilities.

• Adjustments to product warranty accruals in response to claims incurred, historical experiences and known costs.

• Unexpected costs or charges, certain of which might be outside of our control.

• Changes in strategy due to economic conditions or other conditions outside of our control affecting anticipated future global product sourcing levels.

• Ability to carry out future acquisitions and strategic investments in our core businesses as well as the acquisition related costs.

• Ability to successfully manage and integrate key acquisitions, mergers, and other transactions, such as the recent acquisitions of PCX Holding LLC, Ripley Tools, LLC, Nooks Hill Road, LLC, REF Automation Limited and REF Alabama Inc., as well as the failure to realize expected synergies and benefits anticipated when we make an acquisition.

• The impact of certain divestitures, including the benefits and costs of the sale of the C&I Lighting business to GE Current, a Daintree Company.

• The ability to effectively implement Enterprise Resource Planning systems without disrupting operational and financial processes.

• The ability of government customers to meet their financial obligations.

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• Political unrest and military actions in foreign countries, particularly the armed conflict in Ukraine, as well as the impact on world markets and energy supplies resulting therefrom.

• The impact of world economic and political issues, including the long-term effects of Brexit.

• The impact of potential natural disasters or additional public health emergencies on our financial condition and results of operations.

• Failure of information technology systems, security breaches, cyber threats, malware, phishing attacks, break-ins and similar events resulting in unauthorized disclosure of confidential information or disruptions or damage to information technology systems that could cause interruptions to our operations or adversely affect our internal control over financial reporting.

• Incurring significant and/or unexpected costs to avoid, manage, defend and litigate intellectual property matters.

• Future repurchases of common stock under our common stock repurchase program.

• Changes in accounting principles, interpretations, or estimates.

• Failure to comply with any laws and regulations, including those related to data privacy and information security, environmental and conflict-free minerals.

• The outcome of environmental, legal and tax contingencies or costs compared to amounts provided for such contingencies, including contingencies or costs with respect to pension withdrawal liabilities.

• Improper conduct by any of our employees, agents or business partners that damages our reputation or subjects us to civil or criminal liability.

• Our ability to hire, retain and develop qualified personnel.

• Adverse changes in foreign currency exchange rates and the potential use of hedging instruments to hedge the exposure to fluctuating rates of foreign currency exchange on inventory purchases.

• Other factors described in our Securities and Exchange Commission filings, including the “Business”, “Risk Factors,” "Management's Discussion and Analysis of Financial Condition and Results of Operations," and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and in the Company's Quarterly Reports on Form 10-Q.

Any such forward-looking statements are not guarantees of future performances and actual results, developments and business decisions may differ from those contemplated by such forward-looking statements. The Company disclaims any duty to update any forward-looking statement, all of which are expressly qualified by the foregoing, other than as required by law.

In the operation of its business, the Company has exposures to fluctuating foreign currency exchange rates, availability of purchased finished goods and raw materials, changes in material prices, foreign sourcing issues, and changes in interest rates. There have been no significant changes in our exposure to these market risks during the three months ended March 31, 2023. For a complete discussion of the Company’s exposure to market risk, refer to Item 7A, “Quantitative and Qualitative Disclosures about Market Risk”, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

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The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

Our management carried out an evaluation, with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and 15d-15(e), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, each of the Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2023, the Company’s disclosure controls and procedures were effective at the reasonable assurance level.

There have been no changes in the Company’s internal control over financial reporting that occurred during the Company’s most recently completed quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II			OTHER INFORMATION

There have been no material changes in the Company's risk factors from those disclosed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

On October 23, 2020, the Board of Directors approved a stock repurchase program (the "2020 program") that authorized the repurchase of up to $300 million of common stock, which expires in October 2023. As of March 31, 2023 our remaining share repurchase authorization under the 2020 program was $86.7 million. On October 21, 2022, the Board of Directors approved a new stock repurchase program (the "October 2022 program") that authorized the repurchase of up to $300 million of common stock, which expires in October 2025. There have been no repurchases under the October 2022 program. When combined with the $86.7 million of remaining share repurchase authorization under the 2020 program, we have a total share repurchase authorization of approximately $386.7 million. Subject to numerous factors, including market conditions and alternative uses of cash, we may conduct discretionary repurchases through open market or privately negotiated transactions, which may include repurchases under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.

The following table summarizes the Company's repurchase activity of common stock during the quarter ended March 31, 2023.

Period			Total Number of Shares of Common Stock Purchased (a) (000s)			Average Price Paid Per Share of Common Stock			Approximate Value of Shares that May Yet be Purchased Under the Plans (b) (in millions)			Total number of shares purchased as part of publicly announced plans (000s)
January 1, 2023 - January 31, 2023			—			—			$	406.7		—
February 1, 2023 - February 28, 2023			83			$	240.99		$	386.7		83
March 1, 2023 - March 31, 2023			—			—			$	386.7		—
TOTAL FOR THE QUARTER ENDED MARCH 31, 2023			83			$	240.99		$	386.7		83

(a) Purchased under our 2020 program authorizing the repurchase of up to $300 million shares of common stock, which was publicly announced in October 2020.

(b) As of March 31, 2023, the remaining amount available for share repurchases includes $86.7 million under our 2020 program and the full amount under our October 2022 program authorizing the repurchase of up to $300 million shares of common stock, which was publicly announced on October 21, 2022 and expires in October 2025.

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						Incorporated by Reference
Exhibit Number			Exhibit Description			Form			File No.			Exhibit			Filing Date			Filed/ Furnished Herewith
3.1			Amended and Restated By-Laws of Hubbell Incorporated, effective February 15, 2023			8-K			001-02958			3.1			2/22/2023
10.1†			Form of Performance Share Award Agreement under the Hubbell Incorporated 2005 Incentive Award Plan, as amended and restated															*
31.1			Certification of Chief Executive Officer Pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002															*
31.2			Certification of Chief Financial Officer Pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002															*
32.1			Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002															**
32.2			Certification of Chief Financial Officer Pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002															**
101			The following materials from Hubbell Incorporated's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Condensed Consolidated Financial Statements.															*
104			The cover page of this Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, formatted in Inline XBRL (included within the Exhibit 101 attachments)															*

*			Filed herewith
**			Furnished herewith
†			A management contract or compensatory plan or arrangement

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: April 28, 2023

HUBBELL INCORPORATED
By			/s/ William R. Sperry			By			/s/ Jonathan M. Del Nero
			William R. Sperry						Jonathan M. Del Nero
			Executive Vice President and Chief Financial Officer						Vice President, Controller (Principal Accounting Officer)

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