Good morning, my name is Chris and I'll be your conference operator today. At this time I would like to welcome everyone to the Hubbell Incorporated First Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question-and-answer session. [Operator Instructions]. Thank you. Maria Lee, you may begin your conference.

Thanks Chris. Good morning everyone, and thank you for joining us. I am joined today by our President and Chief Executive Officer, Dave Nord; and our Chief Financial Officer, Bill Sperry. Hubbell announced its first quarter results for 2015 this morning. The press release and earnings slide materials have been posted to the Investors section of our Web site 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 forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Therefore, please note the discussion of forward-looking statements in our press release and consider it incorporated by reference into this call. In addition, comments may also include non-GAAP financial measures. Those measures are reconciled to the comparable GAAP measures and are included in the press release and the earnings slide materials. Now let me turn the call over to Dave.

Good morning thanks, Maria. Let me start with little housekeeping first. You obviously have heard a new voice on the call this morning in Maria Lee. Most of you are probably aware but if not Jim Farrell has been a long time involved in our Investor Relations function is moving on to a significant finance role in the operations. I've worked with Jim, as long as I've been with Hubble and I have seen him, as he's progressed through his career and he's been an integral part of the evolution that I hope you've all experienced in not just the performance of Hubble but specifically around our Investor Relations agenda and above the quantity and hopefully quantity and transparency of that communication, more to be done, we'll leave that up to Maria, but I just want to acknowledge Jim, Jim is thankful that he's part of our transition, he's sitting in the room today, so feel free to ask him any of the tough questions that you might have to Maria. We are fortunate to have someone like Maria Lee to join the team certainly someone who is very familiar and comfortable around the industrial space and specifically known to some or many of you. So we are confident in what Maria brings to the team and will add as we continue to advance our shareholder communication agenda, so thanks Jim, welcome Maria. Now on to the business of the call, the first quarter results I am obviously pleased to report a very solid start to the year in the first quarter, 7% sales growth with a nice balance between organic and acquisitions with offset by little bit of foreign currency headwind. The end markets performed largely as we expected, notably some good strength in the non-residential construction partially offset…

Thanks Dave, good morning everybody, I know what a busy morning it is here with lot of [indiscernible]. So I appreciate you joining us. I am going to use the slides that I hope you found and I need to echo Dave's comment and thank Jim, he's been a great partner of mine for last seven years and I'm really looking forward to working with him and his restructuring work that he is doing going forward in and also very excited to be working with Maria, so welcome, Maria. So Dave will walk us through Page 3 of those slides, so I'll start on Page 4, where we're focused on the sales story. So you see the $110 million of sales there, growth of 7%, we break that down into end markets here in terms of the organic story and you really are seeing some bifurcation here in our end markets. The non-res market showing some descent strength both in new construction as well as renovation that appears to us will be reasonably broad based and touches several of our business units. When we get to the discussion of our electrical segment, I'll describe a little more detail but that feels like reasonably good news to us on the non-res front. On the industrial side, you see a different story, you see the appreciate that Dave described as being down. You see the general manufacturing in industrial production providing just very modest growth, so big difference between those two markets and utility market growing but also quite modestly. That's really the state of our end-markets have become a residential side, feels to us like it's growing, we have some differences between orders and shipments based on some of the big-box activity that can be a little bit lumpy on the…

Thanks Bill. Page 13, our pie chart with our end market outlook. Let me start with the positives first, so upper right-hand side on the utility market. We continue to think that, that will be growing at a modest 1% to 2% consistent with where we saw as we started the year, certainly our performance in the first quarter would indicate that it could be a little bit better but that on we will stay with our 1% to 2% for now that’s our best outlook. On the residential side similarly no change there at our 6% to 8%. There is certainly been volatility as the over the last few months in some of the data points as well as some of the builder indicators and builder optimism I think that more recent view is more positive, but nothing that would be outside of this 6 to 8 on either end. So we’re comfortable with 6 to 8. The non-residential equally consistent with how we started the year at 5 to 6. I think our results in the first quarter might suggest that, that could be stronger. I think some of the indicators might suggest it's going to be stronger. I know the latest ABI was up, and there is a view but that is a positive. Although I think as I look at it I look back at the -- recognize that has a 6 to 9 month lag associated with it. And I think it peaked 6 to 9 months ago we’re just being very cautious about how that plays out. I think the other part of it is within our business we see two different dynamics one certainly as we've seen on the lighting side, the lighting element of non-residential is stronger but the flip side is…

Sure, so Chris I think we can open it up for questions.

