Hubbell Inc (HUBB) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the First Quarter 2024 Hubbell Inc. Earnings Conference Call. (Operator Instructions) After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded. I would like now to turn the conference over to your speaker today, Dan Innamorato, Vice President of Investor Relations. Please go ahead.

女士們先生們，謝謝你們的支持。歡迎參加 Hubbell Inc. 2024 年第一季財報電話會議。 （操作員說明） 演講者演講結束後，將進行問答環節。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人，投資者關係副總裁 Dan Innamorato。請繼續。

Thanks, Michelle. Good morning, everyone, and thank you for joining us. Earlier this morning, we issued a press release announcing our results for the first quarter of 2024. The press release and slides are posted to the Investors section of our website at hubbell.com.

謝謝，米歇爾。大家早安，感謝您加入我們。今天早些時候，我們發布了一份新聞稿，宣布 2024 年第一季的業績。

Joined today by our Chairman, President and CEO, Gerben Bakker; our Executive Vice President and CFO, Bill Sperry.

今天，我們的董事長、總裁兼執行長 Gerben Bakker 也加入了進來；我們的執行副總裁兼財務長比爾‧斯佩里。

Please note our comments this morning may include statements related to the expected future results of our company and are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Please note the discussion of forward-looking statements in our press release and considered incorporated by reference into this call. Additionally, comments may also include non-GAAP financial measures. Those measures are reconciled to the comparable GAAP measures and are included in the press release and slides.

請注意，我們今天早上的評論可能包括與我們公司預期未來業績相關的陳述，並且屬於1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。討論和考慮透過引用納入本次電話會議。此外，評論還可能包括非公認會計準則財務指標。這些措施與可比較的公認會計原則措施一致，並包含在新聞稿和幻燈片中。

Now let me turn the call over to Gerben.

現在讓我把電話轉給格本。

Great. Good morning, and thank you for joining us to discuss Hubbell's first quarter 2024 results. Hubbell is off to a solid start to '24 and we are well on track to deliver on our full year outlook, which contemplates double-digit adjusted operating profit growth at the midpoint.

偉大的。早安，感謝您加入我們討論 Hubbell 2024 年第一季的業績。 Hubbell 在 24 年有了一個良好的開端，我們有望實現全年展望，預計調整後營業利潤中點將實現兩位數增長。

Performance in the quarter was highlighted by strong organic growth and margin expansion in Electrical Solutions. Electrification and U.S. manufacturing activity is driving broad-based strength across our markets. most notably in renewables and data centers, which continued to grow double digits in the quarter.

電氣解決方案領域強勁的有機成長和利潤擴張凸顯了本季的業績。電氣化和美國製造業活動正在推動我們市場的廣泛實力。最引人注目的是再生能源和資料中心，本季繼續實現兩位數成長。

Our Connectors and Grounding business, which is strategically positioned in these verticals, as well as in broader industrial markets realized double-digit sales growth in the quarter.

我們的連接器和接地業務在這些垂直領域以及更廣泛的工業市場中進行了戰略定位，本季實現了兩位數的銷售額成長。

We also continued to make progress in our HES segment unification strategy, with 80 basis points adjusted operating margin expansion in the quarter despite increased restructuring investment and footprint optimization.

我們的 HES 部門統一策略也持續取得進展，儘管重組投資和佈局優化有所增加，但本季調整後的營業利潤率仍擴大了 80 個基點。

With the completion of our residential lighting divestiture in February, we are confident that our Electrical Solutions portfolio is aligned to structurally higher growth and margins going forward.

隨著二月份住宅照明資產剝離的完成，我們相信我們的電氣解決方案產品組合將在結構上實現更高的成長和利潤率。

In our Utility Solutions segment, performance in our core utility T&D markets was solid, driven primarily by strength in our grid automation businesses and transmission markets. As anticipated, utility distribution markets continue to be impacted by channel inventory normalization, the end market demand remains solid.

在我們的公用事業解決方案領域，我們的核心公用事業輸配電市場的表現穩健，這主要是由我們的電網自動化業務和輸電市場的實力所推動的。正如預期，公用事業分銷市場持續受到通路庫存正常化的影響，終端市場需求仍然強勁。

We're also pleased with the positive contributions from our acquisitions in the quarter. Systems control is off to a good start, and the integration is running smoothly while Balestro and EIG delivered strong results in the quarter. Telecom markets were weak in the quarter, driving significant sales and margin declines in our utility and closures business. While we continue to have a positive outlook on the long-term growth prospect of fiber deployment and broadband access, we expect this weakness to persist in the second quarter and are taking additional targeted actions in response.

我們也對本季收購所做出的正面貢獻感到高興。系統控制有了一個良好的開端，整合運作順利，同時 Balestro 和 EIG 在本季度取得了強勁的業績。本季電信市場疲軟，導致我們的公用事業和關閉業務的銷售和利潤率大幅下降。雖然我們繼續對光纖部署和寬頻存取的長期成長前景抱持正面的看法，但我們預計這種疲軟現象將在第二季度持續存在，並正在採取額外的有針對性的行動來應對。

Bill will walk you through the details within the quarter in a few minutes. But overall, we are confident in the setup for utility solutions over the balance of 2024 as our leadership in attractive utility T&D markets positions us well to meet the grid modernization and electrification needs of our customers.

比爾將在幾分鐘內向您介紹該季度的詳細資訊。但總體而言，我們對2024 年剩餘時間的公用事業解決方案的設置充滿信心，因為我們在有吸引力的公用事業輸配電市場中的領導地位使我們能夠很好地滿足客戶的電網現代化和電氣化需求。

From an operational standpoint, we executed well in the quarter against a challenging prior year comparison. We're very pleased with our early traction on price realization which continues to be supported by a strong position and leading service levels. While the operating environment remains inflationary, we achieved positive price/cost productivity in both segments in the quarter.

從營運角度來看，與去年相比，我們在本季表現良好。我們對我們在價格實現方面的早期牽引力感到非常滿意，這一牽引力繼續得到強大的地位和領先的服務水平的支持。儘管營運環境仍然存在通貨膨脹，但本季我們在這兩個領域都實現了積極的價格/成本生產力。

As we highlighted throughout 2023, we accelerated our investment levels as the year progressed in areas such as innovation and engineering, capacity and lean as well as sourcing and procurement. These investments continued in the first quarter, and we are confident they will deliver attractive payback through higher long-term growth and productivity levels.

正如我們在 2023 年所強調的那樣，隨著時間的推移，我們加快了在創新和工程、產能和精益以及尋源和採購等領域的投資水平。這些投資在第一季繼續進行，我們相信它們將透過更高的長期成長和生產力水平帶來有吸引力的回報。

Before I turn it over to Bill, I wanted to share some insights from our Hubbell Utility Connect Customer Conference a few weeks ago. We hosted over 400 utility customers to showcase our solutions across each of our brands, product lines and end markets. This was the first time Hubbell Health customer event of this magnitude across the entire utility solutions franchise. And I'd like to thank Greg Gumbs and his leadership team for creating a unique forum for us to engage with our customers, to educate and collectively problem solve to make our critical infrastructure more reliable and resilient.

在將其交給 Bill 之前，我想分享幾週前 Hubbell Utility Connect 客戶會議上的一些見解。我們接待了 400 多家公用事業客戶，展示我們每個品牌、產品線和終端市場的解決方案。這是 Hubbell Health 整個公用事業解決方案系列中首次舉辦如此規模的客戶活動。我要感謝 Greg Gumbs 和他的領導團隊為我們創建了一個獨特的論壇，讓我們能夠與客戶互動、教育和集體解決問題，使我們的關鍵基礎設施更加可靠和有彈性。

Key takeaways from several days of discussions with our largest customers who are clear. Utilities are in investment mode. Our customers anticipate a multiyear T&D investment cycle as the combined effects of aging infrastructure, renewables, electrification and load growth will require more hardened infrastructure, as well as unique solutions to emerging challenges.

與我們最大的客戶進行幾天的討論中得出的主要結論是明確的。公用事業處於投資模式。我們的客戶預計輸電與發展投資週期將持續多年，因為老化的基礎設施、再生能源、電氣化和負載成長的綜合影響將需要更堅固的基礎設施以及應對新挑戰的獨特解決方案。

Hubbell's leading quality and service levels together with our proactive investments in capacity and innovation will position us well to grow with our customers as their investment levels accelerate in the coming years.

