Hubbell at Morgan Stanley’s Laguna Conference: Strategic Growth Insights

On Thursday, 11 September 2025, Hubbell Inc. (NYSE:HUBB) took the stage at Morgan Stanley’s 13th Annual Laguna Conference to outline its strategic growth plans and financial performance. The company discussed both opportunities and challenges in the utility and electrical sectors, emphasizing a focus on acquisitions and margin expansion. While reaffirming its guidance for the year, Hubbell also addressed the transition in CFO leadership.

Key Takeaways

• Hubbell has achieved a 10% compounded annual growth rate over the past five years.
• The company is targeting mid-single-digit growth, supported by strategic acquisitions.
• The acquisition of DMC Power is expected to close in Q4 and contribute to future growth.
• Hubbell is focusing on industrial and data center solutions, moving away from residential and commercial markets.
• Price increases have been implemented to offset inflationary impacts.

Financial Results

• Hubbell reported a 10% compounded growth in revenue and a 20% increase in earnings per share over the last five years.
• The company aims for mid-single-digit top-line growth and 8% earnings per share growth, with additional gains from acquisitions.
• The DMC Power acquisition, valued at $825 million, is expected to contribute $60 million in EBITDA next year.

Operational Updates

• In the utility sector, distribution is expected to grow at a low to mid-single-digit rate, while transmission and substation demand is driven by data centers.
• Hubbell is increasing its investment in capital expenditures, focusing on capacity expansion and automation.
• The company is transitioning its portfolio to focus on higher-growth industrial and data center markets.

Future Outlook

• Hubbell anticipates steady growth in electric distribution in the latter half of the year, setting the stage for growth in 2026.
• Acquisitions remain a core strategy, with a focus on high-growth markets and margin expansion.
• The DMC Power acquisition is expected to significantly contribute to growth in 2026 and beyond.

Q&A Highlights

• Discussions covered the impact of data center investments on electrical distribution spending.
• Hubbell’s pricing strategies aim to be competitive, despite tariff impacts.
• The utility sector’s positive financial performance is supported by load growth.

For a deeper dive into Hubbell’s strategic plans and financial performance, readers are encouraged to refer to the full transcript below.

Full transcript - Morgan Stanley’s 13th Annual Laguna Conference:

Chris Snyder, U.S. Multi-Industry Analyst: Thank you, everybody. Chris Snyder, U.S. Multi-Industry Analyst. Super excited to have Hubbell up here with me. We have current CFO, Bill Sperry. We have future CFO, Joe Cappuzzola. We have Dan Innamorato from IR. Thank you guys for joining us today. I guess maybe starting off high level, the company has gone from a GDP grower to now targeting mid-single-digit through-cycle growth. I think a combination of secular trends in electrical and utility that we can all appreciate, but then also portfolio high-grading, you guys mixing into better growth verticals in the market. We’ve seen growth below that mid-single-digit level now for a few quarters. I guess, what gives you guys confidence that this is now a mid-single-digit through-cycle growth business?

Bill Sperry, Current CFO, Hubbell: Yeah, I think that’s a great question to kick off with. Thank you all for joining us. I know the day is getting maybe a little long, but I always love your conference because it feels like Labor Day is over. It’s back to school. All the summer holidays are over, and we can all get back and grind and finish the year. It’s always fun to be here. I’m going to introduce Joe, but I want to start and use your question maybe to frame where we are. If you look at the last five years, we’ve been growing compounded at 10%. We’ve had some impressive margin expansion that time. Our earnings per share have actually grown at 20% compounded. To me, that time frame helps answer your question that over the medium term, we’re seeing higher growth and higher margin.

Where 2025 stands specifically is kind of interesting because we put out guidance in the beginning of the year. We had enhanced and increased guidance as the year went on. As we see ourselves hitting that newer, higher revised guidance, we might be getting there slightly differently. It’s maybe a skew a little bit towards margin and away from volume. It might be a slight skew towards electrical and away from utility. Things don’t always happen the way exactly that you expect, but I think it’s a good example of us executing and living up to our promises in a year that has, frankly, some challenges as tariffs and some other things have been layered in on us. I think ultimately that sets us up for our long-term expectation, which is that we think we can grow the top line mid-single digits over the medium term.

