Good day everyone. Welcome to the Hubbell Incorporated third quarter results conference call. As a reminder, today’s call is being recorded. And now, for opening remarks, and introductions I would like to turn the call over to Bill Sperry. Please go ahead sir.

Thank you and good morning everyone. Welcome to Hubbell’s 2010 third quarter earnings call. I’m joined today by Tim Powers, our Chairman, President and CEO, Dave Nord, our Chief Financial Officer and Jim Farrell, our Director of Investor Relations. Hubbell announced its third quarter earnings this morning and hopefully you found that press release already off of the wires, or from our website. You’ll also find presentation materials on the website that Tim and Dave will refer to on the call today. Let me refer everyone listening to the call to the paragraph in our press release and in the materials regarding forward-looking statements. The press release and materials may contain expectations based on assumptions and Hubbell’s performance in the future, particularly regarding our earnings. We also may make some comments here today on this call or answer questions which may include forward-looking statements. All of these involve inherent assumptions with known and unknown risks and other factors that can cause our actual or future results to differ perhaps materially from what we may discuss or project today. So please note that paragraph in our release, and I’d like to consider incorporated by reference into the call this morning. In addition, we may make reference to non-GAAP financial measures that management finds useful in evaluating performance. Those measures are reconciled to comparable GAAP measures in the appendix to the presentation material. And with that, I’d like to turn it over to Tim.

Welcome everyone and thank you for joining us this morning. Dave and I will be referring to presentation materials you hopefully have found on our website. I will begin today’s call with an overview and then Dave will provide a detailed analysis of our financial performance. I will conclude by providing my perspective on the outlook for the remainder of 2010 and into 2011 as well as some closing remarks. Then we will open it up and take questions from you. I am starting on page three of the materials. Hubbell’s performance in the third quarter was very strong. Sales growth and margin expansion drove a significant improvement in earnings per share for the quarter. I am very pleased with the results Hubbell is delivering, a sign of solid market positioning and outstanding execution. Let’s move to a review of our end markets. Nonresidential construction is our largest market and continues to provide a headwind. Private construction is the hardest hit as the supply of building relative to demand, combined with difficult to obtain construction financing continue to drag down new starts. Public spending has been relatively stronger as it has been aided by some stimulus activity. In addition, we continue to experience strong growth in the areas of retrofit, renovation and building controls. We feel that the sharp contraction of residential construction since 2006 has reached bottom and will likely bump along for a few quarters as foreclosures and unemployment drag on the housing market. However, a return to more normal levels of annual construction creates a very positive multiple year picture of growth rates for our residential business. The industrial market demonstrated real strength during the quarter. We experienced impressive growth in the lines like wiring system, where increase in the output of key manufacturing sectors require spending…

All right. Thanks Tim. Good morning everybody. Let me give you a little more color on the financial impacts of some of the things that Tim’s just talked about. I’m going to start on page four of our presentation, talking about our Q3 sales. First off, reporting $685 million of sales. That’s up $91 million from the third quarter of last year. 15 percent growth, nine points of that growth coming from the addition of Burndy. Recall that Burndy was acquired and closed just at the beginning of the fourth quarter, so this is the last quarter that we’ll have that comparison discussion. As well, strong industrial and utility growth, so the core growth underneath the 15 was six points. On the gross margin side, very good performance on gross margin, reporting 34.3 percent, up 180 basis points from the third quarter of last year. A lot of thing contributing to that, most significantly it’d be ongoing productivity gains from the cost reduction actions we’ve taken last year as well as the long term investments that we’ve been making. As Burndy is a positive contributor in the quarter, running at, as you recall, we’ve talked in the past that Burndy runs at a higher gross margin, as I’ll mention later. They have a higher selling cost element to drive that, but that was a positive contributor, as well as a higher mix of our industrial products both in wiring device as well as our high voltage product lines. All that served to more than offset what is still increased commodity cost headwind that cost us a little over a point just on commodity cost with some, but fairly minimal, price implication benefit, or certainly not enough to offset that. Turning to page five, selling and administrative expense of $117.6 million,…

