nVent Reports Third Quarter 2018 Financial Results
Quarter Driven by Strong Sales Growth in Enclosures and Electrical & Fastening Solutions
Reported sales of $564 million were up 4%; Organic sales up 5%
Reported EPS of $0.38; Adjusted EPS of $0.46
Reported return on sales of 16.6% or 20.4% on an adjusted basis
Reconciliations of GAAP (reported) to Non-GAAP measures are in the attached financial tables.
LONDON, UNITED KINGDOM – October 25, 2018 – nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced financial results for the third quarter of 2018 and provided guidance for the fourth quarter and full-year 2018.
Third quarter sales of $564 million grew 4 percent relative to the third quarter 2017 and grew 5 percent organically, which excludes the impact from currency fluctuations. Third quarter 2018 earnings per diluted share (“EPS”) were $0.38 while on an adjusted basis, the company had EPS of $0.46. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.
Third quarter 2018 operating income was $94 million, down from $100 million in the same quarter in 2017. On an adjusted basis, segment income excluding corporate and other costs was $128 million, up 5 percent compared to the third quarter of 2017.
"nVent posted strong sales in the third quarter growing 4 percent as reported or over 5 percent organically, which was above the high end of guidance. We are executing on the One nVent strategy to deliver growth as demonstrated in the third quarter," said Beth Wozniak, nVent's Chief Executive Officer. "Reported EPS of $0.38 and adjusted EPS of $0.46 were in line with our prior guidance and we feel confident in our ability to deliver on our 2018 commitments."
The following information was filed by Nvent Electric Plc (NVT) on Thursday, October 25, 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: 0001720635-18-000024 Submitted to the SEC: Thu Oct 25 2018 4:11:43 PM EST Accepted by the SEC: Thu Oct 25 2018 Period: Sunday, September 30, 2018 Industry: Special Industry Machinery No Metalworking Machinery