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Nvent Electric Plc (NVT) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Nvent Electric Plc

CIK: 1720635 Ticker: NVT


 


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News Release
nVent Reports Fourth Quarter and Full-Year 2019 Financial Results
Margin expansion across all segments and strong cash generation
Fourth quarter reported sales of $567 million were flat; Organic sales down 3%. Full-year reported sales of $2.2 billion
Fourth quarter reported EPS of $0.27; Adjusted EPS of $0.47. Full-year reported EPS of $1.29; Adjusted EPS of $1.78
Full-year net cash provided by operating activities of $336 million; Returned over $350 million in cash to shareholders through dividends and share repurchases

Reconciliations of GAAP (reported) to Non-GAAP measures are in the attached financial tables.
LONDON, UNITED KINGDOM – February 5, 2020 – nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced financial results for the fourth quarter and full-year 2019 and provided guidance for the first quarter and full-year 2020.
Fourth quarter sales of $567 million were flat relative to the fourth quarter 2018 and declined 3 percent organically, which excludes the impact from currency fluctuations and acquisitions. Eldon added approximately $23 million in sales to the Enclosures segment during the fourth quarter, and $31 million for the year. Fourth quarter 2019 earnings per diluted share (“EPS”) were $0.27, while on an adjusted basis, the company had EPS of $0.47. Full-year sales of $2.2 billion were flat relative to full-year 2018. Full-year 2019 EPS were $1.29, while on an adjusted basis, the company had EPS of $1.78. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.
Fourth quarter 2019 operating income was $83 million, down from $86 million in the fourth quarter of 2018. On an adjusted basis, segment income of $109 million was up from $108 million in the fourth quarter of 2018, as price and productivity initiatives more than offset inflation. Full-year 2019 operating income was $333 million versus $311 million in 2018. On an adjusted basis, segment income was $424 million, flat compared to full-year 2018.
Full-year net cash provided by operating activities was $336 million and total free cash flow was $304 million. The company delivered full-year free cash flow of approximately 100 percent of adjusted net income.
“Our fourth quarter results demonstrated solid execution in a difficult macro environment as we grew segment income, expanded return on sales in each segment and delivered strong free cash flow. In 2019, we completed the acquisition of Eldon, met our cash conversion goals and invested in R&D and digital to position us well for future growth, “ said Beth Wozniak, nVent's chief executive officer. “In 2020, we expect to accelerate and expand our One nVent growth initiatives, launch a record number of new products and grow globally. We are focused on continued margin expansion, working capital improvements and executing on our capital allocation strategy.”








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The following information was filed by Nvent Electric Plc (NVT) on Wednesday, February 5, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated And Combined Balance Sheets
Consolidated And Combined Balance Sheets (Parenthetical)
Consolidated And Combined Statements Of Cash Flows
Consolidated And Combined Statements Of Changes In Equity
Consolidated And Combined Statements Of Operations And Comprehensive Income
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Acquisitions (Details)
Acquisitions (Notes)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Additional Information (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Estimated Useful Lives Of Property And Equipment (Detail)
Basis Of Presentation And Summary Of Significant Accounting Policies - Property, Plant And Equipment By Region (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Effects Of New Accounting Pronouncements (Details)
Benefit Plans
Benefit Plans (Tables)
Benefit Plans - Amounts Recorded In Consolidated Balance Sheets (Detail)
Benefit Plans - Asset Allocation (Detail)
Benefit Plans - Assumptions Used To Determine Benefit Obligations (Detail)
Benefit Plans - Assumptions Used To Determine Net Periodic Benefit Expense (Detail)
Benefit Plans - Assumptions, Discount Rates (Details)
Benefit Plans - Cash Flows (Details)
Benefit Plans - Components Of Net Periodic Benefit Cost (Detail)
Benefit Plans - Estimated Future Benefit Payments (Detail)
Benefit Plans - Fair Value Measurement (Detail)
Benefit Plans - Obligations And Funded Status (Details)
Benefit Plans - Pension And Other Post-Retirement Plans (Details)
Benefit Plans - Pension Plans With Accumulated Benefit Obligation Or Projected Benefit Obligation In Excess Of Plan Assets (Detail)
Benefit Plans - Savings Plan (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Debt Outstanding Amounts Maturing (Detail)
Debt - Debt Outstanding And Average Interest Rates (Detail)
Derivatives And Financial Instruments
Derivatives And Financial Instruments (Tables)
Derivatives And Financial Instruments - Additional Information (Detail)
Derivatives And Financial Instruments - Assets And Liabilities Measured At Fair Value (Detail)
Derivatives And Financial Instruments - Recorded Amounts And Estimated Fair Values Of Long-Term Debt And Derivative Financial Instruments (Detail)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Goodwill And Other Identifiable Intangible Assets
Goodwill And Other Identifiable Intangible Assets (Tables)
Goodwill And Other Identifiable Intangible Assets - Additional Information (Details)
Goodwill And Other Identifiable Intangible Assets - Changes In Carrying Amount Of Goodwill By Segment (Details)
Goodwill And Other Identifiable Intangible Assets - Estimated Future Amortization Expense For Identifiable Intangible Assets (Details)
Goodwill And Other Identifiable Intangible Assets - Identifiable Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Deferred Taxes (Detail)
Income Taxes - Income (Loss) Before Income Taxes And Noncontrolling Interest (Detail)
Income Taxes - Provision For Income Taxes (Detail)
Income Taxes - Reconciliation Of Federal Statutory Income Tax Rate To Effective Tax Rate (Detail)
Income Taxes - Reconciliations Of Gross Unrecognized Tax Benefits (Detail)
Leases (Notes)
Leases (Tables)
Leases - Future Lease Payments, Before Topic 842 (Details)
Leases - Future Lease Payments, Topic 842 (Details)
Leases - Narrative (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow Information (Details)
Leases - Weighted Average Term And Discount Rate (Details)
Restructuring
Restructuring (Tables)
Restructuring - Accrual Activity Recorded On Condensed Consolidated Balance Sheets (Detail)
Restructuring - Additional Information (Details)
Restructuring - Costs Included In Selling, General &Amp; Administrative Expenses On Consolidated Statements Of Income (Detail)
Restructuring - Restructuring Costs By Segment (Details)
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Geographic Net Sales Information By Segment (Details)
Revenue - Narrative (Details)
Revenue - Schedule Of Contract Assets And Liabilities (Details)
Revenue - Vertical Sales By Segment (Details)
Segment Information
Segment Information (Tables)
Segment Information - Financial Information By Reportable Segment (Detail)
Segment Information - Reconciliation Of Income From Continuing Operations From Segments To Consolidated (Details)
Selected Quarterly Data (Unaudited)
Selected Quarterly Data (Unaudited) (Tables)
Selected Quarterly Data (Unaudited) - Additional Information (Details)
Selected Quarterly Data (Unaudited) - Quarterly Financial Information (Details)
Shareholders' Equity
Shareholders' Equity (Details)
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information (Detail)
Supplemental Balance Sheet Information (Tables)
Ticker: NVT
CIK: 1720635
Form Type: 10-K Annual Report
Accession Number: 0001720635-20-000009
Submitted to the SEC: Tue Feb 25 2020 4:49:30 PM EST
Accepted by the SEC: Tue Feb 25 2020
Period: Tuesday, December 31, 2019
Industry: Special Industry Machinery No Metalworking Machinery

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