Hubbell 領先的品質和服務水平，加上我們對產能和創新的積極投資，將使我們能夠在未來幾年隨著客戶投資水平的加快而與客戶共同成長。

In particular, utility customers are focused on the impact of load growth driven by data center power consumption. While this phenomenon is still early days, the impact to our customers is real and will require incremental investment over a period of many years as large projects progress and require grid interconnections. Higher growth and more specifically higher peak load growth will require more transmission and substation infrastructure, areas where Hubbell has recently doubled down and will be well positioned to serve. It also means novel solutions and grid modernization will be required to solve the emerging problems and Hubbell's unique leadership across utility components, communications and control will enable us to partner with our customers for continued long-term success.

特別是，公用事業客戶關注資料中心功耗驅動的負載成長的影響。雖然這種現象仍處於早期階段，但對我們客戶的影響是真實的，並且隨著大型專案的進展和需要電網互連，需要在多年的時間內增加投資。更高的成長，更具體地說，更高的尖峰負載成長將需要更多的輸電和變電站基礎設施，而 Hubbell 最近加倍投入這些領域，並將做好服務的準備。這也意味著需要新穎的解決方案和電網現代化來解決新出現的問題，而 Hubbell 在公用事業組件、通訊和控制領域的獨特領導地位將使我們能夠與客戶合作，取得持續的長期成功。

With that, let me turn it over to Bill for more details in the quarter.

接下來，讓我將其轉交給比爾，以了解本季的更多詳細資訊。

Thank you, Gerb. Good morning, everybody. We're well aware that you're all over schedule. There's a lot of releases today. So we appreciate you taking time to discuss Hubbell's performance.

謝謝你，格爾布。大家早安。我們很清楚您的進度已經超出計劃了。今天有很多發布。感謝您花時間討論 Hubbell 的性能。

My comments are starting on Page 5 of the slides that you hopefully found. And overall, the enterprise performed solidly, a little bit better than we anticipated. Then that had some puts and takes, but very consistent with our full year outlook and our expectations of normal seasonality.

我的評論從您希望找到的幻燈片的第 5 頁開始。整體而言，該企業表現穩健，略優於我們的預期。然後有一些看跌期權，但與我們的全年展望和我們對正常季節性的預期非常一致。

Our sales for the quarter were $1.4 billion, a high single-digit growth. Organic was about 2% of that inorganic about $6, so we'll talk about the inorganic story quickly, 3 acquisitions contributing in the quarter. Systems control, which is a substation turnkey solution business; Balestro, which helping our arresters business; and EIG, which is power control components, all 3 in the utility segment, contributing about 8.5 points of growth in the quarter. And we closed on residential lighting disposition in very early February. So we lost 2 months of sales in the first quarter, and that cost us about 2 points.

我們本季的銷售額為 14 億美元，實現了高單位數成長。有機業務約佔無機業務的 2%（約 6 美元），因此我們將快速討論無機業務的故事，本季有 3 筆收購做出了貢獻。系統控制，即變電所交鑰匙解決方案業務； Balestro，幫助我們的避雷器業務； EIG是電力控制組件，這三個組件都屬於公用事業領域，為本季貢獻了約8.5個百分點的成長。我們在二月初就結束了住宅照明配置。因此，第一季我們損失了 2 個月的銷售額，這讓我們損失了約 2 個百分點。

So I think that's the quantitative side of the inorganic, but qualitatively, we feel we meaningfully added to the growth and margin profile of the enterprise. Operating profit at attractive levels of 19.7%, down 1 point, better-than-expected performance on price cost productivity, was more than offset by decremental and our enclosures business, which is where the telecom exposure is, and higher investment levels in growth and productivity, including some restructuring spending, which we'll talk more about when we get to the segment review.

所以我認為這是無機的定量方面，但從品質上來說，我們認為我們有意義地增加了企業的成長和利潤率。營業利潤達到19.7% 的有吸引力的水平，下降了1 個百分點，價格成本生產力的表現好於預期，這被我們的機櫃業務（這是電信業務的所在）以及增長和投資水平的提高所抵消。

Earnings per share was $3.60, flat to last year, and operating profit dollar growth was offset by interest expense and free cash flow on track to deliver our full year outlook of $800 million. We'll dig down on Page 6 a little bit deeper into the performance, and specifically we're showing the year-over-year compares. And as we do that, it's worth a mention of the first quarter of 2023 was -- it's quite a difficult compare really, really strong performance last year where price cost was a particularly strong tailwind. It was pre destock and pre-investments that we made.

每股收益為 3.60 美元，與去年持平，營業利潤的成長被利息支出和自由現金流所抵消，預計將實現我們全年 8 億美元的預期。我們將在第 6 頁更深入地研究其表現，特別是我們將展示同比情況。當我們這樣做時，值得一提的是 2023 年第一季——與去年非常非常強勁的業績相比，這是相當困難的，去年價格成本是一個特別強勁的推動因素。這是我們進行的預去庫存和預投資。

And -- maybe just to remind everybody, we had OP and earnings per share up 70% and margins up 7 points.

而且——也許只是提醒大家，我們的營業利潤和每股盈餘成長了 70%，利潤率成長了 7 個百分點。

So I think that context is important as we look to the year-over-year compares. Sales were up, as we said, 9% to $1.4 billion, 2% of that was organic, which is comprised of 3 points of price, really driving the top line, volume was slightly down, and we're quite pleased with that price performance showing real strength of our franchise.

因此，我認為當我們進行逐年比較時，背景很重要。正如我們所說，銷售額成長了 9%，達到 14 億美元，其中 2% 是有機成長，由 3 個價格點組成，真正推動了營收成長，銷量略有下降，我們對這個價格非常滿意業績顯示了我們特許經營權的真正實力。

The operating profit is up 3% in dollars to $275 million. And as we talked about the difficult compare year-over-year because you see it's down 1 point, it's worth commenting on the sequential, where we see margins up 30 basis points sequentially.

以美元計算，營業利潤成長 3%，達到 2.75 億美元。正如我們討論的同比困難比較，因為你看到它下降了 1 個百分點，值得對環比進行評論，我們看到利潤率環比上升了 30 個基點。

So we think that's quite positive to setting up a normal seasonal year. Earnings per share at $3.60 flat to last year. The OP was offset by interest expense from the 3 companies that we bought. I mentioned those, the combined value of that investment was about $1.25 billion. And it's worth maybe a comment on how the balance sheet absorbed that level of investment.

因此，我們認為這對於建立正常的季節性年份非常積極。每股收益 3.60 美元，與去年持平。 OP 被我們收購的 3 家公司的利息支出所抵銷。我提到過這些，該投資的總價值約為 12.5 億美元。也許值得對資產負債表如何吸收這一水平的投資進行評論。

We financed those 3 acquisitions with a combination of debt and cash and also sold a business, as we mentioned. So the balance sheet impact of all that, we went from 1.3x gross debt to EBITDA, we increased a half turn to 1.8x. So after investing $1.25 billion, we're still a very, very solid balance sheet, very easily absorbed and very well positioned to continue to invest in acquisitions and CapEx, which I'll talk about in a second.

正如我們所提到的，我們透過債務和現金的組合為這三項收購提供了資金，並出售了一項業務。因此，所有這一切對資產負債表的影響，我們的總債務從 1.3 倍增加到 EBITDA，增加了一半，達到 1.8 倍。因此，在投資 12.5 億美元之後，我們的資產負債表仍然非常非常穩健，非常容易吸收，並且非常有能力繼續投資收購和資本支出，我稍後會談到這一點。

When you see free cash flow at $52 million, and I did want to highlight that, that's absorbing a 20% increase in capital expenditures to $40 million. And I really think that our confidence in our short and medium-term outlook, you can see that when we're ramping up CapEx at the 20% level. So I think we'll learn a lot as we dig into the segments.

當你看到自由現金流為 5,200 萬美元時，我確實想強調這一點，這意味著資本支出增加了 20%，達到 4,000 萬美元。我真的認為，當我們將資本支出提高到 20% 的水平時，您可以看到我們對短期和中期前景的信心。所以我認為，當我們深入研究這些細分市場時，我們會學到很多東西。

We'll start with the Utility segment on Page 7. I see sales up 14% and OP up 2% and the 14% growth in sales is essentially all acquisitions. The organic is neutral where there's 3 points of price and offset by a similar size decline in volume. You'll see with the bold words on the lower left, that we've reclassified the businesses into these 2 units to be consistent with the way Greg has organized his operating team. So grid infrastructure versus grid automation.

