Nvent Electric Plc (NVT) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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Nvent Electric Plc
Ticker: NVT CIK: 1720635

Exhibit 99.1

News Release

nVent Announces Fourth Quarter and Full-Year 2020 Financial Results

Strong cash flow with sales improving sequentially across all three segments

•Fourth quarter reported sales of $521 million were down 8%; Organic sales down 11%. Full-year reported sales of $2.0 billion

•Fourth quarter reported EPS of $0.28; Adjusted EPS of $0.43. Full-year reported EPS of $(0.28); Adjusted EPS of $1.50

•Full-year Cash Flows from Operations of $344 million; $306 million of Free Cash Flow

•Record 53 new product launches and significant digital advancements

•Company issues full-year 2021 reported EPS guidance of $1.27 to $1.37; Adjusted EPS of $1.58 to $1.68

Reconciliations of GAAP (reported) to Non-GAAP measures are in the attached financial tables.

LONDON, UNITED KINGDOM – February 9, 2021 – 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 2020 and provided guidance for the first quarter and full-year 2021.

"I could not be more proud of our entire global workforce and what we accomplished. 2020 was a year that none of us could have imagined. Our number one priority was the safety and well-being of our employees. Our team remained committed to serving our customers and often went to extraordinary measures to make that happen," said Beth Wozniak, nVent's chief executive officer. "During the year we continued to execute on our strategy. A few of our key accomplishments include a record number of new product and digital launches as well as our first ever Social Responsibility report reflecting our commitment to driving progress for our people, our products and our planet."

"Fourth quarter results continue to reflect our strong execution. Throughout the year we improved our decrementals, delivered over $70 million in cost reductions and delivered strong cash flow. Sales improved sequentially across all segments, we saw improved orders exiting the year and we are more confident than ever that we are well-positioned to emerge stronger."

Fourth quarter sales of $521 million were down 8 percent relative to the fourth quarter 2019 and declined 11 percent organically, which excludes the impact from currency fluctuations and acquisitions. Fourth quarter 2020 earnings per diluted share (“EPS”) were $0.28, while on an adjusted basis, the company had EPS of $0.43. Full-year sales of $2.0 billion were down 9 percent relative to full-year 2019. Eldon and WBT contributed approximately $84 million in sales for the year. Full-year 2020 EPS were $(0.28), while on an adjusted basis, the company had EPS of $1.50. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.

Fourth quarter 2020 operating income was $74 million, down from $83 million in the fourth quarter of 2019. On an adjusted basis, segment income of $97 million was down from $109 million in the fourth quarter of 2019. Full-year 2020 operating income was $38 million versus $333 million in 2019. On an adjusted basis, segment income was $348 million, down from $424 million in full-year 2019.

nVent had net cash provided by operating activities of $140 million in the fourth quarter and free cash flow of $126 million, which is approximately 175 percent of adjusted net income. Full-year net cash provided by operating activities was $344 million and free cash flow was $306 million. The company delivered full-year free cash flow of approximately 120 percent of adjusted net income.

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The following information was filed by Nvent Electric Plc (NVT) on Tuesday, February 9, 2021 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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