Last10K.com

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

Nvent Electric Plc

CIK: 1720635 Ticker: NVT
Exhibit 99.1
nventlogorgbf2a081.jpg

News Release
nVent Announces Third Quarter 2020 Financial Results
Sales and margin improved sequentially across all three segments

Reported sales of $509 million were down 9%; Organic sales down 14%
Reported EPS of $(0.82), which includes a $212 million non-cash goodwill impairment charge; Adjusted EPS of $0.45
Year-to-date Cash Flows from Operations of $204 million; $180 million of Free Cash Flow, up vs 2019
Continued investments in new products and digital; 33 new product launches year-to-date
Company issues guidance for the remainder of the year

Reconciliations of GAAP (reported) to Non-GAAP measures are in the attached financial tables.
LONDON, UNITED KINGDOM – October 30, 2020 – nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced financial results for the third quarter of 2020 and provided guidance for the fourth quarter and full-year 2020.
“I am pleased with our third quarter results and our strong execution. Across all our segments, we had sequential improvement in sales and margins,” said Beth Wozniak, nVent’s chief executive officer. “We continue to invest in our growth priorities with 33 new products launched this year and our digital transformation is accelerating. We have delivered strong cash flow well ahead of the prior year. I am confident that we can emerge stronger from these challenging times and are building a high performance electrical company at nVent."

Third quarter sales of $509 million were down 9 percent relative to the third quarter 2019 and declined 14 percent organically, which excludes the impact from currency fluctuations and acquisitions. Eldon and WBT contributed approximately $20 million in sales during the third quarter. Third quarter 2020 earnings (loss) per diluted share (“EPS”) were $(0.82), down 334 percent, while on an adjusted basis, the company had EPS of $0.45, down 8 percent. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.
Third quarter results included a $212 million non-cash goodwill impairment charge within the Thermal Management segment due to the prolonged deterioration in macroeconomic and industry conditions, and continued decline in financial performance. As a result, third quarter 2020 operating loss was $142 million compared to operating income of $86 million in the third quarter of 2019. On an adjusted basis, segment income was $101 million versus $115 million in the third quarter of 2019, largely due to the impact of volume declines.

nVent had net cash provided by operating activities of $113 million in the third quarter and free cash flow was $105 million, converting approximately 140 percent of adjusted net income. As of September 30, 2020, nVent continued to have a strong liquidity position with $160 million in cash on hand, $465 million undrawn on its revolving credit facility and a net debt to adjusted EBITDA leverage of 2.3x.



(more)

The following information was filed by Nvent Electric Plc (NVT) on Friday, October 30, 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

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Financial
Revenue
Other
Filter by Subcategory:
All
Expense
Income
Product
Cash Flow
Shares
Debt
Earnings
Dividend
Other
Inside Nvent Electric Plc's 10-Q Quarterly Report:

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
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)
Supplemental Balance Sheet Information (Details)
Supplemental Balance Sheet Information (Tables)

Material Contracts, Statements, Certifications & more

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

Ticker: NVT
CIK: 1720635
Form Type: 10-Q Quarterly Report
Accession Number: 0001720635-20-000058
Submitted to the SEC: Fri Oct 30 2020 4:30:58 PM EST
Accepted by the SEC: Fri Oct 30 2020
Period: Wednesday, September 30, 2020
Industry: Special Industry Machinery No Metalworking Machinery

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/nvt/0001720635-20-000058.htm