In its 3Q earnings report released on October 24, 2017, Hubbell took the time to break out what is happening in its lighting division. While it continues to invest in Internet of Things technology, it also recognizes an ongoing pressure over pricing and competition.
“The lighting markets specifically, unit growth was offset by continued price pressure,” David G. Nord, Chairman, President and Chief Executive Officer said. Nord added that he “anticipated pricing challenges” for lighting into 2018, but also expects “double digit growth in 2018.”
Nord also mentioned Hubbell has “been successful at addressing restructuring-driven inefficiencies, and we believe these issues are largely behind us. Production is flowing, service levels have improved, and distribution costs have stabilized.”
Hubbell is also looking to the future by investing in research and development in the Internet of Things through its iDevices. “Customers have reacted very favorably to the anticipated inclusion of iDevices’ smart technology into our products and solutions,” Nord added.
Tagged with David Nord, Hubbell Lighting