Good day, and thank you for standing by. Welcome to the third quarter 2025 Hubbell Incorporated Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Dan Innamorato, VP of Investor Relations. Please go ahead. Great. Thanks, operator. Good morning, everyone, and thank you for joining us. Earlier this morning, we issued a press release announcing our results for the third quarter. The press release and slides are posted to the Investor section of our website at hubbell.com. I'm joined today by our Chairman, President, and CEO, Gerben Bakker, and our Executive Vice President and CFO, Bill Sperry. Please note our comments this morning may include statements related to the expected future results of our company. These 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 consider it incorporated by reference to this call. Additionally, comments may also include non-GAAP financial measures. Those measures are reconciled to the comparable GAAP measures, which are included in the press release and slides. Now, let me turn the call over to Gerben. Great. Good morning, and thank you for joining us to discuss Hubbell's third quarter 2025 results. Hubbell delivered double-digit adjusted earnings growth in the third quarter, driven by strong high single-digit organic growth in electrical solutions and grid infrastructure, as well as a lower year-on-year tax rate. In utility solutions, T&D markets remain strong as utility customers invest to interconnect new sources of load and generation on the grid, while aging infrastructure continues to drive solid hardening and resiliency activity. Our grid infrastructure businesses achieved high single-digit organic growth in the quarter. While the pace of inflection in grid infrastructure growth was steadier than we anticipated in our July outlook, markets and order activities are strong, and we anticipate further improvement in year-over-year organic growth in the fourth quarter. While grid automation sales declined 18% in the third quarter on large project rollouts, we anticipate these headwinds to fade in the fourth quarter as the business returns to more normalized comparisons. In electrical solutions, we delivered high single-digit organic growth with continued margin expansion and double-digit adjusted operating profit growth. Our segment unification efforts and strategy to compete collectively are driving outgrowth in key vertical markets, most notably in data center, where new product introduction and capacity additions contributed to strong performance in the third quarter, with visibility to continued strength in the fourth quarter. We continue to simplify our HES segment to drive productivity and operating efficiencies, which we are confident will drive long-term margin expansion. Turning back to overall Hubbell, while cost inflation accelerated from the first half as anticipated, our pricing and productivity actions have been successful in more than offsetting these costs. Our strong positions in attractive markets and our execution in proactively managing our cost structure drove positive price-cost productivity in the third quarter and positions us well to drive continued profitable growth going forward. We are raising our full-year 2025 outlook this morning. Operationally, we anticipate the impact of lower organic growth to be fully offset by stronger margin performance, while a lower full-year tax rate drives higher adjusted earnings per share relative to our prior outlook. As we look ahead to 2026, we anticipate a year of strong, broad-based organic growth across the portfolio. Hubbell is uniquely positioned at the intersection of grid modernization and electrification, and we have driven strong performance over the last five years. As these megatrends accelerate and we exit 2025 with recent supply chain normalization dynamics behind us, we are confident in our ability to deliver continued strong performance in 2026 and beyond. Now turning to slide five, we announced at the beginning of October the closing of our acquisition of DMC Power. We are very excited to add DMC to Hubbell's portfolio as the business is highly complementary to our Utility Connector product offerings and provides a unique technical solution in high-growth substation markets. Hubbell has been very successful in our acquisition playbook in utilizing our industry-leading sales force and portfolio breadth to drive penetration of new solutions across our customer base, and we are confident that we can accelerate DMC's strong growth trajectory further over the long term. This acquisition is a continuation of our capital allocation strategy to acquire high-growth, high-margin businesses in attractive markets with strong strategic fit and product differentiation. We anticipate the acquisition of DMC will contribute approximately $0.20 of adjusted earnings per share accretion in 2026. Before I turn the call over to Bill, I want to highlight our recent announcement of Bill's upcoming retirement as CFO at the end of this year. Bill's contributions to Hubbell have been immeasurable over his 18-year career with the company, but let me highlight a few statistics that put his impact into perspective. He led 68 quarterly earnings calls, including more than 50 as CFO. He led the acquisition of 50 companies, averaging a double-digit ROIC for our shareholders. Most prominently, under Bill's tenure, Hubbell has more than doubled sales, improved OP margins from low teens to over 20%, and increased our market cap from less than $3 billion to $23 billion. In short, Bill's strategic and financial leadership have helped shape Hubbell and the company it is today. He is valued and respected by employees, customers, and shareholders alike. On a more personal note, Bill has been a trusted partner to me and our entire leadership team. Thank you for your distinguished service to Hubbell, Bill, and we wish