Thanks Dave. Let’s turn to page 18 in our outlook for the remainder of 2010. We expect organic sales to be roughly comparable to last year, but an increase of 7% when including Burndy. This would include the level of seasonality we typically experienced in the fourth quarter of the year mainly where lower volumes resulting the impact of cold weather on construction activity, accounted with fewer days and distributors were considering yearend incentives in inventory levels as they close out the year. The full year expectation for margins would be a 180 basis point improvement over the prior year and free cash flow is expected to be roughly equal to net income which would imply the seasonal liquidation of working capital during the fourth quarter. Let’s turn to page 19 in our preliminary outlook for 2011. We will provide more detail for you at the end of our year at the call in January, but our directional expectation is that three of our four markets will be growing and this just provide us with modest growth overall for the company. Hubbell is providing its value to customers each and every day. We are providing a broad array of high quality and excellent brands with high service levels. We are focused on leading out our operations to retain a competitive cost position in the industry. Cash flow generated from the business allows us to return an attractive dividends to our shareholders as well as to make investments in growing the company both organically and through acquisition. And we manage our leverage and liquidity position conservatively to best position us for the future. Thank you for your attention. And now we would be happy to take your questions.

(Operator Instructions) We’ll go first to Bob Cornell with Barclays Capital. Please go ahead sir. Bob Cornell – Barclays Capital: Yes, obviously you paint a very good picture but I wanted to focus on some of the opportunity I say, I mean you talked about the non-res still being on the week side but again maybe give some color in terms of inquire rates, quotation rates, pipeline types of visibility out down the road, Tim.

I would say that the year on non-residential construction has turned out to be certainly lower than the previous year but not as bad as we anticipated it would be. And I would say that the comparisons are steadily moving in a favorable – more favorable direction. We would expect some modest that is sort of mid-single-digit declines next year but then there is favorable trends as we pointed out with retrofit and lighting controls and certain areas of growth. So less that is the kind of the story of non-res. Bob Cornell – Barclays Capital: Well I guess, in that view for ‘011, would there be a point where you see the even though the number is down for the year, would you expect the numbers to track positive given the way that the comps are tracking at some point, second half of next year?

It could possibly be that case Bob. But I think we’ll have a lot more clarity as we get through the fourth quarter better view of that. But the trend is improving. Bob Cornell – Barclays Capital: Right. I guess here the other question is on transmission, the part that’s lagging, I mean you talked about those projects being deferred by how long, by how much. When do you see those comps turning positive as well?

I would say that we’re back in a very active cycle in the moment in quotation of these projects which means they have been delayed, some of them a year up to 18 months, while we’re encouraged by what we see at this time. And we’re hopeful that some of these could come back for 2011. Bob Cornell – Barclays Capital: And you kept mentioning the price, cost issue as you and Dave went through the presentation, but I mean last year you had very favorable tailwind at this point and so we’re comping normally almost with regard to price and cost, I mean how about just color on the go-forward in terms of the ability to get price to cover cost?

As this period of lower economic activity stretches out, it’s not easy to recover it what I would say we are determined to do that. And when you put to price increases in place to be able to do that and the negative balance of price, cost is improving as we get to the end of the year. And I would say there is probably some further price increases that are appropriate based on what’s happening to metals. Copper in particular is one. Bob Cornell – Barclays Capital: Okay, thanks. I’ll turn over to the queue. Thank you.

Sure.

We’ll go next to Christopher Glynn with Oppenheimer. Your line is open sir. Christopher Glynn – Oppenheimer: Thanks. Yes, just going back to the mid-single-digits decline for the non-res next year. Tim is that the market commentary or is that rolling in your favorable trends with some of the areas of lighting?

That’s a market commentary. We would expect to do little better than when you include the areas of growth that are growing say at 20% or our comments on LED doubling would be modifiers for that trend. Christopher Glynn – Oppenheimer: Okay, and the other commentary on the productivity, I know that versus last year there certainly been a year’s worth of productivity initiatives but just sequentially we saw something like 70% conversion of the revenues. And on the sequential dynamics, we have the HV test and the Burndy, I mean how significant where those?

I would say we had across the board improvement in the electrical segment. The wiring device business was significantly better. The lighting business performed quite well in the phase of a very difficult market. And of course, the harsh and hazardous and test equipment business also performed well. So they were just about every piece of the electrical segment contributed to the upward trend here. Christopher Glynn – Oppenheimer: Okay, and HV test I think it’s a little bit more of a backlog oriented business for you. Can you talk about the visibility into the continued improvement there?

Yes, I would say certainly the margins are terrific and we shipped a couple of very large orders to emerging market parts. Incoming orders were not quite as high as what’s being shipped but still looking like quite a good year coming up for 2011, not quite as good as 2010. Christopher Glynn – Oppenheimer: Okay, great. Thanks a lot.

And we’ll go next to Jeff Sprague with Vertical Research Partners. Your line is open sir. Jeff Sprague – Vertical Research Partners: Thanks, good morning.

Good morning.

