nVent Reports Second Quarter 2018 Financial Results
Quarter Driven by Strong Sales Growth in Enclosures and EFS
Reported sales of $543 million were up 6%; Organic sales up 4%
Reported EPS of $0.24; Adjusted EPS of $0.44
Reported return on sales of 12.0% or 19.7% on an adjusted basis
Reconciliations of GAAP (reported) to Non-GAAP measures are in the attached financial tables.
LONDON, UNITED KINGDOM – July 26, 2018 – nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced financial results for the second quarter of 2018 and provided guidance for the third quarter and full-year 2018.
Second quarter sales of $543 million grew 6 percent relative to the second quarter 2017 and grew 4 percent organically, which excludes the impact from currency fluctuations. Second quarter 2018 earnings per diluted share (“EPS”) were $0.24 while on an adjusted basis, the company reported EPS of $0.44. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.
Second quarter 2018 operating income was $65 million, down from $90 million in the same quarter in 2017. On an adjusted basis, segment income excluding corporate and other costs was $119 million, up 4 percent compared to the second quarter of 2017.
“nVent grew at the high end of its previously issued sales guidance range. Second quarter growth was driven by strong sales in Enclosures and EFS (Electrical & Fastening Solutions). Enclosures sales grew 9 percent or 7 percent organically as we continued to see broad-based growth. EFS sales grew 6 percent or 5 percent organically and saw steady demand throughout the quarter. We were pleased with 4 percent adjusted segment income growth when excluding corporate and other costs as we continued to make progress optimizing our cost structure during our first quarter as a public company,” said Beth Wozniak, nVent’s Chief Executive Officer.
“During the second quarter we made significant progress on our 2018 initiatives to stand up nVent as an independent, publicly traded company, drive organic growth and sequentially grow Enclosures margin,” Wozniak added.
The following information was filed by Nvent Electric Plc (NVT) on Thursday, July 26, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: NVT CIK: 1720635 Form Type:10-Q Quarterly Report Accession Number: 0001720635-18-000016 Submitted to the SEC: Thu Jul 26 2018 4:40:29 PM EST Accepted by the SEC: Thu Jul 26 2018 Period: Saturday, June 30, 2018 Industry: Special Industry Machinery No Metalworking Machinery