Thanks those. comments and for year comprised and things use that basis. a But on the a full XX% on to takes I comprised continuing format to year so of – the see, price of guide on. XX% be to slides quarter That we showed the get X% I’ll you see unit us. fourth to organic X discontinued the X% XX you quarter X, results going lot, good and to Gerben. on on the from found when results growth operations everybody. some to $X.X us the we volume. XX% how is growth operations impressive starting contributed Page same points we And first of I’m you – Appreciate billion. joining is acquisition morning, started my – The I’m hope of can XX% of going organic. make which the sales that comments
healthy growth. amount very So of
there makes enclosures some acquisitions contributed the the I the to one, specific side, healthcare and Utility on on we the in education Segments telecom Electrical some side. had in X two for invested amounts some fourth liked. side, were exposed think acquisition commenting of and of and points, that XG the the three verticals – antennas we the to and some Electrical business warehouses that product – that quarter, new of on The technology growth rollout that that
electric lot at protecting pedestal the And businesses bought growth. we’re third and that Utility in We in where area level that their controlling street telecom all Enclosures Automation put also and and level those in. high utilities of margin Distribution electronics Enclosures infrastructure that and high was a of and area, business three an makes the exhibiting
these impressive we’re those, those as thinking an volume to our that we when in of that and about saw businesses bringing about we to despite so compared happy just segments. keep next think usually sequentially $XXX growth on we talk the news, in just – the Gerben closed some of would growth, illustrating C&I quarter, seasonality out as that For year-over-year spending I talk it’s swapping to the think different M&A strategy. more down. challenged XX%, I we pages – Lighting portfolio that I’m we in will our We’ll also be points typical increase the invested and fourth in general, and good about margin, that because about quarter week compare some slightly that and it’s the suggest about higher some more two businesses, of on the million the But time higher couple those growth third five this continuing margin mentioned sale thinking important changes lower lower forward
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operating profit, margins to XX points at $XXX lower growth impressive about million. see XX% side, also than The basis you was year. however, Our previous
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to always our viewpoint, in year. look with and throughout material quarter You continued – the know, aggressive on compared prior that accelerated and to caused we be each the us to the quarter the you cost year, have know the at inflation the which And quite of pricing. really increase prior to side, responsive
and price, how just point effective ends very a how XX of of year its quarter, so, And two you closely in and quarter pulled X customers this that. the to been that do with with we points thoughtfully during had to on see price Hubbell process can diligent the first contrast working and that’s
I us dollars fourth quarter and to think in point we’re the that gotten neutral on particular, to to very encouraging have price a cost. between
it’s costs and were the even – of on note neutral. think had I you higher margin higher OP We we couple interesting dollar on know points to actually of with just though a have to math really margin, headwind, comparable sales.
the tailwinds And we so see to growth Per in sales, interest a free I’m comments better not to going a till the dynamics, a over than about expense. as the that’s – on had in speaks the that save ‘XX. to cash work full but increase getting looking my but you XX% do we with as still to cash, non-op I margins larger flow effective of flow, year. well in year think as of cash we entire we the profit across fact is including in cash prior and rate, just line those tax get the to areas, to kind talked really we’re XX% flow better The million $XXX lower Earnings expanded got, forward Share quarterly up year in believe operating
So turning results. Electrical this the is effects. continuing And where operations we’ll start with to Page the really X, segment
You We acquired and million. see growth X% XX the unit pulled of X% XX% points price to in sales of had was growth. segment that $XXX
about comment on need impressive – price growth, ahead in that the note, X% our which in by segment segment expansion. I area. getting Industrial of distributor Electrical Light impressive is indicating company So, impressive Utility terms is pulled a customers. quarter growth. of Of to price in We with the the of product very that to impressive is points XX concert growth unit our performance XX our that had at ahead sales pricing of unit
data Some non-res on XG half about quite verticals continuing I’d we providing quite are in is mentioned to that centers The really basis, are cut Heavy Industrial in there, which our was before, really non-res. softness supply attractive renewables, area growth, double-digit recovery attractive. dynamics saw resi expecting The that there demand one of area rollout from But a exposure some prevented of strong saw in continue. that was constraints a And on a the side, there to we our growing. business comment. not residential. lot – growth But that a ops
And costs. XX% the levers the to to this of unit had drop growth. themselves above growth tailwind on million operating lot profit really $XX operating expansion – got of On us you of see the through position second gotten working margin segment of side, And is here. profit, you positive XXX is basis for One on a material a points. price incremental
us coincidental So, impressive is not Electrical to think new financial a success the I segment. success performance, of the financial really creating
businesses, one compete bringing segment has a or different And got three on allowed this reporting to we front. as and good we’ve that had together collectively. year think it us I ago, traction some a really recall You half been – really we so under
think utilize more I on I we’ve to well seen our effectiveness we – operations benefits think development individually is in as I to segment efficiencies both This driven product think an center, network in part and as performance, we’re in than large and distribution and factory as rather pricing focused to across customer. certainly able be efficiency, entire marketing space. it do battle that and
the successful because many had the the mentioning was this what that which full see that full operating ago. we year certainly continuing we for basis, easier a years quarter a year one did for quite growth achieved relatively XXX comps. on segment really on ops But of implementation So, Electrical, Power very is for segment, profit side some and basis operating XX% margin. the – of in Electrical similar of Worth points
mentioned, points that the growth story And year solutions. to We the price over over X, companies – through really Same as XX% X%. Utility growth two X%. past flipping growth had unit few was the about of impressive the successful for of So, accounted Page I for Utilities our X to quarters, well for $XXX that million. to segment. acquired we’ve
see points behind the So, segment a about utility. when bit is But that the was where you see trajectory, X% for as first half our little is. you Electrical X
in about quarter X and can points, Third is just growth minute. X% really trending so up we’re about was we’ll unit X The you well and fourth for talk outlook quarter our points, see driven how by where being the – setting ‘XX was that important our customers describing, be demand saw get shipped. our far demand as of exceeded modernization to units and upgrades, on we system Power in the we our needs continues hardening part Systems Gerben a area
some we And so into decent have Systems. visibility Power
business chip our Meter On the side, Aclara did impact shortages the there.
