哈勃集团 2024年度报告

At aGlance Founded in 1888, Hubbell Incorporated is a best‑in‑class provider of high quality, reliable electricaland utility solutions for a broad range of customer and end‑market applications. $3.6B $2.0B ELECTRICAL SOLUTIONSSEGMENT NET SALES UTILITY SOLUTIONS SEGMENTNET SALES $5.6B2024 Total Sales Hubbell Utility Solutions (“HUS”) consists ofbusinesses that enable the grid to conduct,communicate, and control energy acrossutility applications. HUS provides the criticalcomponents that allow the grid to reliablytransmit and distribute energy, as well as thecommunications and controls technologies tomake the grid smarter and more flexible. Hubbell Electrical Solutions (“HES”) consistsof businesses that are essential to managingpower across a wide range of industries andapplications. HES provides the criticalcomponents that allow operators of buildings,factories, and other industrial infrastructure toconnect, protect, wire, and manage powerreliably and efficiently. OPERATIONS HIGHLIGHTS (As of December 31, 2024) 17,700Employees 52Manufacturing Locations SHELTON, CTHeadquarters 8Warehouse Locations PERFORMANCE HIGHLIGHTS(1) A Letter toOur Shareholders Fellow Shareholders, 2024 was another successful year for Hubbell, one where we achieved significant progressacross each of our key strategic pillars while also demonstrating our ability to compound offa strong multi‑year base of financial outperformance. We continued to reshape our portfolio in 2024, most notably successfully integrating our2023 Systems Control acquisition while also closing on the divestiture of the ResidentialLighting business. We realized significant growth in strategic vertical markets, aided bysuccessful new product introductions. We delivered accelerated productivity through leanand procurement initiatives, while driving improvement in key safety and service metrics. Weinvested in talent development and took action on employee feedback to drive improvedengagement across the organization. Gerben W. BakkerChairman, President andChief Executive OfficerHubbell Incorporated Importantly, we delivered financial results above the high end of our initial commitments in 2024, despite having tonavigate pockets of challenges from telecommunication markets and customer inventory management. On a full yearbasis, we achieved mid‑single digit sales growth, 9% adjusted operating profit growth, 90 basis points of adjustedoperating marginexpansion and double digit growth in free cash flow.(1)(1)(1) We continued to invest in our business while returning value to shareholders in 2024, supported by a strong balancesheet and record free cash flowgeneration of $811 million. We invested $180 million in capital expenditures to drivefuture growth and productivity in our facilities, while repurchasing $40 million of Hubbell stock and increasing ourdividend by 8%, representing the seventeenth consecutive year of increase.(1) In November 2024, Hubbell added a new independent Director to our Board, Garrick Rochow, to succeed formerDirector John Russell, who retired in May 2024. Garrick brings strong operations, strategy, risk management and utilityindustry experience to Hubbell and has joined both our Audit and Finance Committees. We also continued to invest in our employees in 2024, launching a refreshed Mission, Vision and Hubbell brand intendedtoalign our organization around a common purpose while better connecting our employees,customers andshareholders to our enterprise strategy. Our Mission is simple, but powerful:WWee eelleeccttrriiffyy eeccoonnoommiieess aanndd eenneerrggiizzeeccoommmmuunniittiieess. Our Vision is aspirational, but attainable:AA rreelliiaabbllee,, rreessiilliieenntt,, aanndd rreenneewwaabbllee eenneerrggyy iinnffrraassttrruuccttuurree bbuuiillttoonn aa bbaacckkbboonnee ooff HHuubbbbeellll ssoolluuttiioonnss. We brought this refreshed Mission and Vision to life for our employees through aninteractive learning campaign across our entire enterprise, enabling all employees to work in small groups to learn howeach of Hubbell’s businesses and functions connects to our overall strategy and business goals. Looking ahead, I am excited for Hubbell’s future. As we outlined at our Investor Day in June 2024, we are confident in thestrength of our business model and in our playbook to deliver sustained outperformance for our key stakeholders. Hubbell isuniquelypositioned at the intersection of attractive megatrends in grid modernization and electrification.Energyinfrastructure is evolving rapidly as the emergence of artificial intelligence, renewable energy, industrial reshoring and gridmodernization combine to drive a long‑term investment cycle in our industries. Our people and our service levels are ourkeydifferentiators, and with continued focus and execution across each of our strategic pillars we will ensure that Hubbellremains at the forefront in providing best‑in‑class critical infrastructure solutions for our utility and electr