Good morning. Jeff Sprague – Vertical Research Partners: Just a couple of more things on T&D if you could elaborate a little bit more, I had to jump off the call mid-way. So I’m sorry if it’s a little bit repetitive. But I got the comment on T stuff sliding to the right and I guess no surprise there. But could you give a little more completion Tim on what’s happening on the D side, where you’re seeing some pickup. Is it stock products, is it storm related and any particular products your geography is standing out?

Well it’s certainly not storm related because the weather has really been quite good and really hasn’t been much in the way of storm business up to this point. But it’s a return of the large utilities to spending what they need to, to keep lines maintained as opposed to what happened last year when they were very surprised by the downturn in electrical consumption and put the brakes on spending. So what I would describe as a bounce back to the normal level of spending. It’s not a high level of spending, but it’s better than it was. And its – our products are more – our sales are more distribution oriented just because of this sliding of utility spending on the transmission side. And particularly substations, it’s an area that’s been weak on a year-over-year comparison. And that is an indication of the putting the brakes on even the intermediate pieces of spending, not the big, high voltage lines but the improvement on the grid overall. So I would expect some of that to bounce back up as we get into 2011. Jeff Sprague – Vertical Research Partners: What do you think about the state of inventory at the utility level itself and their yards and the like?

I would say that it is not high. I would say they’re buying what they need and managing their cash flow very intently. I would say that even in utility distribution, we do not have an excess inventory out there either. I think what we’ve suffered through in the back half of 2009 was really a draining of the channel from the end customer and the distributor in the phase of that downturn in spending. And I think that they’ve been quite tight fisted both participants in the market in terms of restocking their inventory positions. Jeff Sprague – Vertical Research Partners: And this notion of substation still being neglected but perhaps picking up, is that just a very logical sounding theory which it does sound logical or is there in fact some early order indications or other activity that suggest maybe that’s starting to happen?

It’s my view that it has to improve because the level to which it fell isn’t one that’s off a normal maintenance, you know I mean it’s down below sort of the average for long time. And I don’t think that this spending has been at sustainable rate to keep the grid in normal repair. Jeff Sprague – Vertical Research Partners: Okay. And I’m sorry if this was addressed earlier, but just on lighting. Could you provide some color on the success of price in the channel, distributor’s willingness to kind of accept and try to pass on and what the give and take is there?

I think distributors are always willing to try to pass on price as it is to their benefit. But as you know in the lighting business this is more of a job business in the commercial industrial product lines and the pricing on jobs because of the low number of them are pretty tough. So it’s in this area of commercial construction including what would be part of our vehicle brands where pricing pressure is the most intense that we see. But not any different than at this time in the cycle, your volume is scarce and the competitive battle over the jobs is at the normal level. Jeff Sprague – Vertical Research Partners: Okay, thank you very much.

Sure.

And our next question comes from Steve Tusa with JP Morgan. Please go ahead sir. Steve Tusa – JP Morgan: Hi good morning.

Good morning.

Good morning. Steve Tusa – JP Morgan: On the non-res construction side, you mentioned there is a bit of bifurcation between the renovation, relight controls. What percentage of your business is the stuff that’s going pretty well and what percentage is still kind of stuck here in the buildings?

Well we don’t really give those percentages but I can give you sort of the order of magnitude. The vast majority of the market for most of us in the electrical business is new construction and that is where the amount of square footage being put in place is down substantially. What is the new opportunity? And that’s certainly a much smaller part of the business who’s on the retrofit, relight, and controls, but it’s growing at quite a fast pace. So we haven’t really been specific in public about what those two relationships are. But I would say the vast majority is the part of the business that’s still going downwards.

Steve we have mentioned in the past that we’ve got businesses that are actually very focused in those areas, so we do have pretty good visibility to at least from our own business what’s happening there, and those are clearly operating in the double-digits high teen 20% range in the current quarter, and we’re seeing an acceleration of the activity there. So that’s all consistent with what we expect as to be a mitigating factor again. But still weak core new construction and nonres. Steve Tusa – JP Morgan: And in the vast majority of the activity there, is that stimulus related? And is there a concern that kind of runs its course over the next few quarters and peters out?

