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Nvent Electric Plc (NVT) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Nvent Electric Plc

CIK: 1720635 Ticker: NVT
Exhibit 99.1
nventlogorgbf2a0811.jpg

News Release
nVent Announces Second Quarter 2020 Financial Results

Reported sales of $447 million were down 17%; Organic sales down 22%
Reported EPS of $0.15; Adjusted EPS of $0.29
Cash Flows from Operations of $91 million, $77 million of Free Cash Flow, higher than prior year
Expect full-year cost savings of approximately $70 million

Reconciliations of GAAP (reported) to Non-GAAP measures are in the attached financial tables.
LONDON, UNITED KINGDOM – July 31, 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 and announced financial results for the second quarter of 2020.
"As we continue to manage ongoing impacts from COVID-19, we remain focused on three near-term priorities, which are the safety and well-being of our employees, continuing business operations to serve our customers and making nVent stronger, well-positioned to exit this crisis,” said Beth Wozniak, nVent's chief executive officer. “We believe our second quarter performance demonstrated that we executed well during a uniquely challenging time. We delivered strong free cash flow and managed decrementals better than expected. Importantly, we continue to invest for growth, with 24 new products launched in the first half and advancements in our digital transformation. We are confident in the actions we are taking to emerge stronger."

Second quarter sales of $447 million were down 17 percent relative to the second quarter 2019 and declined 22 percent organically, which excludes the impact from currency fluctuations and acquisitions. Eldon and WBT added approximately $30 million in sales during the second quarter. Second quarter 2020 earnings per diluted share (“EPS”) were $0.15, down 57%, while on an adjusted basis, the company had EPS of $0.29, down 34%. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.
Second quarter 2020 operating income was $45 million, down 48 percent from $87 million in the second quarter of 2019. On an adjusted basis, segment income was $68 million, down 35 percent from $105 million in the second quarter of 2019, largely due to the impact of volume declines.
nVent had net cash provided by operating activities of $91 million in the second quarter and free cash flow generated was $77 million, converting 160 percent of adjusted net income. As of June 30, 2020, nVent continued to have a strong liquidity position with $235 million in cash on hand and a net debt to EBITDA leverage ratio of 2.4x. nVent has $315 million undrawn on its revolving credit facility.
Due to continued uncertainties around the ultimate impact of the COVID-19 pandemic, the company is not reinstating full-year guidance at this time. The ultimate magnitude of the COVID-19 pandemic, including the extent of its impact on nVent’s financial and operational results will be determined by a number of factors including the length of time that the pandemic continues, and its effect on the demand for the company’s products. The company estimates reported sales for the third quarter of 2020 to be in the range of down 7 to down 17 percent, which represents a 10 to 20 percent decrease on an organic basis.



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The following information was filed by Nvent Electric Plc (NVT) on Friday, July 31, 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.

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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: 0001720635-20-000049
Submitted to the SEC: Fri Jul 31 2020 4:13:11 PM EST
Accepted by the SEC: Fri Jul 31 2020
Period: Tuesday, June 30, 2020
Industry: Special Industry Machinery No Metalworking Machinery

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