LONDON — nVent Electric plc announced financial results for the second quarter of 2023 and provided guidance for the third quarter and full-year 2023.
“We had another strong quarter, with record sales, impressive margin expansion and robust cash flow. We saw growth across all verticals and had strong contribution from new products. We completed the acquisition of ECM Industries, expanding our electrical power connection and grounding solutions portfolio. We also published our 2022 ESG report, highlighting significant progress on our goals. We believe we are well positioned with the electrification, sustainability and digitalization trends,” said nVent Chair and Chief Executive Officer Beth Wozniak.
“I am excited about our recent acquisitions, including TEXA Industries. These acquisitions strengthen our portfolio and further position nVent with the electrification of everything. Also, the acceleration of artificial intelligence is driving significant demand for our data solutions offerings, particularly liquid cooling, and we are investing for future growth. As a result of our first half performance and acquisition, we are raising our full-year reported sales and adjusted EPS guidance.”
The full report can be found here.
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