We think there’s 25% to 30% incrementals that help us grow margins. We think that results in, let’s call it, 8% earnings per share growth. We’ve got some nice cash flow that can really help us buy companies and add another couple of points to get to steady state, medium-term, double-digit earnings growth that we’d like to provide you. I think the markets, getting to your question, are really better than GDP. I know there’s been, to your point, some slight dislocations over the last few quarters, but over the last five years, and we think over the next five, you’re going to see a really solid positioning, really good markets, and you’re going to see it perform like that. Our strategy and how we’re approaching things is going to be consistent. I’m happy to have the opportunity to introduce you guys to Joe.

I’m approaching next February my 64th birthday and have been in conversation with our CEO and our Lead Director about the best time to effect a transition. As we’ve talked about that over the last couple of years, we kind of landed on that now, you know, is the time. Joe has proven to be the perfect candidate, and he was part of our thinking. I found Joe at a coffee shop, a random coffee shop in Connecticut 13 years ago, convinced him to join as our Controller and Principal Accounting Officer. We had him excel at that role for a number of years. We then asked him to run Shared Services, and he did an incredible job saving basis points out of the margin of the whole company by getting some services offshored and done much cheaper, including customer service, engineering, some of the finance functions, etc.

We then asked him to run operations, which was a great opportunity for him to vision and lead some restructuring projects, and again, really pushing productivity and operational excellence. Most recently, we’ve asked him to be the CFO of half the business in the Electrical segment. He’s had a really great experience. He’s excelled at all the roles we’ve asked him to do, and I’m really pleased that he’s going to succeed me, and I’m hoping to carry on basically the mission and the strategy. To me, great opportunity. Joe was just announced yesterday, and he’s going to be leading our January call. I thought perfect opportunity for him to meet all of you. By the time we get to that January call, you’ll feel it won’t be a cold introduction. I welcome my partner, Joe, to the world.

Chris Snyder, U.S. Multi-Industry Analyst: Welcome, Joe. A lot of excitement around utility. You guys compete really across the landscape. You have a lot of touchpoints: transmission, substation, electric distribution, smart meter. Can you kind of just talk about what you’re seeing across those verticals on a near term, but then also what is the medium-term growth rate expectations for those?

Bill Sperry, Current CFO, Hubbell: Yeah, I think they are different. There’s been, you know, years ago, it was quite similar across those. I think it’s an important question because they are behaving a little differently. If you started with distribution, you know, there’s been, in our opinion, sort of a mid-single-digit growth end market where about mid-single digits material is being hung off of poles. By distribution, I’m referring to that last mile in a suburban neighborhood. Think of those 14-foot wooden poles. We have some good evidence. We were under shipping that install rate, and there had been some stocking both at our distributor level as well as at the end customer, the utility level. We believe we’ve exited that period, and we’ve started to see sequential growth, and the book is progressing, meaning our orders are progressing in a kind of nice steady improvement level.

That leads us to believe that over the medium term and starting, you know, starting basically as this year ends, sort of that low towards mid-single-digit growth rate seems like the right level for that. It’s interesting because that contrasts to the transmission and substation, which is growing double digits. We think that’s being driven fundamentally by the demand coming from data centers where there’s really the need to hook those up. If you have a hyperscaler, they’re going to need a substation. They’re going to need some transmission to get the power to that data center. Those needs are quite urgent and pressing, and those customers are asking our utilities to hook them up and get them powered. We are benefiting from that on the substation and transmission side.

Those things don’t always grow at different levels, but I think because of the nature of the drivers and the urgency of some of that need, we’re going to see different growth rates over the medium term, which is interesting.

Chris Snyder, U.S. Multi-Industry Analyst: The other, you know, smart meter’s been under pressure. Do you guys feel confident that, you know, maybe not things are getting a ton better, but the trough is in, or the worst is in the rearview there?

Bill Sperry, Current CFO, Hubbell: Yeah, I would say that’s a good way to describe it. I think we’ve seen large projects roll off that haven’t been backfilled. We’ve seen over several quarters now a contraction in that business. What we’re starting to see now is a sequential flattening. Basically, the franchise right now is at a level where it’s not needing to replace any mega projects. It’s basically a franchise that’s servicing munis and co-ops with smart meters enabled with comms. On the electric side, it’s providing comms to gas and water utilities. It’s selling meters to large IOUs that will more likely than not have someone else’s comms in it. There are small projects right now that are replenishing constantly. There’s MRO and replacement work that’s replenishing constantly.

