8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2010

HUBBELL INCORPORATED

(Exact name of registrant as specified in its charter)

CONNECTICUT	1-2958	06-0397030
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

40 Waterview Drive Shelton, Connecticut	06484
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (475) 882-4000

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 Results of Operations and Financial Condition.

On October 21, 2010, Hubbell Incorporated (the “Company”) reported net sales of $685 million and earnings per diluted share of $1.18 for the third quarter of 2010, as compared to net sales of $593.9 million and earnings per diluted share of $1.01 reported for the third quarter of 2009. The Company also reported net income of $71.3 million for the third quarter of 2010, as compared to net income of $57.3 million for the third quarter of 2009.

ITEM 9.01 Financial Statements and Exhibits.

A copy of the October 21, 2010 press release is attached hereto as an Exhibit 99.1.

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS — Certain of the statements contained in this report and the exhibit attached hereto, including, without limitation, statements as to management’s good faith expectations and belief are forward-looking statements. Forward-looking statements are made based upon management’s expectations and belief concerning future developments and their potential effect upon the Company. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HUBBELL INCORPORATED
By:	/s/ David G. Nord
	Name:	David G. Nord
	Title:	Senior Vice President and Chief Financial Officer

Date: October 21, 2010

EXHIBIT INDEX

EXHIBIT NO.	DOCUMENT DESCRIPTION
99.1	Press Release dated October 21, 2010 pertaining to the financial results of the Company for the third quarter ended September 30, 2010.

EX-99.1

Exhibit 99.1

	Date:	October 21, 2010	NEWS RELEASE
	For Release:	IMMEDIATELY
			Hubbell Incorporated 40 Waterview Drive Shelton, CT 06484 475-882-4000
	Contact:	William R. Sperry

HUBBELL REPORTS THIRD QUARTER RESULTS;

NET SALES OF $685.0 MILLION AND EARNINGS PER DILUTED SHARE OF $1.18

SHELTON, CT. (October 21, 2010) — Hubbell Incorporated (NYSE: HUBA, HUBB) today reported operating results for the third quarter ended September 30, 2010.

Net sales in the third quarter of 2010 were $685.0 million, an increase of 15% compared to the $593.9 million reported in the third quarter of 2009. Operating income was $117.6 million, or 17.2% of net sales, compared to $91.3 million, or 15.4% of net sales, for the comparable period of 2009. Net income in the third quarter of 2010 was $71.3 million versus $57.3 million reported in the third quarter of 2009. Earnings per diluted share were $1.18 in the third quarter of 2010 compared to $1.01 reported in the third quarter of 2009. Free cash flow (defined as cash flow from operations less capital expenditures) was $71.4 million in the third quarter of 2010 versus $137.8 million reported in the comparable period of 2009.

For the first nine months of 2010, net sales were $1.9 billion, an increase of 8% compared to the same period last year. Operating income was $276.8 million, or 14.6% of net sales, compared to $215.2 million, or 12.2% of net sales, for the comparable period of 2009. Net income in the first nine months of 2010 was $167.5 million, an increase of 28% compared to the $130.5 million reported in the first nine months of 2009. Earnings per diluted share were $2.77, or 20% above the $2.31 reported for the comparable period of 2009. Free cash flow was $142.2 million compared to $277.8 million reported in the first nine months of 2009.

OPERATIONS REVIEW

Timothy H. Powers, Chairman, President, and Chief Executive Officer said “I am very pleased with our strong third quarter performance. Our overall reported sales increased 15%, including the Burndy acquisition which added 9% to net sales in the quarter. During the quarter, we experienced higher demand for industrial and power products as well as increased shipments of high voltage test equipment. I am particularly pleased with our operating margin of 17.2%, up 180 basis points compared to 2009. The margin improvement was due to the benefits of productivity initiatives, higher sales and a favorable product mix partially offset by higher commodity costs. These impressive results reflect Hubbell’s multi-year productivity initiatives that have resulted in a leaner, more profitable company.”