you all the best in a well-earned retirement. One of Bill's many strengths was developing a strong bench of finance talent at Hubbell, and I'm pleased to have announced Joe Capozzoli as Bill's successor. Joe has held a wide range of leadership positions across Hubbell and the finance organizations over his 12 years, and most recently has been the CFO of our Electrical Solutions segment, where he has worked as a close business partner to our Segment President, Mark Mikes, in implementing our strategy to transform HES as a unified operating segment. You can see the success of Joe's leadership in that role through the strong growth and margin expansion of HES over the last few years. Joe and I have worked closely together over our careers, and I am confident in a seamless transition and in Joe's ability to drive further value for all of our key stakeholders in his new role as CFO starting in 2026. With that, let me turn the call over to Bill to provide some additional details on our financial results. Good morning, everybody. Thanks for joining, and thank you, Gerben, for those remarks. I'm especially appreciative of the partnership you've offered me over my 18 years, and I think particularly the past five have been really special to me. Joe, I congratulate. I recruited him about 15 years ago, worked super closely with him. We've given him a variety of roles, as Gerben's noted, in corporate, in the field, inside of finance, operations, shared services, and I think you're going to find he's really well prepared to be our CFO and I think will be a great partner to Gerben, and I'm sure a great communicator to our shareholders. I'm going to use the slides that you found. I'm starting on page five, the third quarter results. You see sales up 4% to about $1.5 billion. OP similarly up 4% to $358 million. Adjusted diluted EPS up 12% and free cash flow up 34%. Let's go through each of those measures individually. Starting with sales, those results show really strong performance across the entire electrical segment and the grid infrastructure unit within our utility segment. Those two areas, electrical and grid infrastructure, grew collectively at around high single -digits, where the grid automation component of the utility segment contracted and created about a 4% drag to the overall growth. What's important about that, as we look forward, we can see that the year-over-year compare for grid automation will start to flatten, and that drag of three or four points will start to ebb away, as Gerben said, fade. The combination of growth in the electrical segment, growth in grid infrastructure, plus the flattening of grid automation is a good driver of Q4 and ultimately a good setup for 2026. The second column there is operating profit, 4% growth to $358 million. Margins roughly comparable with effective price pulling, offsetting, combination of tariffs, and a higher level of restructuring spending, which we feel is really important to continue to drive productivity and to keep pushing margins up into the future. The earnings per share in the third column up 12% more than the growth rate in operating profit, and that's driven by tailwinds below the OP line. Specifically, we had share repurchases in the first half of the year totaling about $225 million. That's helping lift EPS, and we had a lower tax rate as there was an international acquisition that gave us the opportunity for a tax-friendly restructuring and helped us drive the rate down. Helping push EPS up. The fourth is free cash flow up 34%, $254 million. Most importantly, in line to deliver our 90% of net income to the full year, which continues to replenish the balance sheet. Gerben commented on the DMC Power acquisition, and even after that $825 million investment, our balance sheet is still poised for investment. Very good to see us be able to absorb an acquisition of that size and just take that in stride. Now let's unpack the performance by segment. On page six, we'll start with the utility segment results. See sales up 1% to $944 million. OP roughly comparable in dollars to $242 million. Back to sales, you see the grid infrastructure unit, which accounts for about three-quarters of the segment, grew high single digits. The good news about that strength is that it was broad across all of the end markets. Transmission was double-digit, seeing strength driven by load growth and grid interconnections. Substation was up mid to high single digit. Distribution up double digit with grid hardening and resiliency initiatives. That's a good sign. That's representing acceleration as we move past a period of inventory normalization in the distribution area. Lastly, telecom and enclosures returned to growth in the third quarter. I think you'll remember that had been dragging on us through an overstock situation there. Third quarter experiencing good breadth of sales strength in utility grid infrastructure. As we look to the fourth quarter in that area, we've got very good visibility to stronger growth rates in the fourth quarter. That's really being driven by the order book, which has really accelerated over the past two months in September and October, really releasing some pent-up spending, and I think is a good sign for 4Q and beyond. Grid automation, continuing the trend from the last several quarters, down double digits, driven by project rollouts that aren't being backfilled with new projects. That's being partially offset by growth in grid protection and control products. What's important here about the grid automation is we're really coming up to the point where we've had four quarters in a row now sequentially bouncing around between about $230 million- $240 million of quarterly sales. That started in the fourth quarter of 2024. As we get to the fourth quarter of 2025, we're going to start to see that sequential flatness turn into year-over-year