It feels like it’s flattened to that point and will emerge starting to grow in the fourth quarter such that we’re expecting, you know, at a modest growth level. We think we probably won’t be talking as much about Aclara next year. I think it’s going to fit into the portfolio as a nice contributor.

Chris Snyder, U.S. Multi-Industry Analyst: I appreciate that. I wanted to follow up on the disconnect that you’re talking about between transmission, substation, double-digit growth, electric distribution having cycled down. Is there a connection there in that if the utilities are spending more and more on transmission and substations, then there’s effectively just less money to go in distribution? Maybe that’s why the destock and just the demand there has been softer than expected.

Bill Sperry, Current CFO, Hubbell: I think that’s a very likely driver. I think the urgency. If you’ve got a budget, what’s been exciting for us is to see utilities commit to larger budgets, especially including capital budgets, which they’re quite explicit about talking about. It’s also good news that they’ve got load growth, which means their revenues are going up. They’re quite a fixed cost industry. That’s a lot more profit, and that helps fund a lot more spending, which is great news for us because certainly the demand for both distribution, transmission, substation is product. I think your finger is on the source of the differential growth rate, the urgency of getting higher data center installs hooked up. I think that’s what’s driving. There’s a slight crowding out or prioritization, let’s call it, that’s driving the transmission substation spending higher. Again, a fixed budget.

Chris Snyder, U.S. Multi-Industry Analyst: Yeah, a theme of this conference or something we’re hearing again and again is a return to load growth for the utility sector. I think I understand that that would be positive for Hubbell, but is there any way to think about what that means? Is it, if we get 1% load growth, is there any sort of multipliers or things we could think about in terms of what that would mean for the spend, whether the OpEx or the CapEx?

Bill Sperry, Current CFO, Hubbell: I don’t know, Dan, if you think of it in those terms. I don’t know that I think about it that way.

Dan Innamorato, IR, Hubbell: It’s hard to quantify it that way. I’d say generally load growth is great for the utility P&L. They have high fixed costs, so revenue growth is great for them. I think particularly when you look at the OpEx side, things that they’re funding themselves, that load growth dropping through nicely and incrementally will drive more investment on the OpEx side over time. I think it’s a big opportunity there.

Chris Snyder, U.S. Multi-Industry Analyst: Appreciate that. Maybe going to the electrical side, you know, you guys have high-graded this portfolio a lot over the last couple of years. We’ve seen those margins step up. Maybe Joe gets credit for that. Can you talk about the exposure today and why that piece of the business is a better grower versus history?

Bill Sperry, Current CFO, Hubbell: Yeah, maybe I’ll ask Joe to respond to that.

Chris Snyder, U.S. Multi-Industry Analyst: Sure. Yeah, that’s been a really important part of our portfolio transformation over the last couple of years and reshaping the end market exposure that we have, which has really peeled off a lot of our commercial exposure, non-res, as well as residential exposure, which leaves us with a very high concentration towards industrial as well as data centers. That’s been a very important and intentional part of our portfolio management. We will continue to identify opportunities to prune and pair where appropriate. That was kind of on the addition by subtraction side. On the growth side, we’ve been acquiring companies on the electrical side in the high growth, high margin space. Again, that’s kind of focused on data center and attractive areas within industrial. That high grading has been an ongoing journey, a very intentional part of our strategy, and we’ll look to continue that.

Bill Sperry, Current CFO, Hubbell: Could you comment on margin growth? That’s all top line. You’ve been putting a lot of energy into improving productivity and efficiency. Maybe it’s worth talking about growing the bottom line as well.

Chris Snyder, U.S. Multi-Industry Analyst: Yeah, and I would say that margin expansion story has been, which you’ve seen it over the last couple of years playing out, it’s been kind of a multi-pronged approach. Portfolio being one piece of it, restructuring has been another important piece of it, which is less episodic and more just in the normal push-ups and sit-ups of running our business. We have opportunity to consolidate factories in our footprint where appropriate. Those tend to be longer lead time projects. They have really nice attractive returns, and that’ll continue. We’ve also kind of put our foot on the gas with our investment in capital and CapEx. Electrical for a decade plus had invested about 1.5% to 2% of sales in CapEx. We’re now almost double that.

