HIGHLIGHTS FROM OUR BUSINESSES
We achieved organic growth of 2% in 2019, as mixed end market trends in our Electrical segment were offset by continued strength in our utility facing markets which drove strong growth in our Power segment.
Electrical Transmission & Distribution were particularly strong in 2019 as our utility customers continued to invest in upgrading, modernizing and maintaining the electrical grid.
Non-residential and residential markets saw modest growth for the year and gas distribution markets remained solid, while industrial and oil markets were softer.
Our heightened focus on operating execution drove year-over-year adjusted operating margin expansion in 2019, despite more than doubling our annual investment in restructuring and related activities to optimize our footprint. We expect these investments to generate significant cost savings for our shareholders over the next several years as we continue our journey to become a more integrated Hubbell with world-class operations.
OUR CORE VALUES
Hubbell has a 132-year history of doing business the right way, and we remain focused on carrying on this legacy. We believe in measuring our progress not only in terms of our financial accomplishments, but also in running our business sustainably and in the best interests of all stakeholders. This philosophy is underscored by the following four pillars which guide us as a company:
- 1. Serve our customers
- 2. Grow the enterprise
- 3. Operate with discipline
- 4. Develop our people
INVESTING IN OUR PEOPLE
Hubbell is a global team of talented, purpose-driven professionals. Many are leaders in their communities - volunteering to make a positive social impact and building a more sustainable future.
We remain dedicated to being an open, inclusive and diverse company. As part of the Paradigm for Parity coalition, we are committed to achieving gender parity in our senior leadership by 2030. And, as a leadership team, we are investing in developing our people to be our next generation of leaders and innovators.
CORPORATE SOCIAL RESPONSIBILITY
Hubbell’s focus on corporate social responsibility and sustainability initiatives is a vital part of our business model. This benefits not just Hubbell and our employees, but our investors, customers, suppliers and communities.
Sustainability is not limited to our business, products or locations. At Hubbell, we believe that the principle of sustainability can be incorporated into diverse areas of our business and our enterprise strategy and can help Hubbell live up to its four pillars.
Whether it’s manufacturing new products, developing products and solutions that deliver energy savings and efficiencies, enhancing safety measures at our locations, or providing our employees with development opportunities, Hubbell continues to drive better opportunities for all of its stakeholders.
We are confident that we have the right strategy to continue to create value for our shareholders, remain a valued partner for our customers and suppliers and contribute to the development and sustainability of our employees and communities. We’ve made significant progress in executing on our strategy, which has led to strong performance in 2019 and has positioned Hubbell for continued long-term success.
Our commitment to serve our customers, operate with discipline, grow the enterprise and develop our people is unwavering. It has made us who we are today and will enable us to continue to deliver exceptional shareholder value well into the future.
Thank you for your continued support,