[Operator Instructions]. And your first quarter question is from Rich Kwas with Wells Fargo Securities. Your line is open.

On the restructuring, so the $0.25 and now that we’re three months into the year, what are your thoughts around having to do incremental restructuring and now that you have more visibility on the state of the business. And is there more to do as we think about next year you typically do little bit restructuring every year but just trying get a sense for '16 it's going to get back to a normalized rate in '16 or if there is number that’s probably maybe above that.

Rich I would say, it's just only April and you want '16 guidance, already, really pushing. But on the restructuring I understand and I would say that as we’re -- as the organization has been much more proactive in identifying, evaluating and stressing potential opportunities, I would say that there is more opportunities that we’re identifying and that would likely be could be a little bit more of this year although again I have got to remind our team that we got to make sure that whatever we decide to do we’re going to deliver the savings, and we can execute successfully. But I think there are some things that we will certainly move into, if not start it by the end of this year, move into '16. And so the level of spending should not be higher than this year, but it would more likely than not be higher than our normal historical run rate. So there is a still little bit catch up going into the next year.

And then Bill on the buyback, so pretty meaningful relative to trends for the quarter 76 million. What are your thoughts about, is this going to be -- do you think this is going to be more consistent approach to returning capital. I know you're focused on M&A and keeping powder-dry but there is an argument to be made that act now and then you have to take on some leverage later in the year, next year for a bigger acquisition that would create more shareholder value. So just wanted to get your updated thoughts there?

I would say Rich that the $100 million a year, I think is more likely the new-new than $76 million a quarter I would say. So I think a higher level of activity but this we sort of got an early I would describe it get an early jump on it this year rather than just spreading it equally throughout the quarters.

And then Harsh & Hazardous, so based on what you are seeing right now there is incremental pressure, I guess just taking a temperature 20 to 25. Dave what's your level of confidence at this point and I realize it's a fluid market but with your customers what you're hearing and seeing out there from them, how would you characterize confidence level in that number at this point?

I think that’s from my standpoint our best estimate from what we’re seeing and hearing. I mean certainly we’re cautious because there are some indicators you look at rig count down to 50% and that would drive a more dramatic impact. We have heard and we’re starting to hear a little bit about some pushups into '16, not in a large way but when you first hear about them there is a potential for more. And then not surprisingly as a result of the magnitude to get into little more pricing pressure out there. So I would say from the volume standpoint I feel pretty good about the 20 to 25, I think what remains to be seen is that the margin impact become greater. I think certainly that magnitude of volume change causes us at least another nickel of headwind at least and that’s assuming that there isn't a dramatic in pricing. So we’re very focused on that, but it's a little too early make a absolutely firm call as you know our business a lot of business is driven in the second quarter into the early in the third. So we are monitoring this closely and to extent we see something different and were also listening very carefully to what other people are experiencing as well. And as a long way to answer to hope you are getting through it I'm confident at this number today but we're monitoring it on a daily basis.

Your next question is from Christopher Glynn with Oppenheimer. Your line is open.

So, it seems like you're one of the few companies where the quarter actually went as expected, at least on the surface. I'm just wondering if there was anything strange about the linearity in general or in specific businesses, kind of the March versus January look and maybe a comment on April.

Yes. I would say Chris your word linearity I think is a great word because I would love to have in it and we really don't try it, so for example I would say March started reasonably choppy and ended strong and so there is not a tonne of linearity within a month even that alone from month to month. And so there were interesting things in the quarter like businesses where we do a lot of grounding that are the weather sensitive stuff was a little softer than we had hoped and then as Dave said some of that other non-res was reasonably okay. So it's difficult to get to linearity and therefore your second question about April, were 21 shipping days -- sorry 15 I think shipping days into the months and there is nothing unusual in that pattern given that we've had ups and down. So the order pattern was in April I'd say is consistent with the way Dave was describing our outlook but it is not a nice smooth consistent linear set of data with which to make our forecast.

But the year-over-years didn't really diverge comparing say January and March.

Yes I would say -- no I think between those months you just saw choppiness within the months now you didn't see a big intra-quarter like backend loading our anything like that.

And then, Dave, did you say that you have your traditional seasonal peak into the third quarter, you said that would likely be accentuated this year?