Mr. Powers added “The incoming orders for the third quarter were reflective of improving overall trends for our business. In our Electrical segment, U.S. non-residential construction was lower; however, increased demand in the renovation, relight and controls markets provided some offset. The industrial maintenance and repair markets remained robust with our businesses that serve those markets experiencing strong growth rates. The residential market remained near the bottom as the Federal Housing Tax Credit expired and unemployment rates have remained high. In our Power segment, spending for distribution products was higher than the third quarter of 2009 as utility companies resumed spending on maintenance that had been deferred in the second half of 2009.”

SEGMENT REVIEW

The comments and year-over-year percentages in this segment review are based on third quarter results in 2010 and 2009.

Electrical segment net sales in the third quarter of 2010 increased 18% to $490.6 million compared to $414.2 million reported in the third quarter of 2009. The Burndy acquisition added 13% to sales in the third quarter of 2010. In addition, increased sales of industrial products and high voltage test equipment were partially offset by weaker demand in the commercial and industrial lighting markets. Compared to the third quarter of 2009, operating income increased 63% to $83.9 million, or 17.1% of net sales. The increase in operating income was due to productivity improvements, the contribution of Burndy and a higher mix of industrial products.

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Hubbell’s Power segment net sales in the third quarter of 2010 were $194.4 million compared to $179.7 million reported in the third quarter of 2009. The increase was due to improved demand for distribution products as utility companies returned to spending on maintenance that had been deferred in the second half of 2009. Operating income decreased to $33.7 million compared to $39.8 million reported in the third quarter of 2009. The decrease in operating income was primarily due to higher commodity costs and increased selling and administrative costs partially offset by productivity improvements.

SUMMARY & OUTLOOK

Mr. Powers commented “Looking at the remainder of 2010, we expect net sales to be up approximately 7% for the year which reflects our normal seasonal pattern of lower sales in the fourth quarter. Based on the strength of our year to date performance we now expect full year operating margin to expand by approximately 180 basis points.”

Mr. Powers concluded “Looking into 2011, Hubbell’s largest served market, non-residential construction is forecasted to decline modestly. Within the non-residential market, public sector spending is likely to continue to benefit from the Federal stimulus plan. In addition, we expect to continue to realize the benefits of higher demand for our energy efficient products in the relight, renovation and building controls areas. The utility market is expected to grow with higher demand for our distribution products that maintain the infrastructure. We also expect increased spending on transmission projects as previously delayed projects begin in 2011. The industrial markets are expected to expand in the coming year with capacity utilization rates increasing and higher spending on oil and gas projects. The residential market is forecasted to improve; however, the recovery could be slow as the existing supply of inventory, including foreclosures, and high levels of unemployment are impediments to growth. So, overall, we expect our sales to increase modestly in 2011 compared to 2010. From a profitability perspective, we remain committed to our long term objective of expanding operating margin. I remain very positive on the outlook for Hubbell. I am excited about secular growth trends in the areas of energy efficient buildings, including new technologies such as LED, as well as infrastructure spending for upgrading the U.S. power grid where Hubbell is well positioned to participate in the growth.”

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Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements about capital resources, performance and results of operations and are based on the Company’s reasonable current expectations. In addition, all statements regarding anticipated growth or improvement in operating results, anticipated market conditions, and economic recovery are forward-looking. These statements may be identified by the use of forward-looking words or phrases such as “improved”, “leading”, “improving”, “continuing growth”, “continued”, “ranging”, “contributing”, “primarily”, “plan”, “expect”, “anticipated,” “expected”, “expectations,” “should result”, “uncertain”, “goals”, “projected”, “on track”, “likely”, and others. Such forward-looking statements involve numerous assumptions, known and unknown risks, uncertainties and other factors which may cause actual and future performance or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: achieving sales levels to fulfill revenue expectations; unexpected costs or charges, certain of which may be outside the control of the Company; anticipated benefit from the Federal stimulus package; expected benefits of process improvement and other lean initiatives; the expected benefit and effect of the business information system initiative and streamlining programs; the availability and costs of raw materials and purchased components; realization of price increases; the ability to achieve projected levels of efficiencies and cost reduction measures; general economic and business conditions; competition; and other factors described in our Securities and Exchange Commission filings, including the “Business”, “Risk Factors”, and “Quantitative and Qualitative Disclosures about Market Risk” Sections in the Annual Report on Form 10-K for the year ended December 31, 2009.