A lot of that CapEx investment is going into these very targeted areas of adding capacity to existing facilities, machine automation, where this capacity is in high demand. A lot of that’s going into data centers and renewables and a few other key areas in industrial. That incremental volume at very high margin has also contributed nicely to that margin expansion story in electrical. The last piece of that, the strategy of margin expansion is around operating as a unified segment. You probably have heard Mark Mikes, our President, talk about that strategy. That’s a multi-year strategy that’s well underway. There’s a lot of power in competing collectively, streamlining our systems and our processes, delayering our layers of management and other opportunities. That’s been ongoing. That’s been part of the margin expansion story, and that will continue over the next several years as well. I mean, appreciate that.

I wanted to follow up on data center. It was very strong growth for you guys there in Q1 in the first half of the year within the electrical business. Could you just maybe talk about, you know, people that are newer to the Hubbell story? What does the company exactly sell into data center? A big theme is the gray space to the white space. Does that have any impact on the company’s content into data center?

Bill Sperry, Current CFO, Hubbell: Yeah, so maybe I’m going to hand that to Joe, but think about, he’s going to talk about the products that are directly going to data centers on our electrical side. I would say there’s a piece we don’t attribute, you know, which to your question of five minutes ago, that the substation transmission is being driven, even though our customer is the utility. We call that utility, but influenced by the trend of data centers. Maybe the direct products that you’re selling to data center customers.

Chris Snyder, U.S. Multi-Industry Analyst: Sure. We’ve got a handful of key products in the basket. One is we have mobile power distribution skids that go in and help power those data centers. Those tend to be larger, longer lead time, more visibility projects that we’re working on with hyperscalers well in advance of those projects. That’s one piece, a very large piece. We also have a number of components and connectors, grounding equipment, higher amperage peninsulate products, everything that’s moving power through those data centers. That’s been flowing more through typical, you know, stock and flow business through distribution. Those have all complemented that offering very nicely. The other thing that we’re seeing is that these data center designs are continuing to evolve and change rapidly. They’re also calling for higher amperage power supply through the data center.

New product introductions and innovation has been a really important part of that, along with our acquisition strategy. Really, really nice opportunities for us there. Maybe on that acquisition strategy, I mean, Hubbell has a long, strong track record on M&A. Can you kind of just walk through the process that the company looks for when they’re identifying targets and then ultimately integrating them and driving value?

Bill Sperry, Current CFO, Hubbell: Yeah, it starts with working with Dan as our Corporate Strategist. It extends to the dedicated business development teams that we have in the two segments and then the dedicated business development team that we have at Corporate. It starts with identification of end markets that we think are outgrowing GDP. It extends to identifying targets and companies inside of those markets. I would say we’ve evolved to become now very targeted where we’re looking for specific things. I would say when I started with Hubbell 18 years ago, it was maybe a more reactive what company was for sale, and it’s now quite intentional. From all that identification, we then create incentives for the field.

In other words, if Joe has a General Manager and if she or he buys a company, I ask that they pay me back the cost of the capital for that and everything they earn above that is premium that goes into their bonus. They have a nice incentive to actually go through the work. Our screening is driven by several important factors, but market growth is one. Margin and the potential for higher margin is another. We look at the competitive intensity inside. We look at what is the nature of the competition. Would Hubbell, as owner, have the right to compete successfully? When you go through those evaluations and you find the targets, we get involved most often in auctions.

There was one of our targets we landed recently where it was through a direct approach and a long-term relationship, and you kind of work together and you end up agreeing on a price. That used to happen a lot more. I would say today is much more governed by a hired banker intermediary and auction and going through a process like that. When we’re lucky enough to land something, we’ll put together an integration team, and that team will spend maybe 12 months making sure that business gets integrated. Some things happen in the first 100 days, getting bank accounts hooked up, getting receivables processes and payments processes lined up, getting the email to work. You have to spend a lot of time on cybersecurity and making sure that stuff is hooked up.

Over the longer term, as Joe has made, maybe you bought something where the facility itself is subscale. Maybe we’ve got a restructuring project to bring that volume to one of our facilities. Often we’re buying things that have agent reps who are the sales force. You go through a process in the medium term of transitioning from reps to our sales force. That creates a lot of value because they’re expensive to hire third-party reps, and our sales force already works for us. It’s quite an end-to-end process. We feel really good about doing it on a portfolio basis. We just had our board in this week, and we look every September backward at the last five years of deals we did. We study the ROIC of them. We study their performance relative to the plans that we put together to get approval from the board.

