Hubbell Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Hubbell Inc. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

HUBBELL INC (HUBB) filed a Annual Report (10-K) with the SEC on February 8, 2024. Hubbell Inc. reported its 2023 fiscal year results on February 8, 2024. The company's principal business address is 40 Waterview Dr, Shelton, CT 06484-1000. Hubbell Inc. was formerly known as Hubbell Harvey Inc., with a name change on July 16, 1986. The filing is a 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Connecticut and operates in the Electronic Components & Accessories industry (SIC 3670).

Why It Matters

For investors and stakeholders tracking HUBBELL INC, this filing contains several important signals. The 10-K filing provides a comprehensive overview of Hubbell's financial health, including revenue, net income, and debt levels, crucial for investors assessing the company's stability and growth prospects. This report offers insights into the company's strategic direction, operational performance, and risk factors, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: — HUBBELL INC shows moderate risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a stable operational and financial status.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Hubbell Inc.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 2024-02-08 — Filing Date (Date the 10-K was filed)
• 1986-07-16 — Date of Name Change (From Hubbell Harvey Inc. to Hubbell Inc.)

Key Players & Entities

• Hubbell Inc. (company) — Filer
• Hubbell Harvey Inc. (company) — Former company name
• CT (location) — State of incorporation and business address
• Shelton (location) — City of business address

Forward-Looking Statements

• Hubbell Inc. will continue to operate in the electronic components and accessories industry. (HUBBELL INC) — high confidence, target: 2025-12-31
• The company will likely file its next annual report around the same time next year. (HUBBELL INC) — high confidence, target: 2025-02-08

FAQ

Industry Context

Hubbell Inc. operates within the Electronic Components & Accessories industry, a sector focused on the manufacturing and distribution of electronic parts and related products.

Regulatory Implications

As a publicly traded company in the United States, Hubbell Inc. is subject to the regulations of the Securities and Exchange Commission (SEC), requiring regular filings such as the 10-K.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Review the risk factors section for potential business challenges.
3. Compare key financial metrics to previous fiscal years.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-02-08: Filing Date — Date the 10-K was officially submitted to the SEC
• 1986-07-16: Name Change — Date Hubbell Inc. changed its name from Hubbell Harvey Inc.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — ch Registered Common Stock — par value $0.01 per share HUBB New York Stock Exchange
• $1.1 b — . ("Systems Control") for approximately $1.1 billion, net of cash acquired, subject to
• $131 m — g business for a cash purchase price of $131 million, subject to customary adjustments
• $187.1 million — hting solutions. The business generated $187.1 million in sales in 2023. The transaction is su
• $200 million — d to be shipped during 2024, along with $200 million of backlog of contracts that span multi
• $2,328 million — ved to be firm at December 31, 2023 was $2,328 million compared to $2,463 million at December
• $2,463 million — 31, 2023 was $2,328 million compared to $2,463 million at December 31, 2022. Although this bac

Filing Documents

• hubb-20231231.htm (10-K) — 2989KB
• hubb-20231231exx411.htm (EX-4.11) — 9KB
• hubb-20231231xex1007.htm (EX-10.07) — 11KB
• hubb-20231231xex1008.htm (EX-10.08) — 31KB
• hubb-20231231xex1009.htm (EX-10.09) — 27KB
• hubb-20231231xex1010.htm (EX-10.10) — 28KB
• hubb-20231231xex1011.htm (EX-10.11) — 33KB
• hubb-20231231xex1019.htm (EX-10.19) — 91KB
• hubb-20231231xex1021.htm (EX-10.21) — 91KB
• hubb-20231231xex211.htm (EX-21.1) — 50KB
• hubb-20231231xex231.htm (EX-23.1) — 3KB
• hubb-20231231xex311.htm (EX-31.1) — 12KB
• hubb-20231231xex312.htm (EX-31.2) — 12KB
• hubb-20231231xex321.htm (EX-32.1) — 7KB
• hubb-20231231xex322.htm (EX-32.2) — 7KB
• hubb-20231231xex971.htm (EX-97.1) — 43KB
• hubb-20231231_g1.jpg (GRAPHIC) — 17KB
• hubb-20231231_g2.jpg (GRAPHIC) — 85KB
• 0001628280-24-003792.txt (&nbsp;) — 18035KB
• hubb-20231231.xsd (EX-101.SCH) — 101KB
• hubb-20231231_cal.xml (EX-101.CAL) — 189KB
• hubb-20231231_def.xml (EX-101.DEF) — 617KB
• hubb-20231231_lab.xml (EX-101.LAB) — 1339KB
• hubb-20231231_pre.xml (EX-101.PRE) — 953KB
• hubb-20231231_htm.xml (XML) — 3170KB