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Hubbell Incorporated is an international manufacturer of quality electrical and electronic products for a broad range of non-residential and residential construction, industrial and utility applications. With 2009 revenues of $2.4 billion, Hubbell Incorporated operates manufacturing facilities in the United States, Canada, Switzerland, Puerto Rico, Mexico, the People’s Republic of China, Italy, the United Kingdom, Brazil and Australia. Hubbell also participates in joint ventures in Taiwan and Hong Kong, and maintains sales offices in Singapore, the People’s Republic of China, Mexico, South Korea, and the Middle East. The corporate headquarters is located in Shelton, CT.

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HUBBELL INCORPORATED
Condensed Consolidated Statement of Income
(unaudited)
(in millions, except per share data)

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2010			2009			2010			2009
Net Sales	$	685.0		$	593.9		$	1,901.9		$	1,763.7
Cost of goods sold		449.8			401.0			1,280.0			1,229.6
Gross Profit		235.2			192.9			621.9			534.1
Selling & administrative expenses		117.6			101.6			345.1			318.9
Operating income		117.6			91.3			276.8			215.2
Operating income as of % of Net sales		17.2	%		15.4	%		14.6	%		12.2	%
Interest expense, net		(7.8	)		(7.7	)		(22.9	)		(23.0	)
Other expense, net		(0.6	)		0.3			(1.6	)		(0.7	)
Income before income taxes		109.2			83.9			252.3			191.5
Provision for income taxes		37.5			26.4			83.7			60.3
Net income	$	71.7		$	57.5		$	168.6		$	131.2
Less: Net income attributable to noncontrolling interest		0.4			0.2			1.1			0.7
Net income attributable to Hubbell	$	71.3		$	57.3		$	167.5		$	130.5
Earnings Per Share:
Basic	$	1.19		$	1.01		$	2.79		$	2.31
Diluted	$	1.18		$	1.01		$	2.77		$	2.31

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HUBBELL INCORPORATED
Condensed Consolidated Balance Sheet
(unaudited)
(in millions)

	September 30, 2010		December 31, 2009
ASSETS
Cash and cash equivalents	$	342.8	$	258.5
Short-term investments		11.4		2.6
Accounts receivable, net		409.4		310.1
Inventories, net		294.0		263.5
Deferred taxes and other		67.5		68.7
TOTAL CURRENT ASSETS		1,125.1		903.4
Property, plant and equipment, net		357.7		368.8
Investments		31.0		25.5
Goodwill		746.6		743.7
Intangible assets and other		348.8		361.4
TOTAL ASSETS	$	2,609.2	$	2,402.8
LIABILITIES AND EQUITY
Short-term debt	$	2.3	$	—
Accounts payable		172.9		130.8
Accrued salaries, wages and employee benefits		65.7		62.8
Accrued insurance		51.0		49.3
Dividends payable		21.6		20.9
Other accrued liabilities		163.9		154.7
TOTAL CURRENT LIABILITIES		477.4		418.5
Long-term debt		502.1		497.2
Other non-current liabilities		196.8		185.1
TOTAL LIABILITIES		1,176.3		1,100.8
Hubbell Shareholders’ Equity		1,428.9		1,298.2
Noncontrolling interest		4.0		3.8
TOTAL EQUITY		1,432.9		1,302.0
TOTAL LIABILITIES AND EQUITY	$	2,609.2	$	2,402.8

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HUBBELL INCORPORATED
Condensed Consolidated Statement of Cash Flows
(unaudited)
(in millions)

