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Nvent Electric Plc (NVT) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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  • 10-K Annual Report February 2022
  • 10-K Annual Report February 2021
    10-K Annual Report February 2020
    10-K Annual Report February 2019

Nvent Electric Plc

CIK: 1720635 Ticker: NVT
Exhibit 99.1
nventlogorgbf2a13.jpg

News Release
nVent Announces Fourth Quarter and Full-Year 2021 Financial Results
Growth initiatives and execution driving another quarter of strong results
Fourth quarter reported sales of $669 million, up 28%; Organic sales up 24%
Fourth quarter reported EPS of $0.39, up 39%; Adjusted EPS of $0.50, up 16%
Full-year reported sales of $2.5 billion, up 23%; Organic sales up 18%
Full-year reported EPS of $1.61 versus prior-year EPS of $(0.28); Adjusted EPS of $1.96, up 31%
Full-year Cash Flows from Operations of $373 million; Free Cash Flow of $334 million
Company issues full-year 2022 guidance:
Reported sales growth of 6% to 10%; Organic sales growth of 6% to 9%
Reported EPS of $1.75 to $1.85; Adjusted EPS of $2.10 to $2.20
Reconciliations of GAAP (reported) to Non-GAAP measures are in the attached financial tables.
LONDON, UNITED KINGDOM – February 8, 2022 – nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced financial results for the fourth quarter and full-year 2021 and provides guidance for the first quarter and full-year 2022.
"2021 was an outstanding year. I'm incredibly proud of the dedication and teamwork of our nearly 10,000 global employees as they continued to deliver for our customers. Fourth quarter sales grew 28% with broad-based growth across all segments and verticals. For the full year, we had record sales of $2.5 billion, demonstrating impressive growth and execution. We overcame supply chain and inflationary challenges to deliver ROS expansion for the year, and we continued to generate strong free cash flow," said Beth Wozniak, nVent's chief executive officer.
“We executed well on our strategy. We completed two acquisitions, Vynckier and CIS Global, launched 58 new products and continued to accelerate our digital transformation. We prioritized the safety and well-being of employees and focused on inclusion and diversity, making nVent a great place to work. I’m proud that we were part of an exclusive group named to Bloomberg’s Gender-Equality Index as well as the RippleMatch NextGen 100 list."
"With the electrification of everything driving demand for our products and solutions, nVent is well positioned to grow. While we expect external challenges to continue in 2022, I’m confident in our strategy and our team’s ability to execute. Our future is bright, and I’m excited about the opportunities ahead for nVent."
Fourth quarter sales of $669 million were up 28 percent relative to the fourth quarter 2020 and increased 24 percent organically, which excludes the impact from currency fluctuations and acquisitions. Fourth quarter 2021 earnings per diluted share (“EPS”) were $0.39, while on an adjusted basis, the company had EPS of $0.50. Full-year sales of $2.5 billion were up 23 percent relative to full-year 2020. Acquisitions contributed approximately $56 million in sales for the year. Full-year 2021 EPS were $1.61, while on an adjusted basis, the company had EPS of $1.96. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.
Fourth quarter 2021 operating income was $89 million, up from $74 million in the fourth quarter of 2020. On an adjusted basis, segment income of $110 million was up from $97 million in the fourth quarter of 2020. Full-year 2021 operating income was $355 million versus $38 million in 2020. On an adjusted basis, segment income was $436 million, up from $348 million in full-year 2020.
nVent had net cash provided by operating activities of $115 million in the fourth quarter and free cash flow of $101 million, which is approximately 120 percent of adjusted net income. Full-year net cash provided by operating activities was $373 million and free cash flow was $334 million. The company delivered full-year free cash flow of approximately 100 percent of adjusted net income.
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The following information was filed by Nvent Electric Plc (NVT) on Tuesday, February 8, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Nvent Electric Plc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Document And Entity Information
Consolidated And Combined Balance Sheets