我們將從第 7 頁的公用事業部門開始。有機價格是中性的，價格上漲了 3 個點，並被類似規模的成交量下降所抵消。您將看到左下角的粗體字，我們已將業務重新分類為這兩個單位，以與格雷格組織其營運團隊的方式保持一致。因此，電網基礎設施與電網自動化。

In grid infrastructure, we have our traditional T&D business. We have the new acquisition that's in substation turnkey solutions and we have some specialty infrastructure businesses namely enclosures and gas components. That's all in the grid infrastructure area.

在電網基礎設施方面，我們有傳統的輸配電業務。我們新收購了變電站交鑰匙解決方案，我們還有一些專業基礎設施業務，即外殼和氣體組件。這就是網格基礎設施領域的全部內容。

And then in automation, we have Aclara, which is the meters and the communications products, as well as protection and control products. You'll recall the name Beckwith with controls as well as switching and fusing products, which are providing the protection.

然後在自動化領域，我們有 Aclara，它是儀表和通訊產品，以及保護和控制產品。您會記得 Beckwith 的名字以及提供保護的控制裝置以及開關和熔斷產品。

So we'll show you on the next page all the sizes and what to expect from those. But the infrastructure business was -- and the core utility business performed very, very well. Transmission up double digits, Distribution, still going through their channel, inventory normalization. We're getting near the end of that persisting a little longer than we expected as we think the channel has worked -- largely worked its way through, but we think the end customers are still holding some inventory. So we're getting closer to putting that behind us.

因此，我們將在下一頁向您展示所有尺寸以及對這些尺寸的期望。但基礎設施業務以及核心公用事業業務的表現非常非常好。傳輸成長兩位數，分銷仍在透過通路進行，庫存正常化。我們即將結束這種情況，持續的時間比我們預期的要長一些，因為我們認為該管道已經發揮作用——基本上已經發揮作用，但我們認為最終客戶仍持有一些庫存。所以我們越來越接近把它拋在腦後了。

And when we get to the Electrical segment next, you'll see that they went through the same last year and have emerged very healthily. So really good PCP performance in that T&D business and said it's very constructively for its financial performance.

當我們接下來討論電氣領域時，您會發現他們去年也經歷了同樣的情況，並且發展得非常健康。 PCP 在 T&D 業務中的表現非常好，並表示這對其財務表現非常有建設性。

Grid Automation, likewise, double-digit growth both in the meters and comm area, but also in the control and protection area. So really strong contribution there. The headwind is really coming from the telecom sector, which is inside that specialty Infrastructure Business and are really enclosures that we make for the Telecom segment.

同樣，電網自動化在電錶和通訊領域以及控制和保護領域都實現了兩位數的成長。那裡的貢獻確實很大。逆風實際上來自電信部門，該部門屬於專業基礎設施業務範圍，並且實際上是我們為電信部門製造的外殼。

They are navigating both channel and customer inventory normalization period, creating a significant headwind with a 40% decline in volumes. The business line is very profitable. And so it's creating an OP drag. So the effect of that is about 4 points on the segment top line -- and as you can see about 1.5 points on the OP line.

他們正在經歷通路和客戶庫存正常化時期，造成銷售量下降 40% 的巨大阻力。該業務線非常有利可圖。所以它造成了 OP 阻力。因此，其效果是在線段頂線上大約有 4 個點，正如您所看到的，在 OP 線上大約有 1.5 個點。

So the OP for the segment is up 2%. Again, to remind you of the compare last year the utility OP was up 87%. So growing off of that is very impressive. A decline of 2.5 points of margin being led by the decrementals in telecom.

因此，該細分市場的營運成本上漲了 2%。再次提醒您，與去年相比，公用事業 OP 上漲了 87%。因此，從中獲得的成長是非常令人印象深刻的。電信業務下降導致利潤率下降 2.5 個百分點。

And to be clear, our medium-term outlook for telecom business is quite positive. And we've also made -- continue to make investments in the long-term growth and productivity of the segment. Those created about 1 point of drag and the acquisitions that we mentioned, which are all doing really well and are all performing very profitably, but against that mid-20s level actually created a 0.5 point of drag essentially in the first quarter of systems control being part Hubbell. So still, I think, very good performance there. And the price/cost productivity equation was positive.

需要明確的是，我們對電信業務的中期前景相當樂觀。我們也繼續對該領域的長期成長和生產力進行投資。這些創造了大約1 個點的阻力，以及我們提到的收購，它們都表現得非常好，並且都表現得非常有利可圖，但相對於20 年代中期的水平，實際上在系統控制的第一季度基本上創造了0.5 個點的阻力部分哈貝爾。所以，我認為，那裡的表現仍然非常好。價格/成本生產力等式為正。

Again, we're showing you the year-over-year compares. I do want to highlight sequentially from the fourth quarter of last year, the margins are up 40 bps. So we're feeling again like we're setting up for a successful normal seasonality year-on-year.

我們再次向您展示同比情況。我確實想強調，從去年第四季開始，利潤率上升了 40 個基點。因此，我們再次感覺到我們正在為逐年成功的正常季節性做好準備。

I wanted to add a Page -- on Page 8, just to make sure we're being clear about our nomenclature and where we have the different business units. So on the left, you can see the grid infrastructure comprising 75% of the segment and the balance is grid automation. You can see from about noon to about 6:00 there on the pie. That's the traditional T&D businesses between substation, transmission and distribution, then from about 6:00 -- or 7:00 to 9:00, you see the telecom and gas, which represents the specialty. And then from 9:00 to noon, you see the Aclara utility meters and then the protection products. So hopefully, that gives some clarity to the relative sizes of those different businesses.

我想在第 8 頁新增一個頁面，只是為了確保我們清楚我們的術語以及不同業務部門的位置。因此，在左側，您可以看到電網基礎設施佔該部分的 75%，其餘部分是電網自動化。您可以從大約中午到大約 6:00 看到餡餅上的情況。那就是傳統的輸變電業務，變電站、輸電、配電，然後從早上6:00左右，或7:00到9:00，你看到電信和燃氣，這是代表專業的。然後從 9:00 到中午，您會看到 Aclara 公用電錶，然後是保護產品。希望這能讓人們清楚了解這些不同業務的相對規模。

And we just added a little bit because they're not all performing exactly the same. So we wanted to lay out first quarter trends against what we're expecting for the balance of the year.

我們只是添加了一點，因為它們的性能並不完全相同。因此，我們希望根據我們對今年剩餘時間的預期來列出第一季的趨勢。

And Distribution, we're expecting that sequential improvement, Transmission substation very strong. Telecom was weak, as we said, and we're anticipating some softness -- but again, where the rebound will come in the medium term. And so balancing our cost cutting there against being able to serve when demand comes back, it's representing interesting challenge.

在配電方面，我們預計持續改善，輸電變電站非常強勁。正如我們所說，電信業表現疲軟，我們預計會出現一些疲軟，但同樣，中期將反彈。因此，平衡我們的成本削減與需求回升時的服務能力，這是一個有趣的挑戰。

Meters has been successful on its backlog conversion. We expect that to continue. We're noting the comps get a little more difficult for them, and the protection and controls product is very strong. So in sum, in utility, very pleased with the pricing of these segments. We've got strong visibility in the majority of our markets -- and we're expecting the normal seasonality and a nice healthy set up, really, we think, a uniquely positioned business. So I want to switch to -- on Page 9 to the Electrical segment, a little bit more straightforward to explain to everybody. You see flat sales at about $500 million you take out the effect of the divestiture of residential lighting. We were up 6 points organically, 2 points of price, which we're pleased about, 4 our points of volume, which we're also pleased about as they emerge from their destocking and helps give us confidence that, that will be quick on the utility side as well.