Those reviews are quite favorable looking at it as a portfolio and looking at it as a process rather than episodically. You do a $2 billion, $3 billion deal every five years. We’re meant to do three deals, four deals every year, and we find that we can run into really nice success both with the integration and with their performance on a portfolio basis. We feel very much that we’re investing on behalf of our investors to find these private companies that public investors can invest in and that we are responsibly adding those. They’re worth a lot more on our platform. We take cost out, and we think we create lots of value. I’d anticipate, as Joe takes over, that that continues to be a big part of our strategy.

Chris Snyder, U.S. Multi-Industry Analyst: Yeah, I appreciate that. I wanted to talk about the recently announced acquisition, DMC Power, $825 million, which is a bigger deal for you guys. I guess can you talk about what the business brings to Hubbell? What kind of growth rates could we expect there? What kind of visibility does that business have into next year?

Bill Sperry, Current CFO, Hubbell: Yeah, so DMC, which is something we signed and announced, haven’t yet closed. We’re expecting to close it in the fourth quarter. It is a high voltage transmission connector business. We have connectors that work in high voltage and transmission applications. That product line for us is quite highly profitable. It’s an area where quality matters a lot. Basically, these connectors, they take conduit, and that connection is terminated using a couple of technologies. One is crimp, one is bolts, and the other is using welding. The welding is the best connection, but it’s also really expensive to have welders in the field to do that. DMC offers an extension of our product line with a technology they call swaging, which is a crimp, which is really cost-effective, but they achieve weld-like results.

It’s kind of this really effective at being able to get welded prices, but having a much cheaper cost structure. When we think about its growth rate, we’re doing, you know, double digits on our side. This is going to outgrow the transmission market because this technique is actually gaining share. It’s been growing at 20% and I’m expecting that it continues to grow really impressively. Our existing product is very high margin. This is even higher margin because of this dynamic between super high quality output and a cheaper cost structure. We’re really looking forward to having it join the Hubbell family in the fourth quarter. I think it’s going to contribute nicely to 2026. What’s interesting, you mentioned the $825 million of value. We’re going to have to borrow to buy it. That has an interest rate. In the old days, accretion meant nothing because debt was free.

Now you’re borrowing in that 5% range. It becomes what I like about the financial side of DMC, its growth, its margin, but it’s going to contribute incrementally to 2026 because we’ll close in the fourth quarter. At the end of 2026, as we start paying the debt down, it’s going to really contribute even more to 2027. It’s quite a nice, really nice strategic add, and it’s going to be a nice financial add too.

Chris Snyder, U.S. Multi-Industry Analyst: I was trying to do some mental math. Did you guys say, was it $60 million EBITDA for that business next year?

Bill Sperry, Current CFO, Hubbell: Yeah.

Chris Snyder, U.S. Multi-Industry Analyst: Fourteen, fifteen times EBITDA for something that could grow 20%. How deep is the pipeline or opportunity set to buy things that can grow like that for those kinds of multiples?

Bill Sperry, Current CFO, Hubbell: I would say data centers is an area that offers that. Transmission and substation offer that. I’m much more in the habit of paying 10 to 12 times things. To see us go to 15 is a pretty good sign to you of the scarcity value of opportunities like that. I think that’s important that we lean in on the right things, but we’re always cognizant of value, making sure the returns are going to be attractive.

Chris Snyder, U.S. Multi-Industry Analyst: Maybe kind of like zeroing in on the market a little bit. You guys obviously have a lot of metal content in the products you sell. Price is always a big topic or focus point. I believe, like I think your pricing in Q1 was about 1, and I think Q4 is maybe like something closer to 5. Maybe like 4 points or so of tariff price. Can you just maybe talk about realization, market acceptance? Is there like pricing fatigue that’s coming? What’s going on in the price?

Bill Sperry, Current CFO, Hubbell: The fatigue is an interesting question. I was going to ask Dan to give you a little bit of the ramp. I think, generally, I would say the prices are sticking well. Fatigue is a pretty interesting question. There are conversations continually about price. Lots of us are doing price elasticity analyses. I would say, generally speaking, the prices are sticking. Maybe Dan could give you a sense of the momentum of that and how it’s going.

Dan Innamorato, IR, Hubbell: Yeah, I think your math is in the right ballpark. We saw a step up in the second quarter. I think we’ll see a step up in the third quarter as price layers in, obviously inflation will layer in as well. Price will offset the inflationary impacts as we progress through the year, and we’ll see another step up in the fourth quarter just as things layer through the P&L.