	Nine Months Ended September 30
	2010			2009
Cash Flows From Operating Activities
Net income attributable to Hubbell	$	167.5		$	130.5
Depreciation and amortization		54.8			51.1
Stock-based compensation expense		6.9			6.2
Deferred income taxes		4.7			13.0
Changes in working capital		(67.3	)		89.6
Contributions to defined benefit pension plans		(2.6	)		(2.4	)
Other, net		12.0			9.1
Net cash provided by operating activities		176.0			297.1
Cash Flows From Investing Activities
Capital expenditures		(33.8	)		(19.3	)
Acquisition of businesses, net of cash acquired		—			(0.3	)
Net change in investments		(12.0	)		6.3
Other, net		2.3			1.7
Net cash used in investing activities		(43.5	)		(11.6	)
Cash Flows From Financing Activities
Short-term debt borrowings		2.2			—
Payment of dividends		(64.0	)		(59.1	)
Payment of dividends to noncontrolling interest		(0.9	)		(0.3	)
Acquisition of common shares		(2.9	)		—
Proceeds from exercise of stock options		11.1			2.7
Other, net		2.4			0.2
Net cash used in financing activities		(52.1	)		(56.5	)
Effect of foreign exchange rate changes on cash and cash equivalents		3.9			5.2
Increase in cash and cash equivalents		84.3			234.2
Cash and cash equivalents
Beginning of period		258.5			178.2
End of period	$	342.8		$	412.4

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HUBBELL INCORPORATED
Segment Information
(unaudited)
(in millions)

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2010			2009			2010			2009
Net Sales
Electrical	$	490.6		$	414.2		$	1,358.3		$	1,213.7
Power		194.4			179.7			543.6			550.0
Total Net Sales	$	685.0		$	593.9		$	1,901.9		$	1,763.7
Operating Income
Electrical	$	83.9		$	51.5		$	185.1		$	110.4
Power		33.7			39.8			91.7			104.8
Total Operating Income	$	117.6		$	91.3		$	276.8		$	215.2
Operating Income as a % of Net Sales
Electrical		17.1	%		12.4	%		13.6	%		9.1	%
Power		17.3	%		22.1	%		16.9	%		19.1	%
Total		17.2	%		15.4	%		14.6	%		12.2	%

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HUBBELL INCORPORATED
Earnings Per Share Calculation
(unaudited)
(in millions, except per share amounts)

	Three Months Ended				Nine Months Ended
	September 30				September 30
	2010		2009		2010		2009
Numerator:
Net income attributable to Hubbell	$	71.3	$	57.3	$	167.5	$	130.5
Less: Earnings allocated to participating securities		0.3		0.3		0.7		0.6
Net income available to common shareholders	$	71.0	$	57.0	$	166.8	$	129.9
Denominator:
Average number of common shares outstanding		59.8		56.3		59.8		56.2
Potential dilutive shares		0.4		0.2		0.4		0.1
Average number of diluted shares outstanding		60.2		56.5		60.2		56.3
Earnings per Share:
Basic	$	1.19	$	1.01	$	2.79	$	2.31
Diluted	$	1.18	$	1.01	$	2.77	$	2.31

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HUBBELL INCORPORATED
Non-GAAP Financial Measures
(unaudited)
(in millions)

Ratios of Total Debt to Total Capital and Net Debt to Total Capital

	September 30, 2010			December 31, 2009
Total Debt	$	504.4		$	497.2
Total Hubbell’s Shareholders’ Equity		1,428.9			1,298.2
Total Capital	$	1,933.3		$	1,795.4
Total Debt to Total Capital		26	%		28	%
Total Debt	$	504.4		$	497.2
Less: Cash and cash equivalents		(342.8	)		(258.5	)
Investments		(42.4	)		(28.1	)
Net Debt	$	119.2		$	210.6
Net Debt to Total Capital		6	%		12	%

Note: Management believes that net debt to capital is a useful measure regarding Hubbell’s financial leverage as a gauge for evaluating the Company’s ability to meet its funding needs.

Free Cash Flow Reconciliation

	Nine Months Ended September 30
	2010			2009
Net cash provided by operating activities	$	176.0		$	297.1
Less: Capital Expenditures		(33.8	)		(19.3	)
Free cash flow	$	142.2		$	277.8

Note: Management believes that free cash flow provides useful information regarding Hubbell’s ability to generate cash without reliance on external financings. In addition, management uses free cash flow to evaluate the resources available for investments in the business, strategic acquisitions and strengthening the balance sheet.

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