Hubbell(HUBB)2025-02-13 13:19Revenue Segments - Utility Solutions segment accounted for 64% of consolidated revenues in 2024, up from 61% in 2023 and 58% in 2022[15] - Electrical Solutions segment represented 36% of consolidated revenues in 2024, down from 39% in 2023 and 42% in 2022[18] - The company generated 131 million in December 2023[20] Order Backlog - The backlog of orders at December 31, 2024, was 2,328 million at December 31, 2023[29] Customer Base - Approximately 41% of net sales are attributed to the top ten customers, indicating a diverse customer base[24] - Top ten customers account for approximately 41% of Hubbell's net sales, indicating a diversified customer base[24] Employee Engagement and Development - Over 88% of Hubbell's employees participated in the Elevate Employee Experience Survey in 2024, indicating strong engagement[40] - Hubbell launched "Align 2027" in mid-2024 to help employees understand the company's long-term strategies and their roles[40] - Hubbell has expanded its leadership development programs and learning management system, known as Hubbell University, to enhance employee training and career development[37] - The company provides up to 8 hours of paid time off annually for employees to volunteer with eligible charities, promoting community engagement[38] - Hubbell's labor relations are considered satisfactory, with approximately 2,470 U.S. employees represented by 8 labor unions[35] Patents and Innovation - The company has approximately 3,100 active patents, which are deemed valuable but not critical to its business operations[26] - The company has approximately 3,100 active United States and foreign patents, which cover a portion of its products[26] - The company emphasizes product performance, reliability, quality, and technological innovation as key competitive factors[30] Environmental Compliance - The company is committed to environmental compliance and believes its practices prevent unreasonable risks of environmental damage[32] - Hubbell has incurred costs related to environmental lawsuits and claims but does not anticipate a material adverse effect on its financial condition[33] Supply Chain - The company maintains a diverse supply chain, not materially dependent on any single supplier for raw materials[25] Market Support - The Utility Solutions segment supports various markets, including electrical distribution, transmission, water, gas distribution, telecommunications, and renewable energy[15] - The Utility Solutions segment supports various markets, including electrical distribution, transmission, water, gas distribution, and telecommunications[15] Brand and Distribution - Hubbell's products are sold under various brands, including Aclara®, Hubbell®, and Burndy®, across multiple distribution channels[16][21] Employment Statistics - As of December 31, 2024, the company employed approximately 17,700 employees, with 60% located in the United States[35] - As of December 31, 2024, Hubbell had approximately 17,700 employees, with 60% (about 10,600) located in the United States[35]