Last10K.com

Nvent Electric Plc (NVT) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

NVT Quarterly Reports

Nvent Electric Plc

CIK: 1720635 Ticker: NVT
Exhibit 99.1
nventlogorgbf2a081.jpg

News Release
nVent Provides COVID-19 Business Update and Announces First Quarter 2020 Financial Results

Reported sales of $521 million were down 3%; Organic sales down 8%
Reported EPS of $0.11; Adjusted EPS of $0.34
Cash Flows from Operations and Free Cash Flow better than prior year
Expect cost savings of approximately $50 million

Reconciliations of GAAP (reported) to Non-GAAP measures are in the attached financial tables.
LONDON, UNITED KINGDOM – April 29, 2020 – nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today provided a business update in response to the COVID-19 pandemic; announced financial results for the first quarter of 2020; and withdrew its 2020 financial guidance provided on February 5, 2020 due to uncertainties relating to the pandemic.
“During this time nVent has established three priorities. We will focus first on the safety and well-being of our employees, continue business operations to serve our customers and support critical infrastructure, and make nVent stronger as a company, well-positioned to exit this crisis,” said Beth Wozniak, nVent's chief executive officer. "We are executing on actions to realize approximately 50 million dollars of expected cost savings. These actions are a combination of temporary and structural changes, which we believe positions us well for when growth returns."

"We saw demand deteriorate in geographies impacted by the COVID-19 pandemic. First it was China and then Europe and North America towards the end of the quarter as stay at home orders began to be enforced. As of today all our manufacturing sites are operational to support critical infrastructure such as data centers and networking solutions, medical and defense, to name a few," said Wozniak.

“We believe we have a strong capital structure and have a healthy balance sheet. The company is taking appropriate actions and has identified multiple levers to preserve cash," said Wozniak. “I want to thank our nVent employees, all of whom are making extraordinary efforts to support our customers, support our communities and support one another. I am confident in our people and plans to navigate through this time and emerge stronger.”

First quarter sales of $521 million were down 3 percent relative to the first quarter 2019 and declined 8 percent organically, which excludes the impact from currency fluctuations and acquisitions. Eldon added approximately $26 million in sales to the Enclosures segment during the first quarter. First quarter 2020 earnings per diluted share (“EPS”) were $0.11, down 66%, while on an adjusted basis, the company had EPS of $0.34, down 13%. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.
First quarter 2020 operating income was $60 million, down 22 percent from $78 million in the first quarter of 2019. On an adjusted basis, segment income was $82 million, down 15 percent from $96 million in the first quarter of 2019, largely due to the impact of volume declines.
The company had net cash provided by operating activities of $7 million in the first quarter and free cash flow usage was $2 million, which was better than the prior year period. As of March 31, 2020, the company continued to have a strong liquidity position with $188 million in cash on hand and a net debt to EBITDA leverage ratio of 2.3x. The company proactively drew down $150 million on its revolving credit facility and has $315 million undrawn on the facility.
(more)

The following information was filed by Nvent Electric Plc (NVT) on Wednesday, April 29, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Nvent Electric Plc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Nvent Electric Plc.

Continue

Assess how Nvent Electric Plc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Nvent Electric Plc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated And Combined Statements Of Cash Flows (Unaudited)
Condensed Consolidated And Combined Statements Of Changes In Equity (Unaudited)
Condensed Consolidated And Combined Statements Of Income And Comprehensive Income (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information (Details)
Supplemental Balance Sheet Information (Tables)
Acquisitions
Acquisitions (Details)
Basis Of Presentation And Responsibility For Interim Financial Statements
Basis Of Presentation And Responsibility For Interim Financial Statements (Policies)
Basis Of Presentation And Responsibility For Interim Financial Statements - Separation From Pentair (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Tables)
Debt - Schedule Of Contracutal Debt Maturities (Details)
Debt - Schedule Of Debt (Details)
Debt - Senior Credit Facilities (Details)
Debt - Senior Notes (Details)
Derivatives And Financial Instruments
Derivatives And Financial Instruments (Tables)
Derivatives And Financial Instruments - Additional Information (Details)
Derivatives And Financial Instruments - Assets And Liabilities Measured At Fair Value (Details)
Derivatives And Financial Instruments - Recorded Amounts And Estimated Fair Values (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Details)
Earnings Per Share - Schedule Of Earnings Per Share (Details)
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 - Definite-Life Intangible Assets (Details)
Goodwill And Other Identifiable Intangible Assets - Estimated Future Amortization Expense For Identifiable Intangible Assets (Details)
Goodwill And Other Identifiable Intangible Assets - Indefinite-Life Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Leases
Leases (Details)
Leases (Tables)
Leases - Future Lease Payments, Topic 842 (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 (Details)
Restructuring - Costs By Reportable Segment (Details)
Restructuring - Costs Included In Selling, General &Amp; Administrative Expenses (Details)
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Geographic Net Sales Information By Segment (Details)
Revenue - Performance Obligations (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 (Details)
Segment Information - Reconciliation Of Operating Profit (Losee) From Segments To Consolidated (Details)
Shareholders' Equity
Shareholders' Equity (Details)
Ticker: NVT
CIK: 1720635
Form Type: 10-Q Quarterly Report
Accession Number: 0001720635-20-000021
Submitted to the SEC: Wed Apr 29 2020 4:54:44 PM EST
Accepted by the SEC: Wed Apr 29 2020
Period: Tuesday, March 31, 2020
Industry: Special Industry Machinery No Metalworking Machinery

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/nvt/0001720635-20-000021.htm