Meters 已成功完成積壓訂單轉換。我們預計這種情況會持續下去。我們注意到，比較對他們來說變得更加困難，並且保護和控制產品非常強大。總而言之，在實用性方面，我對這些細分市場的定價非常滿意。我們在大多數市場都有很強的知名度——我們期待正常的季節性和良好健康的設置，我們認為，這確實是一個定位獨特的業務。所以我想切換到第 9 頁的電氣部分，這樣可以更簡單地向大家解釋。扣除住宅照明剝離的影響後，您會發現銷售額約為 5 億美元。我們有機地上漲了6 個點，價格上漲了2 個點，我們對此感到高興，成交量上漲了4 個點，我們也對此感到高興，因為他們從去庫存中脫穎而出，這有助於讓我們相信，這將很快實現公用事業方面也是如此。

There's strength in industrial markets, but also specifically in what we describe as our growth verticals of renewables, as well as data centers, which are up to over 20% each. So great to see Electrical Solutions performing so well on the top line. That's translating nicely at the OP level, you see a 6% increase to $80 million and 80 basis point expansion of margin on both the volume and price cost performance. We would call out that Mark and his team, as we've discussed with you all are continuing to execute on the playbook that he so successfully implemented at Power Systems to create a more compete collectively mindset in the segment, really emphasizing cross-selling, optimizing the footprint, simplifying the structure.

工業市場具有優勢，尤其是我們所描述的再生能源垂直成長領域以及資料中心，兩者的成長率均超過 20%。很高興看到電氣解決方案在營收方面表現如此出色。這在 OP 層面上得到了很好的體現，您會看到銷量和價格成本效益增加了 6%，達到 8000 萬美元，利潤率擴大了 80 個基點。我們要指出的是，正如我們與大家討論的那樣，馬克和他的團隊正在繼續執行他在 Power Systems 成功實施的劇本，以在該領域創建更具競爭力的集體思維，真正強調交叉銷售，優化佔地面積，簡化結構。

So there's some R&R spending to be done and we would have added another 5 points of OP growth, i.e., being double digits and another 80 bps of margin expansion if we were to adjust out that restructuring as many of our peers do. Great to see electrical having such a solid quarter. And with that, I'll turn it back to Gerben on our outlook for the balance of the year.

因此，我們還需要進行一些 R&R 支出，如果我們像許多同業一樣調整重組，我們會再增加 5 個百分點的 OP 成長，即兩位數的成長率和另外 80 個基點的利潤率擴張。很高興看到電氣有如此強勁的季度表現。說到這裡，我將把我們對今年餘下時間的展望轉回格本。

Great. Thanks, Bill. So to sum it up, our performance in the first quarter with Hubbell well on track to achieve our full year 2024 outlook for double-digit adjusted operating profit growth, which we are reaffirming today. Relative to our prior outlook, our electrical markets are off to a stronger start, and we have better visibility to positive price traction across both of our segments, which we believe will enable us to absorb the near-term impact of weaker telecom markets.

偉大的。謝謝，比爾。總而言之，我們在 Hubbell 的第一季的業績有望實現 2024 年全年兩位數調整後營業利潤增長的前景，我們今天重申了這一點。相對於我們先前的展望，我們的電力市場有一個更強勁的開局，我們對兩個細分市場的積極價格牽引力有更好的了解，我們相信這將使我們能夠吸收電信市場疲軟的短期影響。

Additionally, we are increasing our expectations for full year restructuring investments from $0.25 to $0.35 as we proactively manage our cost structure in certain areas of the business while continuing to invest in the long-term growth and productivity initiatives.

此外，我們將全年重組投資的預期從 0.25 美元提高到 0.35 美元，因為我們積極管理某些業務領域的成本結構，同時繼續投資於長期成長和生產力計劃。

Looking further ahead, the acceleration of grid modernization and electrification megatrends together with our unique leading positions in front of and behind the meter will enable Hubbell to continue to deliver differentiated performance for our shareholders over the long term.

展望未來，電網現代化和電氣化大趨勢的加速，加上我們在電錶前後的獨特領先地位，將使 Hubbell 能夠繼續為我們的股東長期提供差異化的業績。

We look forward to sharing more details on our long-term strategy and outlook with you at our upcoming Investor Day on June 4.

我們期待在即將到來的 6 月 4 日投資者日與您分享有關我們長期策略和前景的更多細節。

With that, let me now turn it back to Michelle to begin our Q&A session.

現在，讓我把話題轉回給米歇爾，開始我們的問答環節。

(Operator Instructions) As a reminder on your telephone and wait for your name to . Our first question comes from Jeffrey Sprague with Vertical Research Partners.

（操作員說明）作為您電話上的提醒並等待您的名字。我們的第一個問題來自垂直研究合作夥伴的 Jeffrey Sprague。

A few questions from me. First, just on -- and I'm sorry if I missed it, just hopping between calls. Did distribution actually grow for Hubbell in the quarter? And if so, can you size it? And then whether the answer is yes or no, can you kind of triangulate that to what your view of end demand or sell-through might have been in the quarter in the channel?

我有幾個問題。首先，就在——如果我錯過了，我很抱歉，只是在通話之間跳來跳去。 Hubbell 在本季的分銷實際上有成長嗎？如果是這樣，你能確定它的尺寸嗎？然後，無論答案是肯定還是否定，您能否將其與您對該通路的最終需求或銷售量的看法進行三角測量？

Yes. So I think the second half of your question is, we'll get to first. I mean I think where we have the most visibility through our customer base and Gerben referred to being with 400 of them as recently as a week or 2 ago.

是的。所以我認為你問題的後半部是，我們先討論第一部分。我的意思是，我認為我們的客戶群知名度最高，Gerben 提到最近一兩週前我們就擁有 400 名客戶。

It's -- we believe the distribution markets are growing, but it's also clear to us that their -- the end customer, the actual utilities have a decent amount of inventory that in addition to what the channel had.

我們相信分銷市場正在成長，但我們也清楚，他們的最終客戶、實際的公用事業公司除了通路擁有的庫存之外，還擁有相當數量的庫存。

And so I think that's causing the order patterns, Jeff, and the book and bill piece to be just extended period of a little bit softer and so while we got good price, net-net, did not grow in the quarter. But we think it's going to bounce back strongly, and we feel very confident in that.

因此，我認為這導致訂單模式、傑夫以及書籍和帳單部分在較長一段時間內變得更加疲軟，因此，儘管我們獲得了良好的價格，但本季的淨淨額並沒有增長。但我們認為它會強勁反彈，我們對此非常有信心。

And maybe I'll add some context is what we see even through the first quarter and maybe coming even into April is, the good news is we are seeing a sequential as you look from February to March into April, increase in order rate. And I think that's a reflection of that channel inventory, the distribution channel inventory normalizing.

也許我會補充一些背景信息，即我們在第一季甚至可能進入四月份所看到的情況，好消息是，從二月到三月再到四月，我們看到訂單率連續增加。我認為這反映了通路庫存、通路庫存的正常化。

And our visibility into that is clearly better. I would say that if you look at it to the traditional uptick as we go into construction season, it's a little bit delayed and a little bit slower that ramp-up for the comments that Bill made that feedback from the end user is that they're still working through it.

我們對此的了解顯然更好。我想說的是，如果你看一下我們進入施工季節時的傳統上升趨勢，你會發現比爾提出的評論的上升速度有點延遲，而且有點慢，最終用戶的反饋是，他們「我仍在努力解決它。

And that's also happening at different magnitude. Some are going at it more aggressively, some are going at it, looking for that inventory to just be utilized in their growth. But the encouraging news is we are seeing it come up. This is exactly what happened in the Electrical segment. And it's a little bit nervous while you're going through it, but we clearly went through that there. We saw the rebound in the first quarter. And we think that will happen in the Utility as well, particularly in that distribution, more book-to-bill form of the business.

而且這種情況也以不同程度發生。有些人正在更積極地採取行動，有些人正在努力尋找庫存以用於其成長。但令人鼓舞的消息是我們正在看到它的出現。這正是電氣領域所發生的情況。當你經歷這一切的時候，你會有點緊張，但我們顯然已經經歷過了。我們在第一季看到了反彈。我們認為這也會發生在公用事業領域，特別是在分銷領域，更多的是訂單到帳單形式的業務。

And then Bill noted, I think that some additional price has allowed you to kind of offset telecom in the guide, but cost is also going up, right? Copper is up, some other stuff is moving.