No more on the -- I was talking more about the earning side in our profitability and the balance and profitability I think the seasonality of our volume in the third quarter is the point of caution because I expect that to be the same. And so much is dependent on that when I look at the full year outlook it clearly as dependent on the third quarter playing out as would be normal from a volume standpoint.

And if we look at the roughly $0.20 remaining in restructuring to get to the $0.25 for the year. Could you just comment generally how we would spread that out? And also, any kind of early information you could give on expected timing and amounts of savings from this year's restructuring?

I think that it'll be restructuring let's not take the timing of the cost first certainly we're getting more traction were initiating more actions and I would expect the second quarter to be at least that twice the level of the first quarter. Could be a little bit more but that it's around the executability and the action items. From a savings standpoint actually to the extent that they are staffing related actions in the first half, you'll start to see some of those benefits in the second half but on the facility side by comparison those benefits don't start to get realized until late in a year or early next year because it's more of the tail on that. So we're expecting that to currently looking for some min single-digit savings as we exit the year something in not that order magnitude curve.

Mid single-digit out millions?

Million yes.

And then when all grossed up and you're at the full run rates, would it be comparable for the spend?

Yes.

Your next question is from Mike Wood with Macquarie. Your line is open.

It seems like non-res seems to be one of the bright spots by end market. You gave the lighting growth, but I'm curious if the first quarter organic growth for non-res in total is tracking in line or above your full year forecast. And if you just give what kind of trends you are seeing there in terms of if you're expecting that to slow down or if recent trends have been more robust and could exceed your expectations?

I think Mike what you are seeing is our used to that description that we think that we outperformed the end market a little bit. So you are right to point out that both C&I lighting and some of the non-res businesses grew higher than that end market outlook of the 6% that Dave described, but that’s what we think that was. So we’re not expecting market deceleration if that was your question.

But just in terms of the non-res overall growth, do you have that number just relative to where it was in the first quarter to that end market?

We think that end market is consistent with our 5% to 6% outlook. I don't think there is a lot of choppiness there.

And then in terms of utilities, I know you are expecting a lot of the growth from transmission rather than distribution. What do you think prevents that distribution market from just getting to a more typical GP type growth rate?

I think we need to see housing expansion continue and to get the construction to continue to the point where that all that last mile hookup is needed. I also think is got on the MRO side. So really that D is driven by MRO, and we need utilities to have some good financial quarters where they feel like they have got, because that MRO spend as you know comes out of their operating budget not their capital budget. And so we need them to feel comfortable spending on the operating side that’s based on the amount of revenue they can generate which would be helpful if they had some support from their local commissions on pricing and things like that. But it's I think they got some interesting challenges and fuel price changeovers and where they are putting their attention and their dollars right now. So there is a lot of competition for those dollars. But I agree with you it will be -- it should be in that nice normal GDP level typically.

Your next question is from the Noelle Dilts with Stifel. Your line is open.

Noel we can't hear you, if you're on mute maybe.

It looks like he's dropped from the queue. So we'll take the next question which is from Brent Thielman with D.A. Davidson. Your line is open.

In terms of the Harsh & Hazardous outlook a little worse than maybe previously thought. Is there a competitive factor built in there as well? Are you starting to see the pricing pressure in that business for the nice margins you tend to how they are holding up?

Brent I would say that the outlook that Dave described has kind of this U shape to it, right? Where the first quarter though down dramatically is not down as bad as we expect year and then it will hang down there I think for a while. And so the pricing the days where we’re seeing kind of the more normal pricing dynamic against that lower volume haven't happened yet. So I think that’s all still in front of us and to extent that competitive reaction is strong there. That’s still I think a little bit ahead of us. So what we’re describing in our outlook is still ahead of us not something that is based off of run rates that we’re experiencing right now.

And then Bill you mentioned that the deals you done coming in at lower margin this year, is those anniversarying and moving to next year most or all those become margin accretive to have those consolidated or all of equal in terms of your mix?

Yes, I would say that in general that’s a reasonable assumption I think this batch is maybe going to take a couple of years to get to that point but your mindset is right that our expectation is to be able to take something and improve upon where it was and make it more like incremental to our fixed cost and therefore contribute that incremental accretive contribution.

And we've no further questions in the queue at this time. I will turn the call back over to Ms. Lee for any closing remarks.

Well we know it's a busy day so thanks for taking the time to join us this morning. I will be available throughout the day for questions, and feel free to call if you have any follow-up. Thank you.

Ladies and gentlemen this concludes today's conference call. You may now disconnect.