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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, 2025

☐ 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

☑

☐

•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

☑

☐

•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:

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

☐

☑

The number of shares outstanding of Hubbell common stock as of April 28, 2025 was 53,372,595.

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	29
ITEM 3	Quantitative and Qualitative Disclosures About Market Risk	42
ITEM 4	Controls and Procedures	43

PART II		44

ITEM 1A	Risk Factors	44
ITEM 2	Unregistered Sales of Equity Securities and Use of Proceeds	45
ITEM 5	Other information	45
ITEM 6	Exhibits	46
	Signatures	47

HUBBELL INCORPORATED-Form 10-Q 2

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PART I			FINANCIAL INFORMATION


ITEM 1			Financial Statements

Condensed Consolidated Statements of Income (unaudited)


	Three Months Ended March 31,
(in millions, except per share amounts)	2025		2024
Net sales	$	1,365.2	$	1,399.1
Cost of goods sold	914.0		951.4
Gross profit	451.2		447.7
Selling & administrative expenses	212.2		219.2
Operating income	239.0		228.5
Interest expense, net	(13.8)		(21.1)
Loss on disposition of business	—		(5.3)


Other expense, net	(5.3)		(0.7)
Total other expense	(19.1)		(27.1)
Income before income taxes	219.9		201.4
Provision for income taxes	48.9		52.3
Net income	171.0		149.1
Less: Net income attributable to noncontrolling interest	(1.3)		(1.3)
Net income attributable to Hubbell Incorporated	$	169.7	$	147.8

Earnings per share:
Basic earnings per share	$	3.16	$	2.75
Diluted earnings per share	$	3.15	$	2.73

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)	2025		2024
Net income	$	171.0	$	149.1
Other comprehensive income (loss):

Foreign currency translation adjustments	17.3		(11.9)

Defined benefit pension and post-retirement plans, net of taxes of $(0.7) and $(0.6)	2.4		2.5
Unrealized gain (loss) on investments, net of taxes of $(0.1) and $0.1	0.2		(0.3)
Unrealized (loss) gain on cash flow hedges, net of taxes of $0.1 and $(0.1)	(0.4)		0.4
Other comprehensive income (loss)	19.5		(9.3)
Comprehensive income	190.5		139.8
Less: Comprehensive income attributable to noncontrolling interest	1.3		1.3
Comprehensive income attributable to Hubbell Incorporated	$	189.2	$	138.5

See notes to unaudited Condensed Consolidated Financial Statements.

SEC Form 10-Q filed by Hubbell Inc