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Hubbell's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: HUB.B

Let me get into more specifics on individual alliance. First, let's talk about the sales side, sales of $723.8 million up 10% as I said; we’ve got a lot of positives in our end markets even in the non-residential renovation and relight.

New construction side, still slow to recover and certainly being negatively impacted by the lower spending in the public sector. The industrial side, industrial production or extractive industries all very positive, the one market that’s down for us that we anticipated was our high voltage test equipment in the quarter.

Utility side, good growth across the board, transmission, distribution as well as international and even on the residential side, good market growth there, largely attributable to the very strong increases that the market has seen on multi-family housing. So, all in all, very good, very good performance on the sales side.

Let's turn and I turn the page to page five and so we’ll look at the gross margin, certainly that volume is help to contribute to a gross margin improvement of 110 basis points, but we’ve also had good performance on the price side with price in excess of commodity costs in the quarter nearly offsetting the negative that we experienced in all of 2011. But there is more to go along with that and I’ll talk to that in a bit.

On the selling and administrative side, continue to focus on the S&A side working the volume leverage. But of course, this is the area that is most impacted by some of the cost headwinds that we noted last quarter and in our investor meeting particularly around pension and benefits, which ends up costing us probably 30 or 40 basis points on that line, but otherwise we think very good performance on the selling and administrative side. So all of that leading to our operating profit of $101.7 million up 22% and up a 140 basis points both from the gross margin improvement as well as the S&A improvement.

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