Good day, everyone and welcome to the Hubbell Incorporated Second Quarter Results Conference Call. As I reminder, today’s call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Mr. Jim Farrell. Please go ahead, sir.

Good morning, everyone and thank you for joining us. I am here today with Tim Powers, our Chairman, President and Chief Executive Officer; Dave Nord, our Senior Vice President and Chief Financial Officer and Bill Sperry, our Vice President of Corporate Strategy and Development. Hubbell announced its second quarter results for 2011 this morning. The press release and earnings slide materials have been posted to the investor section of our website at www.hubbell.com. Please note that our comments this morning may include statements related to the expected future results of our company and are therefore forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Therefore, please note that the discussion of forward-looking statements in our press release and consider it incorporated by reference into this call. In addition, comments made here also include some non-GAAP financial measures. Those measures are reconciled to comparable GAAP measures and are included in the press release and the earnings slides materials. Now, let me turn the call over to Tim.

Thank you. Welcome everyone and thank you for joining us this morning. As this our typical practice on these calls, I will provide you with some overview commentary on the results we announced this morning and then, Dave will walk you through a detailed discussion of our financial performance. I will share my perspective on the outlook for the remainder of 2011 and some closing remarks. We will open it up and take some questions from you. We will refer to presentation materials you can find on our website and I will start on page three. I am very pleased with our performance in the second quarter particularly growing the top line by 10% and our operating margins by 30 basis points despite continuing commodity cost pressures. Our strong financial results in the second quarter are reflective of the performance of our end markets that was better than our expectations. We enjoy particular strength in both our utility and industrial markets while our construction markets, both residential and non-residential continue to face challenges. Our utility customers are spending more on maintenance and repair of their networks and we are seeing a good flow of transmission projects, which is providing growth for our power business. Our industrial side, we see good demand from manufacturing customers, which helps our electrical products and wiring device businesses and well as strengths from the extractive industrial customers, which drives our Harsh & Hazardous business. In non-residential construction, spending on new buildings is still down, but we are getting a strong whiff from retrofit re-like and renovation that is allowing us to grow our commercial and industrial lighting businesses. Unfortunately, residential construction is still slumping at low levels. As you are aware, we entered the quarter with significant upward pressure on commodity costs. Therefore, this quarter…

Thanks Tim, good morning everybody. I’m going to start on page 4. First overall, looking at the quarter sales that Tim mentioned, overall sales are up 10% to $709.2 million and that’s really with some broad-based improvement other than the residential housing market and it is really led by our utility and industrial markets, both up double digits. Within that 10% year-over-year, 2% of that growth was coming from our price increases that we have been putting in place and working to realize and 2% from foreign currency translation. So, our underlying volume was up 6% year-over-year. Turning the gross margin, the second quarter gross margin of 32.4%, was down 20 basis points from the same time last year and that’s really despite the higher volume, it’s really still reflecting the significant negative impact of commodity costs in excess of our price increases that for the quarter was nearly a full point of negative impact. Offsetting that was certainly the benefit of our volume and the incremental margins as well as the productivity initiatives that we continue to work on and are even more important in this inflationary environment of some of the cost elements. Turning to page 5, our selling and administrative costs were only up 6% consistent with our volume growth to $124.8 million, but as a percent of sales actually down to 17.6% from last year’s 18.2% and a big benefit of that certainly coming from volume, but also our continued focus on cost discipline as we grow and the markets grow maintaining a discipline around the cost efforts that we put in place during the last couple of years in tough economic times. So our operating profit of $105.1 million is up 12%, operating profit margin up to 14.8%, up 30 basis points and that’s really…

Thanks Dave. Now for a quick summary. The markets have been more favorable than we had initially expected. We have been facing strong upward pressure from commodity prices that have required us to take pricing action across our portfolio of products. Our belief is that these actions already taken will allow for the second half of the year to turn positive and bring the price cost equation into a more balanced position for the year. The result should be a 50 basis point improvement in margins that will result in record EPS results for 2011. So in summary, we are pleased with our positioning. We have a vibrant new product development process. We are focused on lean manufacturing methods and we feel more important to our customers than ever before. Despite construction markets being at or near bottom, we are poised to deliver record EPS performance in 2011, so as growth returns there in the future, we are optimistic about adding value to our customers and our shareholders. Thank you for your attention and now we would be happy to take some of your questions.

(Operator Instructions) Your first question comes from Christopher Glynn - Oppenheimer.

Thanks, good morning. I just had a question, the cash that you have on the balance sheet, it sounds like a lack of larger deals in the pipeline, we’ve just got to look at more aggressive share repurchases?

I would say that we always are considering that and I would say that we’ve done some share buybacks at this point and it is decision by the quarter Chris, that’s all it is, so it’s just something we’re looking at and if we have got better use, which means acquisitions, we would go to that first.

Okay. And then, as we move into the third quarter, is the sequential pricing and moving into a favorable balance, is that similar across the segments?

Yes, it is similar, although power is always more challenged, they have higher material content and so that recovery is a little bit slower. And so, I think what we see in the third quarter will probably be more biased toward the electrical segment than the power segment, but still, at least targeting could be neutral if not positive.

Got you. And then, how long do you think until you get a good sense of what the wireless controls, what the uptake in the market opportunity is for you there?

I would say a couple of quarters. It takes a while really to get the word out to train the channel on the selling process around this, but it is a product that we’re very excited about and it’s something that would work well for instance in schools and institutions and government buildings that you can preset lighting levels to for instance, classrooms and with a couple of settings turn the ordinary classroom and it’s something that’s considerable energy savings without as we describe a lot of extra labor to connect the controls to the lighting fixtures.