Chris Snyder, U.S. Multi-Industry Analyst: Yeah, Bill, you mentioned doing elasticity analysis. I’d be interested in what is the, it doesn’t feel like, at least on the utility side, that there is that much elasticity in the market.

Bill Sperry, Current CFO, Hubbell: Yeah, I’ll maybe ask Joe to respond. I think when we started in March thinking about price increases, Joe and his counterpart in utility might have said we’re planning on this much elasticity. I would say it was an educated guess at best. It feels to me like you guys have really interesting data now, much more experience of sort of six-ish months of dealing with operating in a higher price environment. What would you say about trying to assess elasticity?

Chris Snyder, U.S. Multi-Industry Analyst: Yeah, I would say it’s been a very important part of our pricing strategy here since this tariff onslaught set in in the first quarter. We were very quick to evaluate our product lines and our exposures, and we were very quick to evaluate our competition’s product line exposures to the best that we could. Based on our overall assessment of the landscape of where we’re at, where our competition is at, there’s certain areas where we had to be very thoughtful about price. You know, we price up, competitors don’t have exposures from those same geographies, and we could be losing share. We really had to be thoughtful about it. We built models for many of our product lines, actually all of our product lines that had exposure from, let’s call them high tariff countries or regions.

Going into it, those models were formulated based on a number of assumptions and our best guesses with our teams and lots of collaboration and people knowing our competition. We put all of that into our elasticity of demand models, and they’re playing out now over time. We’ve been monitoring them very closely, and we’ve had to make some tweaks to pricing up and down along the way. The interesting thing is with multiple waves of tariffs, we’ve had multiple waves of price actions as well, which has enabled us to manage and navigate prices up, down as the year’s been playing. They’ve been really instrumental in terms of our ability to manage price.

Bill Sperry, Current CFO, Hubbell: I think on the utility side, communication has been a really important part of creating the inelasticity that you’re observing. Some of that is with the utility themselves, but a lot of it has been with our distributor partners. A couple of them in particular have approached us and really wanted to understand our cost structure and wanted to understand the justification for the price increase. That proved to be really constructive. As they got to understand why we were asking for the price and where it was justified and the fact that we had productivity and other factors that were offsetting what you might think you had to ask for, that enabled them to be effective wholesalers essentially of that thought process.

There’s been, besides analytics, a lot of communication and customer relationship discussions that have really been a really essential part of managing through kind of a year of increasing inflation.

Chris Snyder, U.S. Multi-Industry Analyst: I appreciate that. The latest 232 expansion that came through in August, does that have an impact on Hubbell? Is it something that we would expect more price for?

Bill Sperry, Current CFO, Hubbell: I mean, in a small degree, yes, and maybe Joe could describe, but I would say materially, it’s just noise in the tariffs. That being said, I mean, you’re putting through some October increases, right?

Chris Snyder, U.S. Multi-Industry Analyst: Yeah, I mean, relative to what transpired in the first seven months of the year, the new 232 was quite small in relation to the rest. Yeah.

Bill Sperry, Current CFO, Hubbell: I appreciate that. Maybe on the electric distribution side, that was obviously kind of a pretty big drag for the company for a while. Q2 seemed to show positive momentum. Are you guys continuing to see signs that that market has turned versus risk of kind of stepping back down?

Chris Snyder, U.S. Multi-Industry Analyst: You’re talking about utility, the distribution?

Bill Sperry, Current CFO, Hubbell: Electric distribution. Yeah. Yeah. I would say yes, the order book is improving. It’s creating a decent amount of confidence from us that we’re going to see that improve. I think in the second half, we’re expecting a nice steady improvement, not some kind of dramatic snapback, but nice steady improvement. For us, where that gets back to your first question, which is, you know, from there, that should set up for 2026, 2027, and beyond, you know, a nice base, you know, from which to that we all grow from there. It’s kind of emerging from this period of having been overstocked. I think we’re just getting to the point where we’ll be exiting the year in a very kind of better, more healthy, much more normal book and bill kind of relationship. We’re looking forward to that being a nice steady improvement over the next few years.

Chris Snyder, U.S. Multi-Industry Analyst: I appreciate that. We’re up on time. Thank you guys. Really enjoyed the conversation.

Bill Sperry, Current CFO, Hubbell: Thanks for having us. Thank you all for joining us. Thank you.

Dan Innamorato, IR, Hubbell: Thank you, guys. Thank you so much.

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