flatness and really remove the drag on this segment that we've been experiencing. Good news there, just around the corner. On the OP side, dollars roughly comparable, pricing and cost management created a nice tailwind, but offset largely with higher levels of restructuring spend and decrementals from the grid automation side. Page seven, let's switch to the electrical segment. You'll see the electrical segment continuing a string of strong performance here over the last several quarters. You see double-digit sales growth of 10% and 17% OP growth with about 140 basis points of margin expansion. Returning to those sales, you'll see 8% organic fundamentally across the end markets. That lift is coming from two of those markets. One is data centers, where we're selling connectors and grounding balance of system products, as well as modular power distribution skid solutions. Very strong growth there. Also, very strong growth from the light industrial segment, where you see connectors being sold into industrial applications, providing the lift there. That's where our Burndy brand is. Continuing through the markets, heavy industrial, a little bit mixed in the quarter, and non-res remaining soft as it has been for the past few quarters. Basically, by market there, you see about 8% growth. Beyond market growth, we feel good that we're pushing for both organic and inorganic growth here. We've effectively realigned the sales force. We have a more geographic bent now, which creates some efficiency, and we're complementing that with some vertical market specialists, which creates some effectiveness. We're very happy about how that's working for us. New product development, which Gerben had mentioned, we continue to expand the franchise organically through those measures. On the inorganic side, we've been successfully operating an acquisition since the first quarter of 2025. Inventive provides solutions that power, protect, and connect wireless networks. Electrical really doing both organic and inorganic measures here. On the OP side, the 140 basis point of margin expansion coming through volume growth, price cost management, and productivity initiatives to drive efficiency, as Gerben described, both Joe and Mark Mikes and their team putting in initiatives to compete collectively as a segment. Really nice job turned in by the Electrical Solutions segment on a continuing multi-year story there, grinding margins up. Let's pivot from describing the third quarter to looking forward on page eight. You'll see that we've adjusted our EPS guidance upward for the year, as well as narrowing the range. We had a $0.50 range from $17.65- $18.15. We now have a $0.20 range from $18.10- $18.30. That's a midpoint movement from $17.90- $18.20, or a $0.30 increase. We're essentially passing through a lower expected tax rate for 2025. That really implies that operationally, for us, the third quarter was in line with what we needed to hit the full-year target. We're getting there with a little more weight to Electrical versus Utility, and we're getting there with a little bit more weight to margin and sales versus what we had originally expected. This outlook now can be summarized in that 3%- 4% organic growth, OP margins expanding in the 50- 100 basis point range, good pricing, good productivity initiatives. The DMC Power acquisition, which Gerben highlighted, we're anticipating being neutral to earnings in Q4 as we set it up to contribute $0.20 next year. We've got the free cash flow driving towards 90% of adjusted income conversion. It may be instructive to comment on Q4 and talk about the Q4 that's needed to deliver this full-year guide. It's a little bit stronger than normal seasonality, and I just want to take a second to describe why we're confident and have the visibility in that. The fourth quarter would imply 8%- 10% organic growth with contributions from both segments. If you think about the step up in growth, if we walk sequentially, you can see we talked about the absence of the grid automation headwinds. That adds substantially. We've got incremental price in the fourth quarter, and we see strong visibility to data center projects, new capacity inside of our Burndy business from some investments we've made in automation there, and very substantial pickup in September and October in the transmission and distribution orders of the Utility segment. We see that we've got visibility to that, and we're going to see margin expansion in both segments in the quarter. That's leading to our ability to maintain that original guide with the pass-through of the taxes creating the $0.30 increase. With that, I'll pass it back to Gerben and ask him to pull back the lens from this quarterly focus to a longer-term view of our utility franchise. Okay, great. Before we give our preliminary thoughts on 2026, we thought it would be instructive to set the stage by taking a closer look at the performance of our utility segment over the last five years and how that sets us up looking ahead to 2026 and over the next several years. This is on page nine. While there is a lot of information on the page, let me highlight a few key points. First, while supply chain dynamics have impacted the various pockets of our segment over the last few years, we have executed well through these dynamics, and they will be fully normalized exiting 2025. Second, the strong growth and margin expansion we have delivered has been driven by our large high-growth and margin businesses. Most notably, T&D infrastructure has grown a double-digit CAGR over the last five years, underpinned by our strong portfolio, position, and secular megatrends, and proactive price cost management. While our meters and AMI performance has been more modest, we are confident that we have repositioned this business with the appropriate cost structure and a more focused strategy to deliver