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

Stocks in this article: HUB.B

Dave Nord

Thanks Tim. Good morning everyone. Before I get into the quarter, let me just provide a little commentary on the new role. I am obviously honored and delighted to you know that Tim and the Board have the confidence to give me this responsibility. I certainly view it a bit of, I have done such a great job at helping the organization set targets that they thought it would be a good opportunity for me to go and get more involved in the operations to help deliver those targets. So, I welcome the challenge and the opportunity. I have been out in the last month and half visiting some of our locations, spending some time in the factory floor and I can tell you that, that just gives me more confidence in the capabilities in the organization, what we’ve achieved to date and what the runway is going forward. We've got a strong team. We've got great programs in place and a lot more opportunities to go. So I am really looking forward to this.

I am also really delighted that you know Bill joined us several years ago, brought him on board and he is probably been instrumental in energizing our acquisition activity, lot of focus on our strategy as well as enhancing our image and our relationship with the investment community. So all those things I think are natural fits and I think the transition here has been very seamless.

With that, let me get into a little color on the second quarter. Turning first to page 3. Sales in the quarter were up 10% and that was really based on broad-based growth. So a strong growth continues in our harsh and hazardous business, up 20%. The power business continues to perform well on all fronts, including the benefit, a little bit at the end of the quarter but certainly leading in to the third quarter. But recent storms that we’ve experienced in the Midwest and Mid-Atlantic, we did what we normally do and we’re very responsive, delivered almost three quarters of the requirements within the day, the utilities need them, which is one of our signature capabilities. So not a lot of benefit in the second quarter, but some volume benefit that will occur in the third.

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