I would say stimulus isn’t exactly the word I would use. There is some stimulus money being spent on government buildings to improve their energy efficiency which is badly needed. But there is just some tax credits and things provided by public utilities that I don’t really think are going to go away that are adding incrementally to the return. But he returns are fairly compelling for relighting buildings and just on their own. So I really wouldn’t expect this to slow down anytime soon. I would expect if anything as the adoption of the new lighting technology and controls becomes better understood, that this would continue to grow at even a faster rate. Steve Tusa – JP Morgan: Right. And then just looking out to next year from a price cost perspective, if the year were kind of – if we just carried the current pricing you put through today assuming raw materials go nowhere for the next several months, you kind of end the year at a certain level, what would be the net impact of price increases you already have in place and then the raw material costs that you’re facing? I guess my question is basically you maybe a little bit squeezed for the next couple of quarters, but there is price help on the way, and I’m just curious as to how much of that is eaten through by just carrying the current rate of commodity, inflation over to next year?

Well, if I were that good on predicting the commodities to be anywhere near tamed they have been very volatile, I would expect with the economic policies in the United States and our need to keep interest rates low and the dollar weakening that commodities will rise, and the battle to keep our prices up would be a continuing one into 2011, and we’re expecting that, and we expect to be able to succeed and get back what we need to from the marketplace. But I would say it’s anything but a calm picture moving forward. But it’s the same battle we’ve contended with continuously, so it’s just part of our normal operating procedure. Steve Tusa – JP Morgan: And is there any incremental productivity for next year?

We would expect incremental productivity next year. We see quite a wide opportunity yet to continue to improve our business. We were speaking about product redesign, better procurements in a shared services environment, plant relocations, product relocations, just the wide variety of activities we continue to work on as a company, and we would expect productivity to continue to improve in the 2011 and beyond into 2012. Steve Tusa – JP Morgan: Okay. And then one last question, sorry, sorry just one more here. On the revenue with outlook for next year, you used the term modest increase and then earlier in the Q&A you talked about modest as being mid-single digit. When I look at your revenue comps this year, there you just basically had your first quarter of meaningful growth here in the third quarter, so it doesn’t appear to me that all year you’ve been benefiting from significant uptick in demand. So why wouldn’t that comp be better next year? It seems to me that you’re not exactly facing the toughest level of activities in 2010. There hasn’t really been that much snap back in your business, especially relative to others, who I’m sure are going to guide somewhere in kind of a mind single range. I mean is this conservatism or maybe you could just talk directionally about what modest growth means next year?

Well, I would say that from the way we’ve been describing our four markets, we would expect three of those markets to improve somewhere in the range you talked about. But, if you remember our largest market, which is nonresidential construction, is expected to fall. So when you blend these markets together, you get something below 5% as our next year’s expected revenue. And also we’re a quarter away yet, so we would like another opportunity to talk about the precision of this view. But we expect certainly our revenues to increase year-over-year. Steve Tusa – JP Morgan: Perfect and I do appreciate – a lot of companies aren’t really talking about ‘11 yet, so I appreciate the heads up on that early, thanks.

Sure.

(Operator Instructions). We’ll go next to Scott Davis with Morgan Stanley. Please go ahead. Scott Davis – Morgan Stanley: Good morning, guys.

Good morning.

Good morning, Scott. Scott Davis – Morgan Stanley: A couple of things that haven’t been covered; one, just on free cash flow generation, which is, as you said timely issues, that’ll be great for year. Can you talk about M&A pipeline, what you do if you think out into 2011 and you’re generating all this cash? I mean it doesn’t make a lot of sense to pay down your debt at these types of interest rates. But are there other brundies [ph] out there or are there other kind of bolt – smaller bolt-on acquisitions or what can we expect out of your guys in the next 12 months in that area?

We are always looking for opportunities to add to our portfolio. Brundies don’t come along all the time, but certainly bolt-ons are pretty much we’re looking at a series of those all the time, and then it’s a question of value and price. But certainly we would expect to deploy some of our cash on acquisitions into 2011. That’s our goal, that’s our objective, that’s what we try to do on a continuous basis. That is the best use of our money except or perhaps reinvesting in our own company with CapEx and productivity improvements. Scott Davis – Morgan Stanley: Okay, it makes sense. Now I want to dig in a little bit to customer inventories. I mean when you think in terms of past cycles, one of the catalyst for customers to take inventory on is obviously a rising commodity price environment whether you’re getting hit with a price increase every quarter, every couple of quarters, but we haven’t seen that yet. So what do you see as far as patterns and your customer behavior and inventories, is there something different this time or has this just not happened yet?

