LONDON, United Kingdom – nVent Electric plc (“nVent”) announced financial results for the fourth quarter and full-year 2024 and provided guidance for the first quarter and full-year 2025.
“2024 marked a pivotal year with our strong performance and portfolio transformation, and I’m proud of all that our team accomplished. For the full year, we had strong sales growth, expanded margin and delivered robust cash flow. We launched approximately 90 new products and our Data Solutions business grew approximately 30 percent. We are transforming our portfolio with the 2024 acquisition of Trachte and recently completed [the] sale of our Thermal Management business,” said Beth Wozniak, nVent’s chair and chief executive officer.
“We are becoming a more focused, higher growth electrical connection and protection leader well positioned with the electrification, sustainability and digitalization megatrends. We expect another year of strong sales and earnings growth in 2025. We are excited about the infrastructure vertical where we are rapidly expanding our product portfolio and solutions for strong growth, particularly in data centers and power utilities. Our future is bright at nVent.”
Fourth quarter 2024 sales of $752 million were up 9 percent relative to fourth quarter 2023 and decreased 1 percent organically, which excludes the impact from acquisitions and currency fluctuations. Fourth quarter 2024 earnings per diluted share (“EPS”) from continuing operations were $(0.10), down 108 percent from $1.26 in the prior year quarter, while on an adjusted basis, the company had EPS from continuing operations of $0.59, up 7 percent from $0.55. Full-year 2024 sales of $3.0 billion were up 13 percent relative to full-year 2023 and increased 2 percent organically. Full-year 2024 EPS were $1.43, down 48 percent from $2.73 in the prior year, while on an adjusted basis, the company had EPS of $2.49, up 7 percent from $2.32 in the prior year. Adjusted operating income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.
Fourth quarter 2024 operating income was $117 million, flat compared to $118 million in the fourth quarter of 2023. On an adjusted basis, operating income was $158 million, up 12 percent, compared to $142 million in the fourth quarter of 2023. Full-year 2024 operating income was $527 million, up 14 percent, compared to $463 million in 2023. On an adjusted basis, adjusted operating income was $652 million, up 15 percent, compared to $567 million in full-year 2023.
nVent had net cash provided by operating activities from continuing operations of $177 million in the fourth quarter of 2024 and free cash flow of $150 million. Full-year net cash provided by operating activities from continuing operations was $501 million and free cash flow was $427 million.
GUIDANCE FOR FULL-YEAR AND FIRST QUARTER 2025
The company introduces 2025 sales guidance of up 8 to 10 percent, which represents a range of a 4 to 6 percent increase in organic sales versus the prior year. The company expects full-year 2025 EPS on a GAAP basis of $2.45 to $2.55 and $2.98 to $3.08 on an adjusted basis.
In addition, the company estimates reported sales for the first quarter of 2025 to be in the range of up 7 to 9 percent, which represents a 0 to 2 percent increase on an organic basis. The company estimates first quarter 2025 EPS on a GAAP basis of $0.52 to $0.54 and adjusted EPS of $0.65 to $0.67.
DIVIDENDS
nVent previously announced on September 24, 2024 that its Board of Directors approved a regular cash dividend of $0.19 per share, which was paid during the fourth quarter on November 1, 2024. The company also announced on December 16, 2024 that its Board of Directors approved a regular cash dividend of $0.20 per ordinary share, payable during the first quarter on February 7, 2025.
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