nVent Reports First Quarter 2019 Financial Results
Steady Progress on Growth Strategy
Reported sales of $538 million were flat; Organic sales up 3%
Reported EPS of $0.32; Adjusted EPS of $0.39
Reported return on sales of 14.4% or 17.9% on an adjusted basis
Repurchased approximately $110 million in nVent shares year-to-date
Reconciliations of GAAP (reported) to Non-GAAP measures are in the attached financial tables.
LONDON, UNITED KINGDOM – April 25, 2019 – nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced financial results for the first quarter of 2019 and provided guidance for the second quarter and full-year 2019.
First quarter sales of $538 million were flat relative to the first quarter 2018 and grew 3 percent organically, which excludes the impact from currency fluctuations. First quarter 2019 earnings per diluted share (“EPS”) were $0.32, while on an adjusted basis, the company had EPS of $0.39. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.
First quarter 2019 operating income was $78 million, up from $66 million and up 18 percent from the same quarter in 2018. On an adjusted basis, segment income was $96 million, up 3 percent compared to the first quarter of 2018. Segment income excluding corporate and other costs was up 5 percent compared to the first quarter of 2018.
First quarter net cash used for operating activities was $13 million and total free cash flow usage was $16 million. The company continues to target full-year free cash flow of approximately 100 percent of adjusted net income.
"We are off to a good start in 2019, growing in all three segments. We're making steady progress on our goals including solid margin expansion in our Enclosures segment," said Beth Wozniak, nVent's chief executive officer. "Our first quarter performance puts us on track to deliver on our 2019 commitments."
The following information was filed by Nvent Electric Plc (NVT) on Thursday, April 25, 2019 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: 0001720635-19-000019 Submitted to the SEC: Thu Apr 25 2019 4:42:49 PM EST Accepted by the SEC: Thu Apr 25 2019 Period: Sunday, March 31, 2019 Industry: Special Industry Machinery No Metalworking Machinery