然後比爾指出，我認為一些額外的價格可以讓你在某種程度上抵消指南中的電信費用，但成本也在上漲，對吧？銅價上漲，其他一些東西也在上漲。

So are you now -- you've got a better price, but are you actually in a better price cost position than you were thinking 3 months ago or...

你現在也是這樣嗎——你得到了一個更好的價格，但是你實際上處於比你三個月前想像的更好的價格成本位置還是...

Yes. So we've got productivity levers too. And you're right to point out that we're looking at price kind of against material cost and then productivity against nonmaterial inflation. And you're right, that inflation persists. So I think important, Jeff, for us to keep our eye on the productivity ball, as well as make sure we're being as surgical on price as we can be.

是的。所以我們也有生產力槓桿。你正確地指出，我們正在考慮價格與材料成本的關係，然後是生產力與非物質通膨的關係。你是對的，通貨膨脹持續存在。因此，傑夫，我認為重要的是我們要密切關註生產力，並確保我們在價格上盡可能嚴格。

Your price/cost equation really hasn't changed that much then.

那時你的價格/成本等式實際上並沒有太大變化。

No. I mean, it was stronger in the quarter than we had originally anticipated. But also, I think, as the year unfolds, when we told you that we had started our outlook with about a point of price, we obviously had 3 points in the quarter.

不，我的意思是，本季的表現比我們最初預期的要強。而且，我認為，隨著這一年的展開，當我們告訴您我們以大約一個點的價格開始我們的展望時，我們顯然在本季度有 3 個點。

So we're sort of off to a good start there. But I think very specifically in Telcom, we may need to use price surgically to build back some volume there. So it's a dynamic equation, I would say.

所以我們已經有了一個好的開始。但我認為，在電信領域，我們可能需要透過價格手術來恢復一些銷售量。所以我想說，這是一個動態方程式。

Great. And then just one more for me, if I could. What was the sequential impact on Utility Solutions margins from the Telcom weakness? It was encouraging to see the margins move up sequentially. And I think you have certainly mix headwinds between grid infrastructure, grid automation, relative growth rates. But Telecom specifically sequentially, was that a meaningful headwind in the quarter?

偉大的。如果可以的話，然後再給我一份。電信疲軟對公用事業解決方案利潤率有何連續影響？看到利潤率連續上升是令人鼓舞的。我認為電網基礎設施、電網自動化和相對成長率之間肯定存在混合阻力。但電信公司具體來說是本季的一個有意義的逆風嗎？

Yes, Jeff, it's still a headwind, less than the $150 million year-over-year, I'd say, though.

是的，傑夫，儘管我想說，這仍然是一個逆風，比去年同期的 1.5 億美元要少。

One moment for the next question. Our next question comes from Steve Tusa with JPMorgan.

請稍等一下，回答下一個問題。我們的下一個問題來自摩根大通的史蒂夫·圖薩。

Can you guys just give us a little bit of color on the second quarter on EPS, just relative to normal seasonality, any kind of sequential color there? And then how you expect the utility margins to trend throughout the year?

你們能為我們提供一些關於第二季每股收益的顏色嗎？那麼您預計全年公用事業利潤率的趨勢如何？

Yes. So it's a little bit of a -- first of all, nice sweep by the way, but it's a little bit of a tough question just because we don't give quarterly guidance.

是的。所以這是一個有點 - 首先，順便說一下，這是一個很好的掃描，但這是一個有點棘手的問題，因為我們不提供季度指導。

But I think the way we're looking at it, the first half of the year to be normally seasonal, should be in that 47-ish percent range of contribution and we feel good that we'll be delivering at that level to get to our range on the full year guide. So -- and as you -- I think maybe that's a macro way. I'm not sure if that's getting exactly what you want, but...

但我認為我們看待它的方式，今年上半年通常是季節性的，應該在 47% 左右的貢獻範圍內，我們感覺很好，我們將在這個水平上實現我們的全年指南範圍。所以——就像你一樣——我認為這也許是一種宏觀的方式。我不確定這是否正是您想要的，但是...

No, that's perfect. That's absolutely perfect. And then just the Utility margin over the course of the year?

不，那是完美的。那絕對是完美的。然後只是一年中的公用事業利潤率？

Yes. I think that as we get normal seasonality for us is to pick up volume and margin in second and third quarters, Q4 kind of steps back.

是的。我認為，由於我們的正常季節性是在第二季和第三季增加銷量和利潤，第四季有所回落。

So to be thinking about quarter compares can get tricky. But if you extend your question to the full year, we're expecting margins to be reasonably flattish over the course of the whole year, on a year-over-year basis.

因此，考慮季度比較可能會很棘手。但如果你將問題延伸到全年，我們預計全年利潤率將與去年同期相當持平。

But the second quarter will be up from the sequential expect margins in the second quarter over the first. Stay elevated and that stays in the third quarter and then declines...

但第二季的預期利潤率將高於第一季。保持高位並保持在第三季度，然後下降...

One moment for our next question. Next question comes from Nigel Coe with Wolfe Research.

請稍等一下我們的下一個問題。下一個問題來自 Wolfe Research 的 Nigel Coe。

So just going back to the Utility inventory levels. So where are we in terms of the channel inventory? So I think 6 weeks is historically where they've been in the past, just wondering if we're getting down to those levels.

那麼回到公用事業庫存水準。那麼我們的通路庫存處於什麼位置呢？所以我認為從歷史上看，六週是他們過去的水平，只是想知道我們是否會降到這些水平。

And then any intel on the amount of inventory still held -- the shadow inventory held by the customers. And I guess my kind of broader question is, when do you expect to sell in and sell out to equalize?

然後是關於仍然持有的庫存量的任何資訊——客戶持有的影子庫存。我想我更廣泛的問題是，你預計什麼時候賣出和賣出以平衡？

Yes. Maybe I'll start, Bill, fill in. I would say in the distribution channel, and that's where we have better visibility, right? Because we sell and then we see their sell-out in fairly good amount of them that are stronger partners there.

是的。也許我會開始，比爾，補充一下。因為我們出售，然後我們看到他們的出售數量相當可觀，他們是那裡更強大的合作夥伴。

I would say typically, and that varies, of course, by product line. But if you think about 90-ish days of inventory, they're pretty much back there. I mean they're pretty much done with inventory stock out of our materials, particularly the distribution materials where it's more stock and flow.

我想說的是典型情況，當然，這會因產品線而異。但如果你考慮一下 90 天左右的庫存，它們就差不多了。我的意思是，他們基本上已經完成了我們材料的庫存，特別是庫存和流量更多的分銷材料。

It gets harder when you look at the end customers. And we do have very close relations with some of them where we get direct feedback with events like we were at a couple of weeks ago, where you have a lot of them, we triangulate and it's elevated, but it's by varying degrees of elevation. It's really, really hard to say there, Nigel, of exactly what the level is.

當你專注於最終客戶時，事情會變得更加困難。我們確實與其中一些人有非常密切的關係，我們得到了直接反饋，就像我們幾週前發生的那樣，那裡有很多這樣的人，我們進行三角測量，它得到了升高，但升高的程度不同。奈傑爾，真的很難說清楚到底是什麼水準。

What is even more interesting is that when you talk with them, some say they clearly have and are working that down, whereas others are saying, it's not our focus right now. We're looking to serve the needs out there, and perhaps it's a thought for down the road.

更有趣的是，當你與他們交談時，有些人說他們顯然已經並且正在努力解決這個問題，而另一些人則說，這不是我們現在的重點。我們正在尋求滿足那裡的需求，也許這是未來的一個想法。

So this is where that gets really hard. So for us, what we look at is that ramp up what we would normally see seasonally happening and to what extent.

所以這才是真正困難的地方。因此，對我們來說，我們關注的是增加我們通常會看到的季節性發生的情況以及增加到什麼程度。

And as I stated in my earlier comment, that's coming a little later than we would typically see it. And the magnitude of the ramp-up is a little slower. But the good news, it is coming up, and that's what you expect when you're when your distributor has done destocking, you would expect it to come up and it has come up.

正如我在之前的評論中所說，這比我們通常看到的要晚一些。而且上升的幅度要慢一些。但好消息是，它即將到來，這就是你所期望的，當你的經銷商完成去庫存時，你會期望它會出現，而且它已經出現了。

So it's really -- as we even stated in the first quarter, the last time we said we thought we would be mostly through within the first quarter. I think that's probably still the case. But to exactly pinpoint what will be done, it's just very hard.