growth at improving margin levels moving forward. Third, our M&A and capital allocation strategy has been effective in driving outgrowth while expanding our leading utility positions, most notably in substation automation with the acquisition of Systems Control, as well as the attractive area of grid protection and controls. Finally, as we look back at the last several years of performance as a whole, Hubbell has delivered organic growth in line with strong utility CapEx budgets, which are set to accelerate further over the next several years as customers increase their investment budgets to meet the demands of grid hardening, load growth, and data center interconnections. We are confident that our strong position in these attractive markets will enable our utility solutions segment to meet or exceed our long-term targets for mid-single-digit organic growth moving forward. Now, turning to page 10, I'd like to provide some preliminary views on our end market for the next year before providing a more comprehensive full-year outlook in the next few months. In utility solutions, we have high visibility to robust project pipelines supporting continued strength in substation and transmission markets, while ongoing hardening and resiliency activity support continued momentum in distribution markets, and modernization initiatives support strong growth in grid protection and controls. In our smaller end markets, we anticipate a return to growth in meters and AMI, as well as telecom. In electrical solutions, we expect data center, light industrial, and T&D markets to remain strong, while macroeconomic uncertainty drives a more modest preliminary growth outlook in areas of the portfolio such as non-residential construction, heavy industrial, and renewables. We are confident that our strategy to compete collectively in HES will continue to drive above-market growth and long-term margin expansion. Overall, we see an attractive end market environment, which we believe will enable us to deliver organic growth in line with our long-term targets. We are confident that accelerating megatrends impacting the largest high-margin areas of our portfolio will underpin strong performance in 2026 and beyond. With that, let me turn the call over to Q&A. Thank you. As a reminder to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Jeffrey Sprague from Vertical Research. Hey, thanks. Good morning, everyone. Bill, thanks for everything over the years, and best of luck. Hopefully, we'll see you around. I just kind of appreciate on 2026, maybe you don't want to get over your skis given how frustrating this utility guide has been this year. I just want to sort of interrogate a little bit Q3 versus Q4 in utility and think about what that exit rate really means for 2026. I think there's a little bit of debate about what is, you know, what is normal seasonality. One could certainly make a case on simple arithmetic that this exit rate in, you know, for utility would actually point to maybe double-digit utility growth in 2026. I just want to get your thoughts on that. Again, I understand you don't want to get ahead of your skis here, but maybe how unusual is Q4? Did stuff that you expected to happen in Q3 slip into Q4, and therefore we need to be a little judicious about thinking about this exit rate? Yeah, I think you hit on several important points in that question, Jeff, which we would agree with. Thank you for the well wishes, by the way. I do think that there's a chance you could see a very strong year. I think we think, as you say, it's prudent for us to plan our resources around that sort of long-term guidance that we've had. Fourth quarter's got some easy comparison in it. You point out seasonality as a point of debate, which usually we have a head and shoulders construction where the fourth quarter is a little bit lower. We still probably have that, but your year-over-year with some easy comps help really boost that. I think you start looking at the sequentials and then apply seasonality to 2026, and you start to feel that setup's pretty good. We share your confidence. We think it's prudent to, as you say, not get over the skis. Maybe one thing to add. Go ahead. [audio distortion] Yeah, just like Gerben. Sorry. Yeah, maybe the one thing. You know we're certainly looking at those exit rates as well with the businesses to see what could be. I think, Bill, you said it well, that maybe going into the year and a little bit to your point of the frustration this year is that we'll take a more conservative approach going into next year and really making sure that our cost is aligned to that lower volume. If we do see the upside, and I think, Bill, you're correct that that upside could likely happen, we'll benefit from it. Could you elaborate a little bit more on the September-October order strength? Also, just thinking about the up arrows here on this slide for telecom and meters specifically. Obviously, these have been nagging issues and problems all through 2025, some of it's comps, but still sort of an issue of, you know, can those businesses grow? Why will they grow? Should they grow? Just the confidence to put up arrows on those into 2026. If we started with telecom, again, it's a function of sequential math where we got flat for more than four quarters. The growth comes, but you know, certainly, Jeff, off of a lower level, right? That's just, that's already sort of happened. We see demand there and orders in line to support that. I think with meters and AMI, it's not dissimilar. We've seen four-ish quarters of contraction and building a franchise that's maybe led off some of the larger public utility projects and kind of getting down to a size that is based on a stronger MRO base, as well as some good repeatable business inside of the union co-op segment. I think that's, and you will note the color there of yellow maybe