Hubbell Incorporated : 1Q 2024 Press Release

Exhibit 99.1

HUBBELL REPORTS FIRST QUARTER 2024 RESULTS

• Q1 diluted EPS of $2.73; adjusted diluted EPS of $3.60
• Q1 net sales +9% (organic +2%; net M&A +6%)
• Operating margin -310 bps year-over-year; adjusted operating margin -100 bps
• Anticipate FY24 diluted EPS of $14.10-$14.60; reaffirm adj. diluted EPS of $16.00-$16.50

SHELTON, CT. (April 30, 2024) - Hubbell Incorporated (NYSE: HUBB) today reported operating results for the first quarter ended March 31, 2024.

"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."

Mr. Bakker continued, "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."

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Mr. Bakker concluded, "Hubbell's first quarter results position us well to achieve our reaffirmed 2024 outlook."

Certain terms used in this release, including "net debt", "free cash flow", "organic net sales", "organic net sales growth", "restructuring-related costs", "Adjusted EBITDA", and certain other "adjusted" measures, are defined under the section entitled "Non-GAAP Definitions." See page 10 for more information.

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FIRST QUARTER FINANCIAL HIGHLIGHTS

The comments and year-over-year comparisons in this segment review are based on first quarter results in 2024 and 2023.

Utility Solutions segment net sales in the first quarter of 2024 increased 14% to $894 million compared to $782 million reported in the first quarter of 2023. Organic net sales were flat in the quarter while acquisitions added 14%. Grid Infrastructure net sales increased approximately 9% and Grid Automation net sales increased approximately 28%. Segment operating income was $158 million, or 17.6% of net sales, in the first quarter of 2024 as compared to $178 million, or 22.7% of net sales in the same period of 2023. Adjusted operating income was $195 million, or 21.8% of net sales, in the first quarter of 2024 as compared to $191 million, or 24.4% of net sales in the prior year period. Changes in operating income and operating margin were primarily due to the impact of acquisitions, volume declines in enclosures products serving telcom markets, favorable price and productivity in excess of cost inflation, and investments for long-term growth and productivity.

Electrical Solutions segment net sales in the first quarter of 2024 increased to $505 million compared to $504 million reported in the first quarter of 2023. Organic net sales increased 6% in the quarter, while a divestiture reduced segment net sales by 6%. Segment operating income was $71 million, or 14.1% of net sales, compared to $71 million, or 14.2% of net sales in the same period of 2023. Adjusted operating income was $80 million, or 15.8% of net sales, in the first quarter of 2024 as compared to $76 million, or 15.0% of net sales in the same period of the prior year. Changes in operating income and operating margin were driven primarily by volume growth, favorable price and productivity in excess of cost inflation, and higher restructuring and related investment.

In December 2023, the Company entered into a definitive agreement to sell its residential lighting business for a cash purchase price of $131 million, subject to customary adjustments. The transaction closed in the first quarter of 2024 and the Company recorded a pre-tax loss on the sale of $5.3 million within Total other expense in the Company's Condensed Consolidated Statement of Income.

Adjusted diluted EPS in the first quarter 2024 excludes $0.55 of amortization of acquisition-related intangible assets, a $0.22 loss on disposition of the residential lighting business, and $0.10 of transaction, integration, and separation costs. Adjusted diluted EPS in the first quarter 2023 excluded $0.24 of amortization of acquisition-related intangible assets.

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Net cash provided by operating activities was $92 million in the first quarter of 2024 versus net cash provided by operating activities of $114 million in the 2023 period. Free cash flow was $52 million in the first quarter of 2024 versus $80 million in the comparable period of 2023.

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SUMMARY & OUTLOOK

For the full year 2024, Hubbell anticipates diluted earnings per share in the range of $14.10-$14.60 and anticipates adjusted diluted earnings per share ("Adjusted EPS") in the range of $16.00-$16.50. Adjusted EPS excludes amortization of acquisition-related intangible assets, which the Company expects to be approximately $1.60 for the full year, a $0.22 loss on disposition of the residential lighting business, and $0.10 of transaction, integration, and separation costs. The Company believes Adjusted EPS is a useful measure of underlying performance in light of our acquisition and divestiture strategy.

Hubbell anticipates full year 2024 total sales growth of 8-10% and organic net sales growth of 3-5%, as compared to full year 2023. The Company anticipates acquisitions net of the residential lighting business divestiture contributing approximately 5% to full year sales growth.

The diluted EPS and Adjusted EPS ranges are based on an adjusted tax rate of approximately 22.5% and include approximately $0.35 of anticipated restructuring and related investment. The Company continues to expect full year 2024 free cash flow of approximately $800 million.

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CONFERENCE CALL

Hubbell will conduct an earnings conference call to discuss its first quarter 2024 financial results today, April 30, 2024 at 10:00 a.m. ET. A live audio of the conference call will be available and can be accessed by visiting Hubbell's "Investor Relations - Events/Presentations" section of www.hubbell.com. Audio replays will also be available at the conclusion of the call by visiting www.hubbell.com and selecting "Investors" from the options at the bottom of the page and then "Events/Presentations" from the drop- down menu.