bit And showing year were as in that results down Our the well. a quarter. fourth little we’re anticipating improvement next
comparable On see the you million but points. $XX X operating operating of about profit down profit side, at roughly
in what slightly talked basis catching the up price dollar haven’t we caught we’re headwind, second quarter up a points, fully catching price half, X expand the quarter, margins on third to think the similar gotten where material again, story in and to that to ultimately can in a get we’ve start about on up still up So we we in on half see to the it We beyond second here. dollars, first the yet. though
was whole X, in, to So, ‘XX. X, we franchise to and our XX%, year for because that is about lens year – the we a sales were coming full leaves solid a in of that think X, acquisitions and X think back quarter see wraparound fourth going remember us the extremely were when year continuing our outlook up solid with points last we’ll next the about just ended as number we if you’re up. price price and operations, price-cost of kicks important, X I about as talk points price, the see talk you which for with the that units the in XX Pull year,
X% million. operating to $XXX Our you see profit, up
see a You the XX.X% for year. achievement
Just profit a remind we – we business. of those segment. to operating part expenses, everybody, our consider – don’t running restructuring have burden the corporate with our We our we
loaded fully for corporate that’s overhead. So also any
with of price-cost our a turning well onward dramatic both And with here – – new to that trough per at share, number be a And kind upward Earnings of think like I’d portfolio year us. price-cost that for from with $X.XX. XX.X% so, up will electrical a XX% and as with as as dynamic. the see corner you as
continuing basis. So this the operations again on
our If the the C&I, our we since have we and full middle ops we range of adjusted October, around were as look format been underperformed from the C&I, results year the performance. And – when you about continuing of discontinued talking last, guidance ops XXXX that included the in on that on launched you have done when have guidance and better. would our really
to continuing like sales got capital being and in we we source. that – working had working liquidating year the part On ops. ‘XX range with you basis, see essentially our down making ‘XX, the of X%. our kind cash you’re And ‘XX strength with a a a that, of where year difference capital relative So between of flow mid a free
caused capital, in required the be more that notably XX% see working quite about in unreliability I investment quarter. receivables supply even us and inventory increase increase The an in fourth you in to conscious think sales investing chain inventory. in Here
net income. achievement that was of XX% so adjusted see at $XXX you And about million
as our have I of our And inform working XXX So talk we by about – target that guidance. driven think that that ‘XX need. short we’ll will us capital a of
the to range. I’d looking XX thinking we like is and XXXX we’re play you how which Page how think it – show starts in here on forward side on with is really And volume the going the mid-single-digit to – So, start out. unit sales
Light can to – components Industrial We can stronger grow. can think at think can end. grow, Electrical the our non-res continue T&D grow We Utility
backlog And the good so, growth is combination there. of and
book strong that’s of Year we year. our supportive outlook. how demand for you about into quarter you January, New X XX Mentioned and see of quite If fourth think the the continue in looks price by volume the that order the to achieved
So wraparound. that’s X points of
of volume. you our incrementals And and two on price-cost price, expect continued those like think material points and see salary And productivity against anticipating we so $X.XX don’t from inflation the inflation point, to being it’s really our second the addition because non-material then the headwinds areas the besides of as build We productivity. we going we – transportation. in are be inflation from waterfall bucket full tall dropping And cost areas. price, to and in contributors, and good starting the price is through and nice wages green. And the X effect pair
investments. that inflation, through, $X. that green to bit will to costs going think very specific productivity We’ve is think being time items, some centered more to little and with areas Not from going of our customers, EPS volume in is things our hampered growth like T&E, at we able costs double-digit productivity anticipating that our much to fully bucket. all we’re but healthy like and returning got prevent have other we going from a returning making be be salespeople road a by still Our Nice second to price drop are that. offsetting the on medical contribution
continued there’s On attractive in stronger. areas side, area, well think grow. come much out the ‘XX of efforts There’s has which some development to to some and some comms. capacity product really we’ve there high goodness that beyond automation new some areas renewables, growth We also innovation really the got and in were expansions underway invest this utility, Power in positioned like
be some the with C&I share non-operating, initiating So the we’re In from essentially there. capacity proceeds you – of the – some see sale breakeven be Lighting. repurchases a adding we’ll we’ll anticipating,
of – neighborhood contribution authorization relating levels. around some normal that we of supporting thinking credits the services from that from this against we got execute had and getting million a other tailwind would which There’s the in plenty anticipate reverse our divestiture positive anticipated those income nets rate our for to could or be We’re of all also some $XXX transition tax of on some to so. year. Board We’ve
So, net $X. to growth of that double-digit
will finished grow, And the And we’re believe driving we range we investing capital support this and double-digits that year. On the and to expense side, required. the similar and on way at to expansions. growing Electrical automation anticipating this free investment there. the side, think XX% to cash also year around we is capital on working we the Power and flow be as continued be We that be to side that a big plan aggressive efficiencies going
side. be higher outlook. enhance to hope to from think note, margin But of would acquisitions, this an last will way some pipeline capital hope quite deals the the And same see we $XXX we active able investment. year, the investment million acquisition you And investment. growth, deploy I we see you of have that on inorganic and finding we don’t in that organic had benefit three higher
it I’d the that, for back New to with Gerben So comments on turn Year. – for