Business

Business 3 ITEM 1A

Risk Factors

Risk Factors 9 ITEM 1B Unresolved Staff Comments 16

Cybersecurity

ITEM 1C Cybersecurity 16 ITEM 2

Properties

Properties 17 ITEM 3

Legal Proceedings

Legal Proceedings 17 ITEM 4 Mine Safety Disclosures 17 PART II 18 ITEM 5 Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 ITEM 6 Reserved 20 ITEM 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 ITEM 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 40 ITEM 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 42 ITEM 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 95 ITEM 9A

Controls and Procedures

Controls and Procedures 95 ITEM 9B Other Information 95 ITEM 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 95 PART III 96 ITEM 10 Directors, Executive Officers and Corporate Governance 96 ITEM 11

Executive Compensation

Executive Compensation 96 ITEM 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 96 ITEM 13 Certain Relationships and Related Transactions and Director Independence 97 ITEM 14 Principal Accountant Fees and Services 97 PART IV 98 ITEM 15 Exhibits and Financial Statement Schedule 98 ITEM 1 6 Form 10-K Summary 101

SIGNATURES

SIGNATURES 102 2 HUBBELL INCORPORATED - Form 10-K PART I

Business

ITEM 1 Business Hubbell Incorporated (herein referred to as "Hubbell", the "Company", the "registrant", "we", "our" or "us", which references shall include its divisions and subsidiaries as the context may require) was founded as a proprietorship in 1888, and was incorporated in Connecticut in 1905. Recognized for our innovation, quality, and deep commitment to serving our customers for over 135 years, Hubbell is a world-class manufacturer of electrical and utility solutions, with more than 75 brands used around the world. We provide utility and electrical solutions that enable our customers to operate critical infrastructure reliably and efficiently, and we empower and energize communities through innovative 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 building and other critical infrastructure consume energy. Our products are either sourced complete, manufactured or assembled by subsidiaries in the United States, Canada, Puerto Rico, Mexico, the People's Republic of China ("China"), the United Kingdom ("UK"), Brazil, Australia, Spain, Ireland, and the Republic of the Philippines. Hubbell also participates in joint ventures in Hong Kong and the Republic of the Philippines, and maintains offices in Singapore, Italy, China, India, Mexico, South Korea, Chile, and countries in the Middle East. The Company's reporting segments consist of the Utility Solutions segment and the Electrical Solutions segment. The Company's annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports are made available free of charge through the Investor Relations section of the Company's website at http://www.hubbell.c

Risk Factors

ITEM 1A Risk Factors Our business, operating results, financial condition, and cash flows may be affected by a number of factors including, but not limited to those set forth below. Any one of these factors could cause our actual results to vary materially from recent results or future anticipated results. See also Item 7. Management's Discussion and Analysis — "Executive Overview of the Business" and "Results of Operations". Industry and Economic Risks Inflation and other adverse conditions may adversely affect our business results of operations and financial condition. Our operating results can be sensitive to changes in general economic conditions, inflation, economic slowdowns, stagflation and recessions. Our sales are 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. Global supply chain issues and increased demand have led to increased freight, labor and commodity costs. In addition, various factors, including the level of economic activity in China, the war between Ukraine and Russia and the war between Israel and Hamas, have added to the volatility in energy costs. We have had to take various pricing actions to cover the higher costs and protect our margin profile. 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 that could reduce our customers' demand for our products. Adverse changes in demand could

View Full Filing

View this 10-K filing on SEC EDGAR