Nvent Electric Plc (NVT) 10-Q Quarterly Report October 2019

LONDON, UNITED KINGDOM – October 30, 2019 – nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced financial results for the third quarter of 2019 and provided guidance for the fourth quarter and full-year 2019.

Third quarter sales of $560 million were down 1 percent relative to the third quarter 2018 and declined 1 percent organically, which excludes the impact from currency fluctuations and acquisitions. Eldon added approximately $8 million in sales to the Enclosures segment during the third quarter. Third quarter 2019 earnings per diluted share (“EPS”) were $0.35, while on an adjusted basis, the company had EPS of $0.49. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.

Third quarter 2019 operating income was $86 million, down 8 percent from $94 million in the third quarter of 2018. On an adjusted basis, segment income was $115 million, flat compared to the third quarter of 2018, as price and productivity initiatives offset inflation and the impact of volume declines.

Net cash provided by operating activities was $158 million in the first three quarters of 2019 and total free cash flow was $135 million. The company continues to target full-year free cash flow of approximately 100 percent of adjusted net income.

"I am pleased with our third quarter execution across the portfolio. We expanded adjusted return on sales by achieving strong productivity gains and driving price despite a weaker macro environment. We continue to align our cost structure to current market trends while investing in our strategic priorities. Our One nVent growth initiatives continue to contribute positive growth. Our adjusted EPS grew 7% year-over-year and we had over 100% free cash flow conversion,” said Beth Wozniak, nVent's chief executive officer. "We closed the Eldon acquisition during the quarter and remain excited about the opportunity to drive global growth."

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The following information was filed by Nvent Electric Plc (NVT) on Wednesday, October 30, 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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Material Contracts, Statements, Certifications & more

Nvent Electric Plc provided additional information to their SEC Filing as exhibits

Exhibit 10.2: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: NVT
CIK: 1720635
Form Type: 10-Q Quarterly Report
Accession Number: 0001720635-19-000037
Submitted to the SEC: Wed Oct 30 2019 4:52:04 PM EST
Accepted by the SEC: Wed Oct 30 2019
Period: Monday, September 30, 2019
Industry: Special Industry Machinery No Metalworking Machinery