Consolidated And Combined Balance Sheets (Parenthetical)
Consolidated And Combined Statements Of Cash Flows
Consolidated And Combined Statements Of Changes In Equity
Consolidated And Combined Statements Of Operations And Comprehensive Income
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Acquisitions (Details)
Acquisitions (Notes)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Additional Information (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Estimated Useful Lives Of Property And Equipment (Detail)
Basis Of Presentation And Summary Of Significant Accounting Policies - Property, Plant And Equipment By Region (Details)
Benefit Plans
Benefit Plans (Tables)
Benefit Plans - Amounts Recorded In Consolidated Balance Sheets (Detail)
Benefit Plans - Asset Allocation (Detail)
Benefit Plans - Assumptions Used To Determine Benefit Obligations (Detail)
Benefit Plans - Assumptions Used To Determine Net Periodic Benefit Expense (Detail)
Benefit Plans - Assumptions, Discount Rates (Details)
Benefit Plans - Cash Flows (Details)
Benefit Plans - Components Of Net Periodic Benefit Cost (Detail)
Benefit Plans - Estimated Future Benefit Payments (Detail)
Benefit Plans - Fair Value Measurement (Detail)
Benefit Plans - Obligations And Funded Status (Details)
Benefit Plans - Pension Plans With Accumulated Benefit Obligation Or Projected Benefit Obligation In Excess Of Plan Assets (Detail)
Benefit Plans - Savings Plan (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Debt Outstanding Amounts Maturing (Detail)
Debt - Debt Outstanding And Average Interest Rates (Detail)
Derivatives And Financial Instruments
Derivatives And Financial Instruments (Tables)
Derivatives And Financial Instruments - Additional Information (Detail)
Derivatives And Financial Instruments - Assets And Liabilities Measured At Fair Value (Detail)
Derivatives And Financial Instruments - Recorded Amounts And Estimated Fair Values Of Long-Term Debt And Derivative Financial Instruments (Detail)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Goodwill And Other Identifiable Intangible Assets
Goodwill And Other Identifiable Intangible Assets (Tables)
Goodwill And Other Identifiable Intangible Assets - Additional Information (Details)
Goodwill And Other Identifiable Intangible Assets - Changes In Carrying Amount Of Goodwill By Segment (Details)
Goodwill And Other Identifiable Intangible Assets - Estimated Future Amortization Expense For Identifiable Intangible Assets (Details)
Goodwill And Other Identifiable Intangible Assets - Identifiable Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Deferred Taxes (Detail)
Income Taxes - Income (Loss) Before Income Taxes And Noncontrolling Interest (Detail)
Income Taxes - Provision For Income Taxes (Detail)
Income Taxes - Reconciliation Of Federal Statutory Income Tax Rate To Effective Tax Rate (Detail)
Income Taxes - Reconciliations Of Gross Unrecognized Tax Benefits (Detail)
Leases (Notes)
Leases (Tables)
Leases - Future Lease Payments, Topic 842 (Details)
Leases - Narrative (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow Information (Details)
Leases - Weighted Average Term And Discount Rate (Details)
Restructuring
Restructuring (Tables)
Restructuring - Accrual Activity Recorded On Condensed Consolidated Balance Sheets (Detail)
Restructuring - Additional Information (Details)
Restructuring - Costs Included In Selling, General &Amp; Administrative Expenses On Consolidated Statements Of Income (Detail)
Restructuring - Restructuring Costs By Segment (Details)
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Geographic Net Sales Information By Segment (Details)
Revenue - Narrative (Details)
Revenue - Schedule Of Contract Assets And Liabilities (Details)
Revenue - Vertical Sales By Segment (Details)
Segment Information
Segment Information (Tables)
Segment Information - Financial Information By Reportable Segment (Detail)
Segment Information - Reconciliation Of Income From Continuing Operations From Segments To Consolidated (Details)
Shareholders' Equity
Shareholders' Equity (Details)
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information (Detail)
Supplemental Balance Sheet Information (Tables)
Ticker: NVT
CIK: 1720635
Form Type: 10-K Annual Report
Accession Number: 0001720635-22-000009
Submitted to the SEC: Fri Feb 25 2022 10:55:16 AM EST
Accepted by the SEC: Fri Feb 25 2022
Period: Friday, December 31, 2021
Industry: Special Industry Machinery No Metalworking Machinery

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