suggests it's an up arrow, but let's call it modest, you know, Jeff. The September-October order strength, I think the best thing to say about it is it's very broad-based inside of the T&D world, really across all of the products. I don't know, Gerben, if you have anything to add. I would say this was the inflection we were expecting to happen and perhaps a little bit later. If we think back and with some of the discussion with our customers, certainly with the tariff environment, there have been some pretty significant ongoing tariff increases and price increases over the summer. These customers are working within their budgets and assessing what this all means for their budgets. I think that perhaps influenced it a little bit. It's very hard to call exactly in timing to a specific month or quarter. The good news is we're seeing it come up, and I would say this is what we've been waiting and expecting to happen. I'm sorry, just one quick one. Is this tax rate sustainable into 2026? Yeah, it's driven by an international acquisition restructuring. I'd say it's project-driven, Jeff, and we're anticipating tax rate normalizing next year. All right. Thanks. Thank you. One moment for our next question. Our next question comes from the line of Tommy Moll from Stephens. Good morning, and thank you for taking my question. Good morning, Tommy. I want to make sure I'm hearing you here on the pace of recovery for utility. Is it a fair characterization that in reducing the organic guidance for this year, revenue guidance, it was entirely within the utility segment, but that the shape of the recovery is as expected, the timing has shifted? I would say both your points are accurate, yes. Thank you. That would be true as well of the distribution piece of that business? Yeah, I think we saw a good inflection in distribution in the third quarter, Tommy. I think that's a similar comment as well. Okay, thank you. The pace has shifted a little bit. Thank you. I'll move to a housekeeping type item here. On your early commentary for 2026, which is appreciated as always, you indicated the organic growth is in line with long-term targets. We've heard from you before on the sales piece of that 4%- 6%. Have you commented explicitly on what your organic earnings algorithm is? I know you've communicated a double-digit pace, but I think that includes some acquisitions. If there's anything you could do to tighten it, that would help. What we've talked about is 4%- 6% from the top line. We've talked about incrementals in the 25%- 30% range that gets you alone into high single digits. We're talking about buttressing that inorganically, Tommy. That's kind of mathematically how we build to double digits for kind of mid-cycle sustainable earnings growth, you know. Thank you. One moment for our next question. Our next question comes from the line of Steve Tusa from J.P. Morgan Chase & Co. Hey, good morning. Hey, Steve. I'm not a big management tire pumper here, but thanks a lot for all the interactions over the years, Bill. I think you know you're not only a really good and honest CFO, but a great guy. It's been a pleasure working with you, and hopefully see you around the golf course in the future. Thank you, Steve. Likewise, back at you. On the quarter pricing, what's kind of the breakout by the two segments? Yeah, we were talking about pricing for the year being in the 3% range, and the quarter was in line with that. I'd say reasonably balanced between the segments, you know, Steve. Okay. Can we just talk about the puts and takes on the margins for next year? Anything moving around, you know, on the PCP front for next year? Yeah, I mean, I think I'd rather wait and let my esteemed colleague Joe give you those guidances in our January call. I do think if you take the long-term setup that we're referring to, which goes back to Investor Day, the incrementals that we cite are below what I would call maybe harvesting incrementals. That implies that we would anticipate continuing to make investments along the way. As you know, there's a little bit of wraparound price embedded, and we'll talk through all that in detail in January. That's kind of how that long-term framework really plays out. Yeah, maybe the only thing to add is we certainly will continue to manage the price-cost-productivity equation to it, and that moves all or better. All right. Jeff had, I think, three and a half questions, so I'll just do three. Just on this drag from the meters and the other kind of infrastructure, more infrastructure-type businesses, how much visibility do you think you have on that bottoming? Do you get the sense that some of your businesses are getting crowded out from an investment perspective with such a significant focus from the utilities on T&D as opposed to the distribution side of the equation? Yes, the first question, remind me. Sorry, Steve, I was thinking about the second half. Sorry, I did. I snuck in three and a half, maybe four. The first one is just how much visibility do you have on this Aclara and grid infrastructure drag? How confident are you in the bottom? Yeah, I would say, yep, thanks, Steve. I would say it's generally longer dated than our, certainly our distribution side of the business. After this big project rollout, this business now has more of a component of MRO. We see future projects actually being less lumpy. We're refocusing this business on more of the public power. Those projects tend to be smaller, and they tend to be implemented over a longer period of time as well. I would say what was much longer visibility is now much smaller, but I think it's also going to be more predictable for that business. Certainly, distribution is still going to be very good, very good growth. Yeah, the crowding out point, I think, is one we debate a lot, you know, Steve. I think, Gerben, the way he was asking is, is a heavy