所以這確實是——正如我們在第一季所說的那樣，上次我們說我們認為我們將在第一季內完成大部分工作。我認為情況可能仍然如此。但要準確地確定將要做什麼，是非常困難的。

Okay. So thinking about the sequencing of the full year for the Utility Solutions segment, 4% to 5% for the full year. So the second quarter still below that bar, I'm assuming? And then the second half above on (inaudible)?

好的。因此，考慮公用事業解決方案部門全年的排序，全年為 4% 到 5%。那麼我假設第二季度仍低於該水平？然後是上面的後半部（聽不清楚）？

Yes. And again, I think as we've tried to put in that little box, we think there's T&D compares get a little bit easier, and some of the automation compares get a little harder. But the larger part of the business is the infrastructure piece, and that's where we think you'll see the back-end growth.

是的。再說一次，我認為當我們試圖放入那個小盒子時，我們認為 T&D 比較變得更容易一些，而一些自動化比較變得更困難一些。但業務的大部分是基礎設施部分，我們認為這就是後端成長的地方。

Okay. I had a quick one on utility margins. Obviously, recognizing that the bulk of the year-over-year was driven by the Telcom headwinds. So the balance, the roughly 100 basis points outside of that headwind, would that be mainly volume deleverage? Or was there an M&A impact from the Systems Control?

好的。我對效用利潤率進行了快速了解。顯然，我們認識到同比增長的大部分是由電信不利因素推動的。那麼，除逆風之外的大約 100 個基點的平衡，主要是成交量去槓桿化嗎？或者係統控制是否會對併購產生影響？

Yes. The M&A impact from Systems Control was very modest, given that it right, it was 14% of sales and the margins were in the mid-20s that it was kind of comping against. So it did very nicely in its margin, but it had a slightly -- it had a slight drag from there.

是的。 Systems Control 的併購影響非常有限，因為它佔銷售額的 14%，利潤率在 20 多歲左右，這與它的競爭相當。所以它在利潤方面做得非常好，但它有一個輕微的阻力。

But I think if you think about operationally the investments that we made, ultimately created a point of drag as we went through. So that is something we're very intentionally not harvesting quarterly margin.

但我認為，如果你從營運角度考慮我們所做的投資，最終會在我們經歷的過程中造成一個阻力點。因此，我們非常有意不獲得季度利潤。

We believe that we're going to add capacity to this business for this kind of very immediate and multiyear growth that's in front of us. So -- that's -- but I think we were encouraged by the sequential pickup as well.

我們相信，我們將增加這項業務的產能，以實現我們面前的這種非常直接的多年成長。所以 - 那是 - 但我認為我們也受到了連續回升的鼓舞。

One moment for the next question. The next question comes from Tommy Moll with Stephens.

請稍等一下，回答下一個問題。下一個問題來自湯米·莫爾和史蒂芬斯。

I wanted to start on the topic of the supply environment for your utility business. You've invested in response to significant demand in expanding your supply base, but others in the market have as well.

我想從你們的公用事業業務的供應環境主題開始。您已經進行了投資，以滿足擴大供應基礎的巨大需求，但市場上的其他人也這樣做了。

So I'm just curious, at a high level, how would you characterize that supply-demand environment today? Has it shifted at all?

所以我只是好奇，從高層次來說，您如何描述當今的供需環境？它完全改變了嗎？

Yes. I think where we're adding capacity is in the areas where we see visible longer-term growth, right?

是的。我認為我們增加產能的地方是我們看到明顯的長期成長的領域，對嗎？

So if you think about Transmission and Substation, action area of the business that the orders are very strong. Our backlog has continued to grow. Discussions with our customers, it's clear that they need these materials. And so we've invested in those areas.

因此，如果您考慮一下輸電和變電站，該業務的行動領域訂單非常強勁。我們的積壓訂單持續成長。與我們的客戶討論，很明顯他們需要這些材料。因此我們在這些領域進行了投資。

I think if you look across the industry, you see perhaps different peers investing in different areas. Of course, I would also expect those that compete in the same areas to invest in that.

我認為，如果你縱觀整個產業，你可能會看到不同的同行在不同的領域進行投資。當然，我也希望那些在同一領域競爭的人能夠在這方面進行投資。

Our level though, of increase, I think, is supportive of the supply and demand characteristics rather than that we're somehow overinvesting in there.

不過，我認為，我們的成長水準支持了供需特徵，而不是我們在某種程度上過度投資。

A couple of metrics that support, I think, Gerben, is I think our service levels are reaching very good levels. And our lead times are in most areas coming back to normal. And those 2 facts or outcome, I would say, are pretty demonstrative of an improving supply chain environment.

Gerben，我認為有幾個支持我們的服務水準已經達到非常好的水準的指標。我們的交貨時間在大多數地區都恢復正常。我想說，這兩個事實或結果充分說明了供應鏈環境的改善。

Yes. And maybe I'll go on that again, Bill, because what our customers want most from us is that we service them well with quality products. And again, in the discussion that we have with them, that's what they're really concerned about.

是的。也許我會再說一遍，比爾，因為我們的客戶最想從我們這裡得到的是我們為他們提供優質的產品。再說一遍，在我們與他們的討論中，這才是他們真正關心的問題。

So the fact that we've been able to take our lead times down and we have, the fact that we've been able to increase our service levels is all -- and that we're investing in the business and capacity with (inaudible) that's what our customer wants to do.

因此，我們已經能夠縮短交貨時間，而且我們已經能夠提高我們的服務水平，這一事實就是全部——而且我們正在投資於業務和產能（聽不清） ）這就是我們的客戶想要做的。

Now one of the outcomes is that -- that when you do that your supply chain normalize, you can actually destack, they can take comfort in the fact that we're going to deliver for them. So it's a very natural outcome and it's actually a good thing for the business long term to do this.

現在的結果之一是——當你讓你的供應鏈正常化時，你實際上可以解除堆疊，他們可以因為我們將為他們提供服務而感到安慰。所以這是一個非常自然的結果，從長遠來看，這樣做對企業來說其實是一件好事。

I wanted to follow up on the comment you made regarding pricing for Telco. Just clarify a bit what you meant? I think, Bill, that was a comment you made in the context of a broader pricing discussion.

我想跟進您對電信公司定價的評論。稍微澄清一下你的意思嗎？我認為，比爾，這是您在更廣泛的定價討論背景下發表的評論。

Yes. I mean I think we're really pleased generally with the pricing construct. We had about 1 point of wraparound price from our last year actions. So for us to garner 3 points in the first quarter implies success at getting some new price.

是的。我的意思是，我認為我們對定價結構總體上非常滿意。從去年的行動來看，我們的整體價格提高了約 1 個百分點。因此，對我們來說，第一季獲得 3 分意味著成功獲得一些新的價格。

And I would say, generally, Tommy, while Electrical did very well in that regard, Utility did even better. And so across the enterprise, we think that pricing is in very good shape. And I think we're going to be quite surgical about it.

我想說，總的來說，湯米，雖然電氣在這方面做得很好，但公用事業做得更好。因此，我們認為整個企業的定價狀況非常好。我認為我們對此會採取非常嚴格的態度。

And there may need to be instances in the Enclosures area where we need to use price a little bit. But overall, net-net, as an enterprise we feel quite good about overall pricing.

在外殼區域中可能存在我們需要稍微使用價格的實例。但總的來說，作為一家企業，我們對整體定價感覺非常好。

And I think that's a function of kind of the quality of the product, the quality of the relationships that we have, the positions that we have, but maybe most importantly, the relative service levels that we have and being able to supply our customers with the critical infrastructure solutions that they need. So that's been a very good story, net-net, Tommy, for us.

我認為這是產品品質、我們擁有的關係品質、我們擁有的職位的函數，但也許最重要的是，我們擁有的相對服務水平以及能夠為客戶提供的服務他們需要的關鍵基礎設施解決方案。所以這對我們來說是一個非常好的故事，網絡網絡，湯米。

One moment for the next question. The next question comes from Julian Mitchell with Barclays.

請稍等一下，回答下一個問題。下一個問題來自巴克萊銀行的朱利安·米切爾。

Just apologies I wanted to circle back to Telcom. Just that I see the color on sort of Slide 8. And clearly that exposure was down 40% in the first quarter. But just to try and understand, full year as a whole, kind of what are you dialing in for that Telcom business in terms of year-on-year trends in Telcom?

