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

Nvent Electric Plc

CIK: 1720635 Ticker: NVT
Exhibit 99.1
nventlogorgbf2a131.jpg

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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Inside Nvent Electric Plc's 10-K Annual Report:

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)
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 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, 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) - 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: 0001720635-21-000013
Submitted to the SEC: Tue Feb 23 2021 4:42:25 PM EST
Accepted by the SEC: Tue Feb 23 2021
Period: Thursday, December 31, 2020
Industry: Special Industry Machinery No Metalworking Machinery

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