amount of T&D spending going to, by definition, drive D kind of down a little bit. You know, we've seen a very healthy D. Even though there's some logic in there's a fixed number of dollars, it just feels like there's going to be growth across those three markets. Maybe the one thing to add, if it did drag it out, and we saw the upside in substations, which we will, you know, we're a little bit agnostic, we're in a very strong position in all three of those markets. I would say equally strong position. If a dollar, an additional dollar goes to substation and transmission, that just delays the investments that need to be made in distribution. We'll probably extend that cycle of investment that will benefit. We see our position to benefit equally if some of that happens, and it could. Okay, great. Thanks a lot. Thank you. We ask that you please limit yourselves to one question and one follow-up. Our next question comes from the line of Chris Snyder for Morgan Stanley. Thank you. I just wanted to follow up on, I guess, the softer back half utility organic growth. I guess, you know, maybe relative to three months ago, is this like a function of Aclara maybe softening a little bit versus that Q2 kind of expectation? Is distribution turning just maybe not as sharp as previously expected? I guess just kind of, you know, what specifically is, you know, kind of causing the utility back half to come in below? Thank you. Yeah. Chris, it's not Aclara. Aclara has been kind of as expected. There is just a little less from the T&D side. Now we say that and it's growing 8%, right? It's not like that's a low growth rate, but we were expecting kind of this sharper snapback that the September and October orders are suggesting. I think Gerben described it as a more steady improvement rather than maybe that third quarter snapback. I think we're going to see a little snap in the fourth quarter here. It's within T&D, just I'd say 90 days delayed, you know, Chris, is really what I would say. Thank you. I appreciate that. It seems like the full-year guide kind of calls for pricing to exit maybe in like the 5% range versus I think you guys said 3% in Q3. I guess, is that right? Any commentary you would have on price realization, any pushback on price in the market, any elasticity you're seeing tied to that? Thank you. Let's start with kind of the timing of pricing. You know, we've recognized tariff costs increasing throughout the year. Similarly, pricing to match that has increased throughout the year. I think you're right to say if we end the year in the ballpark of 3%, you do a little bit better in the fourth quarter. I think some of that would wrap around. In terms of stickiness, I think the stickiness has been quite good. In terms of pushback, maybe ask Gerben to comment, but I would say so far, you know, we're talking about very constructive discussions with our channel partners, very constructive discussions with our end market partners. I don't know, Gerben, if you had anything to say on stickiness and/or. Yeah, I'd say our price realization has been quite strong this year. I'd say not much different from what it has been the last couple of years. If you remember, certainly in the market, some of the markets that we operate in, the demand is pretty strong. If you look at utility and data centers, the other thing to remember, we're generally a small part of the total cost of systems that go in, but critical in the use. Usually, quality, service, availability is the leading conversations and questions. We have strong specified positions in many of the markets that we deal in. That all works in our favor for why you would have a strong stick rate. The conversations have been more frequent, I would say, as some of these stairs came through. A big part of that was just helping our customers understand where some of these costs were coming from, how this affected our product line, what we're doing about it to partially offset it. I would say that combination of those two things has caused us to have pretty good stick rates here. Thank you. I appreciate that. Thank you. One moment for our next question. Our next question comes from the line of Joe O'Dea from Wells Fargo. Hi, good morning. Thanks for taking my questions. Can you just touch a little bit on behind-the-meter infrastructure investments and what that means from a content perspective for you on both the utility and the electrical side, you know, how that would compare to an alternative of in front of the meter? Any perspective on sort of dollars per megawatt in a data center and how to think about that from the different kind of angles of investment? You're talking about data center investment, Joe? Specifically, data center investment, whether that's being supported from kind of behind the meter or in front of the meter, and how to think about what it might mean for differences in your content opportunity. Yeah, I would say probably immediately on the data center, it's directly more on the electrical side, you know, with some of the Burndy businesses, with the grounding system. I mean, tremendously strong position with some of our electrical connectors that are going into the data centers. As a matter of fact, a lot of NPD that we're doing to continue to support data centers with higher amperages that are going through it, as well as our PCX business. I would say there we feel the direct impact of it. I think what you're pointing out, which is clearly a benefit for us as well on the utility side, is how do we support the data centers with the power that they need. That comes in various forms. I would say the primary way that a data center wants to be served is by utility companies for that power. There's a lot of investment going in there, not just in new generation, but in how you can interconnect the grid better to provide that load. Also, we have a very