(Operator Instructions) Your next question comes from Rich Kwas with Wells Fargo Securities.

Hi guys, how are you? Good morning.

Hey Rich.

Dave or Tim, could you give us some color on how demand trends played through the quarter? It seemed like for overall industrial and utility were pretty good and construction maybe not as good, but just how we went through April, May, June, just any color along those lines would be helpful?

I would say that the stronger markets have followed the traditional path of increasing strength month-over-month and remained as we said, a little bit stronger than we had anticipated going into the quarter, which is why we have raised our guidance on those markets and the new construction non-residential side, both commercial and resi are weaker than we've thought they would be, and I would say in the category of stronger is in the LED side, which continues to be growing at a terrific rate. So, the stronger getting stronger month-over-month just following sort of the construction cycles and the weaker markets are getting a little bit stronger, but still on a relative basis, reflecting all the numbers you see about them.

Okay and then on lighting, you've had some data points from some of the other competitors in this space, the largest player seemed to be having kind of difficulty there, it just seems like you are little more positive about lighting. What are you seeing in the market, I mean, if you could break it out between just demand, volume and then just margins that would be helpful?

I would say that there is certainly a weakness overall in the C&I market on the new construction side and the projects that are there are centered around institution, government, and they are much fewer as you can imagine based on the macro statistics than you would like to see. On the other hand, the re-like side, the major industrials are really paying attention to energy consumption and spending the money that it takes to upgrade facilities, and these would be, Fortune 100 names that are going facility-by-facility to do the right job on that. In addition, there are some projects on the government side from the stimulus, which are relighting some fairly large buildings too, but the paybacks that’s the cost of energy is rising certainly more attractive every time.

And then on the industrial side on the lighting, is that direct or does that go through distribution?

Pardon me, could you say that again?

The industrial lighting; does that go through distribution or would that be in some cases direct?

No, it goes through the normal channel. It's specified by the lighting agents that go through distribution almost always.

Okay, great. Thanks so much.

Thanks.

(Operator Instructions) Your next question comes from Brent Thielman with D.A. Davidson

Hi, good morning.

Good morning.

Just on your guidance for sort of the right guidance for the second half for sales. Could you kind of break it down, how much do you expect from price increases versus volume increases versus sort of Forex?

Well, I think the full year pricing we expect to be about 2 points. That's ramping up, so there will be a little bit more strength as the year progresses into the third and into the fourth quarter, but currency based on today's rates, we would probably be another 1 to 2 points.

Okay, that’s helpful. And then, just remind me, were there any meaningful pricing actions taken in the second half of 2010?

Nothing that had any significant effect in 2010. We did have some price increases late in the year that we are targeting to have effect at the beginning of this year, and I'm just talking from memory, now I don't remember anything significant.

Okay, that’s fair. And then, on the utility side of things, is the pipeline of sort of forthcoming transmission and distribution projects, maybe not one you are directly participating right now, but your tracking it, is it increasing, stable, declining maybe relative to where you were at the start of the year?

It's increasing. It's a very active market right now and so, a lot of these have been in the pipeline for some time and now there is action beginning to be taken. So, we are quite pleased with the prospects of that market even into 2012 as we can see.

Okay, thank you very much.

Yes, good morning.

Hi Jeff.

Can you breakdown the spending strength on the utility side between transmission and distribution, give us a better sense for that?

We don't usually get very specific about that, but I can tell you anecdotally that a significant increase on the transmission side of our business is coming from these projects and that the number of awards we have received in 2011 are definitely much higher than 2010, and what's in front of us is also active and we've seen your list of projects and we're tracking every one of those and some other ones that are quite small, but that are important to our customers and we think we are doing pretty well in terms of winning our share of those.

And how would you describe the growth in distribution? Is it at a moderate level, it's kind of hard to see spending trends from the whole industry at this point in 2011?

Well, I would say that part of it wasn't planned on their part and that there were some extreme whether in widespread parts of the country that has really had utilities doing repair work beyond what they had intended to spend, and they are not finished with all that work, I mean some of it as you know, when you get storms, you get things up and do it quickly, but not in the finished way you'd like to have it. So, I think part of it is these widespread storms, but I think there is more repair work to be done behind it. So, I think really it has lifted the whole market this year on the distribution side in a way that the utility customers really didn't expect to spend, but are having to spend. And the other side of it is, with the summer, the way it is starting, the revenues are much stronger due to the heat. And so, I think they have the cash to come up with these expenditures. So, the distribution side of utility is stronger than we expected it to be just three months ago.

Lastly, on the very strong demand in the industrial, can you expand a little bit on what you are seeing? If this is new projects, it's upgrading of facilities and then specifically refer to the very strong growth in Burndy and whether some of that might be coming from market share gains, because of your ownership?

Okay, I could take a few vertical segments and say that the auto industry as you know is producing more vehicles and we're seeing them spend more capital and as a result, that's good for any number of our products that are supplied to that industry. The energy side, both the oil and gas side and the mining side are doing well due to the prices of those commodities and the strength there is pretty impressive. On the Burndy side, I would say they have enjoyed some of the ramp up of those markets as well as I agree that there are some very positive synergies on their revenue from joining the Hubbell family. .:

All right, thank you.

And Mr. Farrell, there are no other questions from anybody. At this time, I would like to turn this conference back over to you for any additional or closing remarks.

All right, well this concludes today's call Bill Sperry and I are around for the rest of the day in case anyone has any follow-up questions. And once again, we would like to thank you all for joining us today.

And again that does conclude today's conference. Thank you for your participation.