只是抱歉，我想回到電信公司。只是我看到了幻燈片 8 上的顏色。但只是想嘗試了解一下，從全年來看，您對電信業務的年比趨勢有何看法？

We're anticipating, Julian, double digits down for the full year. We see the second quarter kind of continuing from the first quarter, the comps in the second quarter get easier because this started as we went through the second half and accelerated as we went towards the end of the year.

朱利安，我們預計全年的成長率將下降兩位數。我們看到第二季從第一季開始延續，第二季的比較變得更容易，因為這是從我們下半年開始的，並隨著我們接近年底而加速。

But yes, our view right now is for it to be down (inaudible) and we contemplated some of this in our -- as we presented the guidance to you for that. There are some thoughts in the industry that we could see a second half rebound. Yes, we were a little perhaps more conservative in that view, and I think that's proven out to be right.

但是，是的，我們現在的觀點是降低（聽不清楚），並且我們在向您提供指導時考慮了其中的一些內容。業界有一些想法認為下半年可能會反彈。是的，我們的觀點可能更保守一些，我認為事實證明這是正確的。

That's helpful. And then just my second question would be around Utility margins and the trajectory there.

這很有幫助。然後我的第二個問題是關於效用利潤率及其軌跡。

I understand the pricing sounds pretty good there, and you've now got the Systems Control effect in that Q1 margin already. So as we're thinking sort of the balance of the year in Utility margins, do we think about a sort of steady sequential increase through the year and then you end up at that sort of flattish margin for the year as a whole?

我知道那裡的定價聽起來相當不錯，而且您現在已經在第一季的利潤中獲得了系統控制效果。因此，當我們考慮今年公用事業利潤率的平衡時，我們是否會考慮全年的穩定連續成長，然後全年的利潤率最終持平？

It's the right way to think about it, indeed. The only, I would say, clarification to that, typically, in the fourth quarter, we'll see it come down again.

確實，這是正確的思考方式。我想說，對此的唯一澄清通常是在第四季度，我們會看到它再次下降。

So you'll see it go up second and third down a little bit, but the construct over year-over-year for -- particularly for the Utility T&D component is right.

因此，您會看到它上升到第二位和第三位，下降了一點，但同比結構——尤其是公用事業輸配電部分是正確的。

One moment for the next question. The next question comes from Brett Linzey with Mizuho.

請稍等一下，回答下一個問題。下一個問題來自 Mizuho 的 Brett Linzey。

Yes, I just wanted to come back to the investments. Can you just remind us in size what you're thinking about in terms of investments for the year?

是的，我只是想回到投資上來。您能否提醒我們您今年的投資規模是多少？

And then what was spent in Q1? I'm just trying to think about the phasing first half, second half on some of the spending initiatives.

那麼第一季花了多少錢？我只是想考慮一下上半年和下半年的一些支出措施。

Yes. So let's characterize the investments maybe first, right? So some of it is in capacity expansion inside of the Utility segment. And that as Gerben sort of highlighted, comp focused in the transmission and substation area.

是的。那麼讓我們先來描述一下投資的特點吧？因此，其中一些是公用事業部門內部的產能擴張。正如 Gerben 所強調的那樣，comp 專注於輸電和變電站領域。

On the Electrical side, a little more around helping Mark get to his vision of getting that segment to compete collectively. So there's some restructuring element in there.

在電氣方面，更多地圍繞著幫助馬克實現讓該細分市場集體競爭的願景。所以裡面有一些重組的元素。

And as Gerben said, we're kind of adding $0.10 to the annual outlook, specifically for restructuring from $0.25 to $0.35 And -- so I think that you should see that reasonably ratably through the year that especially because some of the investment is depreciation from CapEx that was spent last year, right? So you see that come through ratably. And the restructuring is based on when we can -- when we can execute.

正如格本所說，我們在年度展望中增加了 0.10 美元，特別是從 0.25 美元到 0.35 美元的重組，所以我認為你應該在全年中合理地看到這一點，特別是因為一些投資是從去年花費的資本支出，對吧？所以你會看到這一點進展順利。重組取決於我們何時可以執行。

And maybe the only thing to add there that if you look sort of out year expense, I think as you stated, what you'll see over year-over-year is that, that will start flattening as the year progresses because we accelerated investment, particularly in the second half of last year. So from that perspective, the comps just get easier on that investment?

也許唯一要補充的是，如果你看看年度支出，我認為正如你所說，你會看到，隨著時間的推移，支出將開始趨於平緩，因為我們加速了投資尤其是去年下半年。那麼從這個角度來看，公司的投資會變得更容易嗎？

Okay, great. And then just a quick follow-up, Bill. In your prepared remarks, you noted something about a sequential 30 basis point pickup. Was that 1Q to 2Q? Just the context in what you meant there?

好的，太好了。然後是快速跟進，比爾。在您準備好的發言中，您提到了有關連續上升 30 個基點的情況。那是1Q到2Q嗎？只是你所說的上下文？

No, no, 4Q to 1Q is what I meant. So just when you saw a 1 point year-over-year decline, it also is a 30 basis point improvement from the fourth quarter. And so we actually think that's a good sign.

不不，我的意思是4Q到1Q。因此，當你看到年減 1 個百分點時，它也比第四季提高了 30 個基點。所以我們實際上認為這是一個好兆頭。

One moment for the next question. The next question comes from Nicole DeBlase with Deutsche Bank.

請稍等一下，回答下一個問題。下一個問題來自德意志銀行的 Nicole DeBlase。

Just on the Electrical segment outlook, just double checking that organic, you guys are still thinking up 3% to 4% for the full year? And I guess, in light of the outperformance in the first quarter, could this maybe be an area of upside?

就電氣部門的前景而言，只要仔細檢查有機部分，你們還在考慮全年增長 3% 到 4% 嗎？我想，鑑於第一季的出色表現，這可能是一個上漲的領域嗎？

Yes. I think you've got the outlook right, and I think you also have that we were encouraged by the first quarter. So I think both of your statements, I agree with yes.

是的。我認為您的前景是正確的，而且我認為您也認為我們受到第一季的鼓舞。所以我認為你的兩種說法我都同意。

Okay. Perfect. And then secondly, on the Meters and AMI business, you guys kind of put that additional color in the slides. Is your expectation that it actually declined year-on-year in the second half on the back of those tough comps or still up, but just not as much as the first half?

好的。完美的。其次，關於儀表和 AMI 業務，你們在幻燈片中添加了額外的色彩。您的期望是，由於這些艱難的競爭，下半年的業績實際上同比下降，還是仍然上升，但只是沒有上半年那麼嚴重？

Yes. We were just, Nicole, trying to indicate a flattening there. So you saw pretty impressive growth in the first quarter. And as those comps get harder and we kind of managed through the backlog, we were expecting that to be a lot flatter.

是的。妮可，我們只是試圖表明那裡正在趨於平坦。所以你在第一季看到了相當令人印象深刻的成長。隨著這些比較變得更加困難，並且我們在某種程度上解決了積壓的問題，我們預計情況會更加平坦。

One moment for the next question. The next question comes from Christopher Glynn with Oppenheimer.

請稍等一下，回答下一個問題。下一個問題來自克里斯托弗·格林和奧本海默。

Nicole, just beat me to the punch on the Electrical question there, but going in a touch further, you talked about electrification driving broad-based strength across industrial markets. Can you talk a little bit about the kind of (inaudible) in an industrial market. What type of electrification capitalization are you associating with that?

妮可，剛剛在電氣問題上搶先了我，但更進一步，您談到了電氣化推動了整個工業市場的廣泛實力。您能談談工業市場中的那種（聽不清楚）嗎？您將其與哪種類型的電氣化資本相關聯？

Yes. Look, there's, I think, a lot of kind of background trends, Chris, going on. I think there's some legitimate onshoring. I think there's some legitimate like electrification driving really big semiconductor plants. So there's big kind of construction and project work that's being driven there.

是的。聽著，我認為，克里斯，有很多背景趨勢正在發生。我認為存在一些合法的外包。我認為電氣化等一些合法因素正在推動大型半導體工廠的發展。因此，那裡正在進行大量的建設和項目工作。

And for us, we called out specifically renewables as well as data centers, which are I think, both outgrowth of what would fit under the Electrification theme.