strong relationship with the independent power producers, the EPCs. In some cases, you see data centers maybe looking in the short term to fulfill some of that generation more directly. I'd say we would benefit from that as well when you interconnect these data centers too with substations and with the short lines that you would need to bring into the data centers as well. I think our position is good to benefit from this. I would say generally, a data center would have a preference to have utilities provide that power. I think, Joe, maybe one of the things you're pointing out when we talk explicitly about our data center exposure, we are talking about that behind-the-meter piece. I think you're pointing out that in front of the meter, there's quite a bit driving growth that doesn't exactly, we don't call that data center because it's going into our utility customer. I agree with you. There's a driver there too, for sure. Right. No, exactly. Just trying to understand those different phases of investment and opportunities and appreciating the direct data center exposure within electrical that you're reporting. Then just thinking about the grid automation piece, where that sort of CAGR has been relative to target over the past couple of years, and trying to think through any perspective that you can add on meters and AMI, maybe sort of growth not performing to what those targets would be, but whether there's broader value within the portfolio that maybe is underappreciated. Is there synergy value that that business is bringing that remains attractive to you? Yeah. Yeah, I would say the short answer to that is yes. You're right to point out that the financial performance of it has been below our expectations. We've not sat still on that, and we've pivoted that business to where we believe we can compete, we can win, and we can get a margin that's more closely in line with the rest of our portfolio. Yes, it's actually one of the strategic reasons we acquired that business in 2018 when we assessed our portfolio and we have a tremendously strong position in the component side, and that continues today. That continues to be needed for tomorrow. As we saw the grid modernizing, we really didn't have the right resources or portfolio to do that. We acquired Aclara in it. Initially, it was just Aclara. Today, it's grid automation. Half of the revenues of this business today is not Aclara, for products that we've since acquired, that we've developed, and that are growing at the high end of our portfolio growth. I would say it's absolutely contributed to the whole of grid automation. We're also focused, as we are in the rest of our portfolio, that the individual businesses have to perform and contribute to the whole. That's where our focus right now is with Aclara. Thank you. I appreciate it. Thank you. One moment for our next question. Our next question comes from the line of Julian Mitchell from Barclays. Thanks very much. I wish you all the best, Bill. Thank you for the help and congratulations to Joe. Maybe just my first question would be around operating margins. I just wanted to try and understand, as we think about next year, I understand there'll be more flavor or color in three months' time. If there was anything to highlight in terms of the effect from restructuring costs not repeating, or higher savings, any kind of carryover to margin effects next year from self-help measures this year, and whether there would be any effect on the year-on-year margin progression from the accounting change earlier this year, just to see if you could flesh out a little bit the comments around incrementals next year. Yeah, I think restructuring, you know, Julian, we've tried to put it into this virtuous cycle where we spend roughly the same amount every year. Maybe it bumps around a little bit quarter by quarter, but then you don't notice it annually in terms of the margins. We continue to believe that restructuring program is important in driving future productivity. We might call that productivity with a capital P, lots of smaller productivity initiatives with a lowercase p, obviously. I think that part is something we hope not to whipsaw you with margin-wise, and that we feel I know a lot of our competitors would exclude that number from their margin and say that it's a discretionary item. We just feel it's going to be part of our year-in and year-out modus operandi. Therefore, we include the cost because we expect you to experience it every year. Plus, it's not just an expense. It's basically an investment to get margins up. That's why we include it and hope that you don't see a lot of distortion from that. The accounting change, I don't think would change the margins percentage next year either. That's great. Thank you. Maybe on the top line for a second, a lot of explanation, understandably, around the utility market, but switching to electrical and the commentary around, I think, non-residential and also kind of heavy industry into next year is quite muted per slide 10, I think. Maybe sort of flesh out any movement you've seen there. I know some other companies have talked up U.S. non-residential in the past month or two. Seems like you're a bit more cautious. I think we are probably a little cautious. It's been reasonably mixed and soft for us. I wouldn't be surprised if you see, you know, a decent rebound. Our exposure in that space has gotten smaller as a result of some of our business development work, both in terms of what we've bought and what we've sold. The heavier industrial, you know, it's always interesting to look at steel prices and the like to see if you start to see some output increase there. That will certainly true that up, you know, Julian, by the time we get to our January guidance. I think you'll find I don't think we'll be an outlier from the general market expectations there. That's