Manufacturers

nVent Announces 2Q 2024 Financial Results

LONDON — nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced financial results for the second quarter of 2024 and provided guidance for the third quarter and full-year 2024.

“We had a strong second quarter with record sales, margin expansion and impressive cash flows. We saw strong contribution from new products and growth in all key geographic regions. I’m proud of our team as we continue to focus on our customers and drive improved business performance,” said nVent Chair and Chief Executive Officer Beth Wozniak.

“Consistent with our ongoing strategy, we continue to transform the nVent portfolio, recently announcing an agreement to sell our Thermal Management business and closing the Trachte acquisition. These transactions represent a significant step to make nVent a more focused, higher growth electrical connection and protection leader well positioned with the electrification, sustainability and digitalization megatrends. As a result of our Q2 performance and closing the Trachte acquisition, we are raising our full-year reported sales guidance and maintaining our organic growth and adjusted EPS mid-point guidance.”

Second quarter 2024 sales of $880 million were up 10 percent relative to second quarter 2023 and increased 4 percent organically, which excludes the impact from currency fluctuations and acquisitions. Second quarter 2024 earnings per diluted share (“EPS”) were $0.66, down 1 percent, while on an adjusted basis, the company had EPS of $0.82, up 6 percent. Adjusted EPS, adjusted operating income, adjusted net income and free cash flow are non- GAAP financial measures described in the attached Non-GAAP Financial Measures section of this press release.

Second quarter 2024 operating income was $168 million, up 14 percent, compared to $147 million in the second quarter of 2023. Adjusted operating income was $202 million, up 12 percent, compared to $181 million in the second quarter of 2023.

nVent had net cash provided by operating activities of $131 million in the second quarter compared to $77 million in the second quarter of 2023. Free cash flow generated was $112 million in the second quarter compared to $62 million in the second quarter of 2023.

GUIDANCE FOR FULL-YEAR AND THIRD QUARTER 2024

The company now estimates reported sales growth for full-year 2024 of 11 to 13 percent versus prior guidance of 8 to 10 percent. Organic sales growth expectations remain unchanged at 3 to 5 percent. The company now expects full-year 2024 EPS of $2.69 to $2.75 on a GAAP basis and adjusted EPS of $3.23 to $3.29, versus prior guidance of

$2.74 to $2.82 on a GAAP basis and adjusted EPS of $3.22 to $3.30. This updated guidance includes the acquisition of Trachte and does not reflect the pending divestiture of the Thermal Management business.

The company estimates third quarter 2024 reported sales growth of 8 to 10 percent and organic sales growth of 2 to 4 percent. The company estimates third quarter 2024 EPS on a GAAP basis of $0.69 to $0.71 and adjusted EPS of

$0.80 to $0.82.

Tagged with ,

Comment on the story

Your email address will not be published. Required fields are marked *