對我們來說，我們特別提到了再生能源和資料中心，我認為它們都是電氣化主題的產物。

And so broadly speaking, we think the industrial outlook is good. Onshoring, I would maybe call out as one of the more important trends and Electrification really driving some of those verticals that our focus areas for us to serve those verticals. So that's a good -- I think that's quite a good setup for us in the Electrical segment.

總的來說，我們認為工業前景良好。我可能會說，本土化是更重要的趨勢之一，而電氣化確實推動了我們為這些垂直領域提供服務的重點領域。所以這是一個很好的——我認為這對我們電氣領域來說是一個很好的設定。

Okay. Just a little stale on the size of the renewables and the data center businesses, if you could help there.

好的。關於再生能源和資料中心業務的規模有點陳舊，如果你能幫忙的話。

Yes. It's in the range of 5% to 10% in each of the segment, Chris. Less than 10% each .

是的。 Chris，每個細分市場的比例都在 5% 到 10% 之間。各少於10%。

One moment for the next question. The next question comes from Joe O'Dea with Wells Fargo.

請稍等一下，回答下一個問題。下一個問題來自富國銀行的 Joe O'Dea。

Just wanted to ask on Telcom and it sounds like challenged environment currently, but also constructive medium-term outlook. And so can you just parse a little bit the key developments that you need to see to transition from kind of current challenges into something that's -- that's more constructive.

只是想詢問電信公司，聽起來目前的環境充滿挑戰，但中期前景也具有建設性。因此，您能否解析一下您需要看到的關鍵進展，以從當前的挑戰轉變為更具建設性的挑戰。

And I was just going to say that the -- we saw the orders start to dip last year and it was coupled with a very large backlog. So we started liquidating that backlog, but watching the low orders suggest that once the backlog kind of got down to book and bill levels that basically, what we need, Joe, is the order pattern to pick back up.

我只是想說，去年我們看到訂單開始下降，而且積壓量非常大。因此，我們開始清理積壓訂單，但觀察低訂單表明，一旦積壓訂單下降到預訂和帳單水平，喬，我們基本上需要的是恢復訂單模式。

So this Enclosures segment serves Telcom companies and cable companies. And when we talk to them, when we talk to our distributors who's talked to them, when we talk to other suppliers who supply those kind of companies, there just continues to be a bullishness around the need for build-out and infrastructure build-out by those companies and it's -- we need -- basically, we just need the orders to pick back up, which we think is purely a function of when the inventory levels are hit their normal levels.

因此，這個外殼部門為電信公司和有線電視公司提供服務。當我們與他們交談時，當我們與與他們交談過的經銷商交談時，當我們與為此類公司供貨的其他供應商交談時，人們對擴建和基礎設施建設的需求仍然持樂觀態度這些公司，我們需要，基本上，我們只需要訂單回升，我們認為這純粹是庫存水準何時達到正常水準的函數。

I think ultimately, as well, there's going to be some stimulus money that starts to hit that segment and independent of probably will happen at exactly the same time that the stimulus will come and the inventories will be down all of a sudden, the orders will bounce.

我認為最終也會有一些刺激資金開始衝擊該細分市場，並且可能與刺激到來的同時發生，庫存會突然下降，訂單將在同一時間發生。

But that's basically what the business needs is the customers to start placing orders in recognition that the end customer is installing and the inventories are at a normalized level.

但這基本上是業務所需要的，是客戶開始下訂單，並認識到最終客戶正在安裝並且庫存處於正常水平。

And so it sounds like it's more of an inventory normalization headwind than it is in end market activity headwind. Is that fair?

因此，聽起來這更像是庫存正常化的逆風，而不是終端市場活動的逆風。這樣公平嗎？

We 100% believe that that's true, yes.

我們 100% 相信這是真的，是的。

Okay. And then just a question related to utility distribution side of things and the degree to which you see any instances of long lead times in certain product categories, not necessarily what you ship that are inhibiting some end market activity.

好的。然後是一個與公用事業分配方面相關的問題，以及您在某些產品類別中看到任何較長交貨時間的情況的程度，不一定是您運送的產品抑制了某些終端市場活動。

And so the idea being that over time is those correct, could there actually be a bit of an uptick or sort of surge of demand as other channels sort of correct on lead times?

因此，隨著時間的推移，這些想法是正確的，隨著其他管道在交貨時間上的正確性，需求實際上可能會上升或激增嗎？

I think you point out a good point that our distribution products, by and large, the lead times are quite normalized, very quick to be able to satisfy demand.

我認為您指出了一個很好的觀點，即我們的分銷產品總的來說，交貨時間相當正常化，很快就能滿足需求。

Ultimately, products like transformers are still gapped out in terms of lead time. And -- so I think that makes project planning a little more difficult. And some of our products may suffer a little bit from that.

最終，變壓器等產品的交貨時間仍存在差距。而且——所以我認為這使得專案規劃變得更加困難。我們的一些產品可能會因此受到一些影響。

But generally, we're giving now good visibility, hitting on time promise dates. And I think our part is much more predictable than it had been 1.5 years or so ago. So -- but I agree with you, there still are other long lead time products. And on the Transmission side, it's -- we have some long lead time items, too. So -- but Distribution, I think you're right. It's -- our stuff is ready to go.

但總的來說，我們現在提供了良好的可見性，兌現了承諾日期。我認為我們的角色比 1.5 年前左右更容易預測。所以——但我同意你的觀點，仍然有其他長交貨期的產品。在傳輸方面，我們也有一些交貨時間較長的產品。所以——但是分銷，我認為你是對的。我們的東西已經準備好了。

The next question comes from Scott Graham with Seaport Research Partners.

下一個問題來自 Seaport Research Partners 的 Scott Graham。

I have one and one follow-up. On HUS, would it be fair to say second quarter sales volumes flat? Or can they be up? And then obviously, second half is up? Then I have that follow-up.

我有一項又一項的後續行動。對於 HUS，可以說第二季銷售持平嗎？或者他們可以起來嗎？顯然，下半場已經結束了？然後我有後續行動。

Yes. So Scott, we're not giving quarterly guidance. I think the Slide 8 should give you good considerations of how we're viewing it sequentially and how the comparisons play out in 2Q in the second half? .

是的。斯科特，我們不會提供季度指導。我認為幻燈片 8 應該讓您充分考慮我們如何按順序查看它以及下半年第二季度的比較如何進行？ 。

No problem. You made a comment in the HES slide on project activity. Could you elaborate on that a bit?

沒問題。您在 HES 幻燈片中對專案活動發表了評論。能詳細說明一下嗎？

I just think there are some big projects out there and things like chip plants and reshoring of large-scale industrial projects that -- our multiyear projects, our products tend to go in mid- and late cycle on that construction.

我只是認為有一些大型項目，例如晶片工廠和大型工業項目的回流——我們的多年項目，我們的產品往往會在建設週期的中後期進行。

And so to us, that's a great leading indicator as we see those projects get started. And we're quite confident we'll get our fair share of that net and late-cycle install components.

因此，對我們來說，當我們看到這些專案開始啟動時，這是一個很好的領先指標。我們非常有信心我們將獲得網路和後期安裝組件的公平份額。

I show no further questions at this time in the queue. I would like to turn the call back over to Dan for closing remarks.

此時我在隊列中沒有顯示任何其他問題。我想將電話轉回給丹，讓他發表結束語。

Great. I'll take it from Dan. I appreciate everybody's time, as Bill said, on a busy morning. We really look forward to spending time with you in June at our Investor Day, we'll talk a lot more there about where our business is going in the next 3 years.

偉大的。我會從丹那裡拿走它。正如比爾所說，我很感謝大家在忙碌的早晨抽出時間。我們非常期待在 6 月的投資者日與您共度時光，我們將在那裡詳細討論我們的業務在未來 3 年的發展方向。

And certainly, we're excited about this -- what we've been stating of building a profitable growth on this base that we've built and those are kind of the expectations you could have as we go into June. So thanks much, and we'll see you soon.

當然，我們對此感到很興奮——我們一直在聲明，要在我們已經建立的基礎上實現盈利增長，這些都是您在進入 6 月份時可能會有的期望。非常感謝，我們很快再見。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。