great. Thank you. Thank you. One moment for our next question. Our next question comes from the line of Nigel Coe from Wolfe Research. Thanks for the question. Good morning, everyone. Bill, you look far too youthful to be retiring, but I know you've had a long career, so congrats, and hope you enjoy retirement. You're not commenting on that, so I'll move on. I've got a couple of quick modeling items, and then I've got a. My back is up today, so I feel older than I look, I guess. It's all fair. Yeah, you definitely have that youthful sort of, you know, kind of look. A couple of quick modeling items, and then I've got a bit more of a strategic one. Just on DMC Power, we understand the margins there are really rich, in north of 40% EBITDA margins. Is that the case? Maybe just comment on the three-key utility performance. Was there any impact from the storm activity? It seemed like there weren't any big storms down in the Gulf Coast area. I know that can swing things a little bit. Just wondering if that was an impact as well. Yeah, maybe I'll start with the second first, sort of storm impact. There was none. It was quite a calm season, although there is a big one right now that's hitting Jamaica. That generally, we would say in the overall scope of Hubbell, is not a big driver on revenue, but within a quarter, certainly that could have a couple of points if there's storm activity. On the first question on DMC, that's indeed a quite attractive margin business. If you think about the application of this, it's in substation, very high stakes, I would say, environment of power with a very unique solution of a swage technology to put these crimpers on these connectors onto the conductors, what traditionally would be a specialized welding application in a substation. You can imagine both the application of something like this and the savings or the efficiency in installation. That's what drives a really nice margin. When you put that then in our portfolio, I would say this is about as down the fairway as you can get for fitting in our portfolio because we do a lot of connectors, and this is yet another solution of that. We generally are able to add and to boost what, you know, and privately or a single line player can get with our sales force, with our relationships. We're really excited when we are able to fold in businesses like that into the portfolio. DMC. My follow-on question is really, it seems like there's a huge market for control house applications in data center. My understanding is system control, certainly the sort of the history of system control, is very much in the substation for utilities. I'm actually wondering if there's a sales channel opportunity into the data center for that business. Yeah, we bought a company a little while ago called PCX, which does control house to data centers. We do think, Nigel, the application has got a lot of growth in it. We do agree there's some interesting best practices to be shared between data centers and the utility side on the substation. I think we would agree with your premise. The only thing I may say is we are very busy trying to serve our utility customers at this point. We're adding capacity in this business, but we see, like you, an opportunity to expand it in those other areas. Okay. Thanks, Bill. Thank you. One moment for our next question. Our next question comes from the line of Christopher Glynn from Oppenheimer & Company. Yeah, thanks. A lot of ground uncovered, but Bill, it's been a pleasure to work with you and observe the excellence you brought to Hubbell for a long time. Thanks for all the work together. Thank you, Chris. Yeah, just, you know, looking at data center, I don't know if we got a particular call out on the growth rate there, but I think that's kind of the spearhead of your vertical market strategy. Light industrial is obviously a little more diversified, but I think you're probably seeing some of that there. I'm just curious if you could comment on that as we think about the vertical market strategy being, you know, a bigger than a data center theme for AGS. Yeah, I would say you're right. The data center is driving a lot of notable growth inside of the electrical segment, and some of it is a dedicated unit, PCX, and some of it is the connectors and grounding solutions. I agree. I also agree with you that there are other verticals besides data centers where we've tried to add sales and marketing specialists to do a better job of cross-selling across different units. We're finding those efforts to be well worth it. It's not just the data center vertical, as you say. It just happens to be a very high-growth pointed one right now. Okay. Then just wondering if you have the D&A numbers for DMC in particular, maybe the depreciation since the amortization backs out anyway. I don't have it off the top of my head, but the math, right, you're talking about sales growth in the 20% range. You're talking about EBITDA, as we said, in the 40% range. You should assume D&A, I may be guessing here, but it's a couple of points of sales. We'll be doing some investing in that business. We'll be ramping those margins up over our ownership time, I would think, Chris. Great. Thanks. That's all I've got. Okay. Thank you. At this time, I would now like to turn the conference back over to Dan Innamorato for closing remarks. Great. Let me take the call here. I just want to make a comment of thanks to all of you for the well-deserved well-wishes for Bill. I'm sitting here across from him, and while he's not always reacting verbally, I can tell what it means to him. I think we set the bar for Joe coming in of beating 50 earnings calls as CFOs. I'll make sure to relay that to him. Thanks and look forward to connecting in the first quarter. Thank you much. This concludes today's conference call. Thank you for participating. You may now disconnect.