No, I would say that certainly distributors increase their inventories as their volume increases. And if you would take the whole electrical industry and say it’s at a some small single digit growth, then inventories were probably risen by 4%, 5%. But because of the slow nature of the recovery in the construction business, there is no real pressing need for them to run out and increase their inventories in a short time. They’re making gradual adjustments as they need to, because the nature of the recovery has been slow, so I would expect that to continue. I don’t expect distributors or end customers to increase their inventories. The one exception to that is some of our industrial OEMs whose business has picked up more than 10% then you would see distributors stocking those specific inventories in proportion to the increase in demand. Scott Davis – Morgan Stanley: Okay that makes sense. Can we talk a little bit about tax planning and a couple of things to note. One, clearly you’re about 80%, I don’t know 84%, 85% US versus most of – the rest of our coverage group is more global, so it’s a little bit easier to do tax planning. What can you do given that we maybe in a somewhat rising in a corporate tax environment for the next several years. I mean does this argue to get a little bit more global and scales you could take advantage of some tax planning strategies that your peers have or is there any other things that you can do domestically to make sure that you don’t get kind of run over by government policy?

We are always working to try to minimize or pay only those taxes that we’re required to. But if you look at our strategy for the entire business, it’s really to build on the economic power that we have in America and Canada. And really we feel that growing our business and strengthening the North American business has a more positive impact than perhaps some incremental increases in taxes. And I do think that the government is aware that the taxes on US businesses are the highest there are in the western world and that’s something over time needs to be done about that. So we’ll have to see what that looks like when we get a new Congress in and a new attitude towards this as to whether domestic taxes rise or not. Scott Davis – Morgan Stanley: Sure. Last question guys on LED. I know it’s still small, but very, very fast growing piece of your business. If you look at [inaudible] numbers slowed down or their core organic growth numbers slowed down quite a bit this quarter, was there any slowdown or pause that you’ve seen in LED or is it still kind of 50% type growth rate.

It is growing at a fast pace. We don’t see any decline in that. We’ve tried to point out that since LED is a very directional lighting, meaning you aim it rather than you give up a general light. Its best applications are used outdoors which really plays well in the Hubbell’s lighting strength. We are the number one outdoor lighting company in the United States with our parking lot and area lighting. And so as LED expands it should benefit us disproportionately.

We’ll go next to Rich Klaas with Wells Fargo. Please go ahead, sir. Rich Klaas – Wells Fargo: Hi, good morning.

Good morning, Rich.

Good morning. Rich Klaas – Wells Fargo: I had a question on power margins. This year, 2010, you had a little bit less favorable mix in power. It’s gotten better since the first half of the year. Tim or Dave, how do you think about next year in terms of mix in power?

We would expect power margins to slowly improve over time. We’ve run into a lot of cost price headwind. Hopefully we’ll get some of that back as we get into next year. But you’re also comparing it to 2009, which was really a moment that we see very seldom where commodity cost fell at such a rapid rate that our prices were falling, but nowhere near that rate. So we had a great third quarter last year and we wouldn’t really – we would expect those margins to be right around where they are or a little bit about that over the course of the future, so in the 15% to 20% in that area. Rich Klaas – Wells Fargo: Okay. But are you seeing anything in terms of projects that make it more – potentially make it more favorable as you look out a little longer term?

No, I wouldn’t say there is a trend that would, you could expect steadily rising margins. A lot has to do with sometimes the nature of a large project or if there is a mix a little bit towards more towards substation, you might – that might help. But I would say we’re not trying to describe this as anything, but a very healthy business that’s performing well and it’s earning a very decent return, and it should benefit from the trends in the utility sector as it is the number one supplier in its category. Rich Klaas – Wells Fargo: Okay. That’s helpful. And then, Tim, I know you’re longer term outlook has been 15% operating margin. You’ve done a phenomenal job growing operating margin this year. It seems like you’re ahead of expectations in terms of achieving that goal. How should we think about given the productivity, given what you’ve done so far this year, the potentially that you could get to that sooner rather than later?

We have the potential to get to that. We can see it from here. The question is, before we say we can achieve, that really has more to do with cost price headwinds and those kinds of things. So we’ll have a little bit more to say about that when we get to December and we have a clear look at 2010. Rich Klaas – Wells Fargo: Okay, great. And then, just lastly housekeeping item, Dave, in terms of lighting, did you say overall lighting was down 10% year-to-date or was that just commercial lighting in terms of volume?

That was commercial. Rich Klaas – Wells Fargo: That was commercial. Okay, great.

Yes. Rich Klaas – Wells Fargo: Thanks so much.

Okay.

And with no other questions in queue at this time, I’d like to turn the conference back over to our presenters for any additional or closing remarks.

Thanks Laura. Thanks everyone for joining this morning. Obviously Jim and I are around to take any follow-up questions, clarification, et cetera. I know everybody is busy, so thanks for joining us.

And again, that concludes today conference call. Thank you for your participation.