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Hubbell's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Tim Powers

Thanks, Jim. Welcome and thank you for joining us this morning. Before go into the specifics of the quarter, I want to bring everyone up to date on some recent organizational changes. Dave Nord who has been Chief Financial Officer since joining Hubbell in 2005, has been promoted to President and Chief Operating Officer. Dave has done an outstanding job as CFO implementing change and driving organizational focus to help support our profit margin expansion. We look forward to Dave’s leadership in his new role. Bill Sperry who has been our Vice President of Corporate Strategy and Development has been promoted to Chief Financial Officer. Bill joined Hubbell in 2008 and has been instrumental in supporting our acquisition strategy as well as providing valuable insights into our company to the investment community. I am confident that Dave and Bill will continue to provide the necessary leadership and direction to enable Hubbell to reach higher levels of performance. I wish each of them much success in their new roles.

I have just a couple of high level comments and then I will turn the discussion over to Dave on the quarter. First of all on our execution, I was very pleased that the second quarter provided our company with opportunity to provide the highest levels of service that we've seen in many, many quarters. Customer delivery performance was excellent, our plant factory performance was excellent resulting in good overall execution for the quarter as you can see in our results.

Second, on one of the markets that we participate in and that is residential. We see a bottoming and positive signs of improvement. We had higher levels of business with the national home builders, through our DIY channels and over the internet. So we feel that we’re at the bottom and beginning to start up in the residential market. And then to discuss further the macro uncertainty of the economy and our view of that and while there is great uncertainty, we remain focused on our own performance. We understand what's going on around us, but we remain committed to introduce more new products, have higher levels of capital spending and greater efforts on acquisition in 2012 than we’ve done in 2011. And with those comments, I will turn it over to Dave.

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