nVent Reports Second Quarter 2019 Financial Results
2% reported, 3% organic growth in Enclosures and Electrical & Fastening Solutions;
declines in Thermal Management
Reported sales of $540 million were down 1%; Organic sales up 1%
Reported EPS of $0.35; Adjusted EPS of $0.44
Reported return on sales of 16.1% or 19.4% on an adjusted basis
Repurchased approximately $233 million in nVent shares during the first half, representing approximately 5% of shares outstanding
Reconciliations of GAAP (reported) to Non-GAAP measures are in the attached financial tables.
LONDON, UNITED KINGDOM – August 1, 2019 – nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced financial results for the second quarter of 2019 and provided guidance for the third quarter and full-year 2019.
Second quarter sales of $540 million were down 1 percent relative to the second quarter 2018 and grew 1 percent organically, which excludes the impact from currency fluctuations. Second quarter 2019 earnings per diluted share (“EPS”) were $0.35, while on an adjusted basis, the company had EPS of $0.44. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.
Second quarter 2019 operating income was $87 million, up 33 percent from $65 million in the second quarter of 2018. On an adjusted basis, segment income was $105 million, down 2 percent compared to the second quarter of 2018.
Net cash provided by operating activities was $58 million in the first half of 2019 and total free cash flow was $46 million. The company continues to target full-year free cash flow of approximately 100 percent of adjusted net income.
"We delivered another quarter of solid sales growth in both Enclosures and Electrical & Fastening Solutions. Our Thermal Management business was challenged in Commercial and longer cycle Energy. We continue to make progress with our One nVent strategy improving our new product vitality, strengthening our digital capabilities and growing in focused verticals," said Beth Wozniak, nVent's chief executive officer. "We are excited about the pending Eldon acquisition which is a great fit with our Enclosures portfolio and will accelerate our global growth."
The following information was filed by Nvent Electric Plc (NVT) on Thursday, August 1, 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: 0001720635-19-000029 Submitted to the SEC: Thu Aug 01 2019 4:22:03 PM EST Accepted by the SEC: Thu Aug 01 2019 Period: Sunday, June 30, 2019 Industry: Special Industry Machinery No Metalworking Machinery