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FORWARD-LOOKING STATEMENTS

Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements about expectations regarding our financial results, condition and outlook, the Company's solid start in 2024, first quarter results positioning the Company to achieve its reaffirmed 2024 outlook, utility growth, effectively navigating near-term telcom market weakness, stronger Electrical Solutions growth and margin expansion, strong T&D markets for the balance of the year, and other anticipated end market conditions, near-term volume, grid automation, carryover of prior year investments, continued channel inventory management, and all statements, including our projected financial results, set forth in the "Summary & Outlook" section above, as well as other statements that are not strictly historic in nature. In addition, all statements regarding anticipated growth, changes in operating results, market conditions and economic conditions are forward- looking. These statements may be identified by the use of forward-looking words or phrases such as "believe", "expect", "anticipate", "intend", "depend", "plan", "estimated", "predict", "target", "should", "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. Such forward-looking statements are based on our current expectations and involve numerous assumptions, known and unknown risks, uncertainties and other factors which may cause actual and future performance or the Company's achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward- looking statements. Such factors include, but are not limited to: business conditions, geopolitical conditions (including the wars in Ukraine and the Middle East, as well as trade tensions with China) and changes in general economic conditions in particular industries, markets or geographic regions, and ongoing softness in the residential markets of Electrical Solutions, as well as the potential for a significant economic slowdown, continued inflation, stagflation or recession, higher interest rates, and higher energy costs; our ability to offset increases in material and non-material costs through price recovery and volume growth; effects of unfavorable 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; the outcome of contingencies or costs compared to amounts provided for such contingencies, including those with respect to pension withdrawal liabilities; achieving sales levels to meet revenue expectations; unexpected costs or charges, certain of which may be outside the Company's control; the effects of trade tariffs, import quotas and other trade restrictions or actions taken by the United States, United Kingdom, and other countries, including changes in U.S. trade policies; failure to achieve projected levels of efficiencies, cost savings and cost reduction measures, including those expected as a result of our lean initiatives and strategic sourcing plans, regulatory issues, changes in tax laws including multijurisdictional implementation of the Organisation for Economic Co-operation and Development's

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comprehensive base erosion and profit shifting plan, or changes in geographic profit mix affecting tax rates and availability of tax incentives; the impact of and ability to fully manage and integrate acquired businesses, including the recent acquisitions of EI Electronics LLC, Indústria Eletromecânica Balestro Ltda.; and Northern Star Holdings, Inc. (the Systems Control business), as well as the failure to realize expected synergies and benefits anticipated when we make an acquisition due to potential adverse reactions or changes to business or employee relationships resulting from completion of the transaction, competitive responses to the transaction, the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the acquired business, diversion of management's attention from ongoing business operations and opportunities, and litigation relating to the transaction; the impact of certain divestitures, including the benefits and costs of the sale of the residential lighting business; the ability to effectively develop and introduce new products, expand into new markets and deploy capital; and 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", "Forward- Looking Statements" and "Quantitative and Qualitative Disclosures about Market Risk" sections in the Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10- Q.

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About the Company

Hubbell Incorporated is a leading manufacturer of utility and electrical solutions enabling customers to operate critical infrastructure safely, reliably and efficiently. With 2023 revenues of $5.4 billion, Hubbell solutions electrify economies and energize communities. The corporate headquarters is located in Shelton, CT.

Contact:

Dan Innamorato Hubbell Incorporated 40 Waterview Drive P.O. Box 1000 Shelton, CT 06484 (475) 882-4000

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NON-GAAP DEFINITIONS

References to "adjusted" operating measures exclude the impact of certain costs, gains or losses. Management believes these adjusted operating measures provide useful information regarding our underlying performance from period to period and an understanding of our results of operations without regard to items we do not consider a component of our core operating performance. Adjusted operating measures are non-GAAP measures, and include adjusted operating income, adjusted operating margin, adjusted net income attributed to Hubbell Incorporated, adjusted net income available to common shareholders, adjusted earnings per diluted share, and Adjusted EBITDA. These non-GAAP measures exclude, where applicable:

• 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 Fiscal Year Ended December 31, 2023. The Company excludes these non-cash expenses because we believe it (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.
• Transaction, integration, and separation costs associated with our business acquisitions and divestitures. The effects that acquisitions and divestitures may have on our results fluctuate significantly based on the timing, size, and number of transactions, and therefore results in significant volatility in the costs to complete transactions and integrate or separate the businesses. The size of acquisition and divestiture actions taken by the Company in the fourth quarter of 2023 has resulted in a significant increase in these costs, as a result we believe excluding costs, relating to these fourth quarter transactions provides useful and more comparative information to investors to better assess our operating performance.
• Gains or losses from the disposition of a business. The Company excludes these gains or losses because we believe it enhances management's and investors' ability to analyze underlying business performance and facilitates comparisons of our financial results over multiple periods. In the first quarter of 2024 the Company recognized a $5.3 million pre- tax loss on the disposition of the residential lighting business.
• The income tax effect directly related to the disposition of the residential lighting business. In the first quarter of 2024 the Company recognized $6.8 million of income tax expense on the sale of the residential lighting business, primarily driven by differences between book and tax basis in goodwill.

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