Nvent Electric Plc (NVT) 10-Q Quarterly Report Tue Aug 03 2021

LONDON, UNITED KINGDOM – August 3, 2021 – nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced financial results for the second quarter of 2021 and provided guidance for the third quarter and full-year 2021.

“I am extremely pleased with our second quarter results. Sales grew 34%, with all segments above 2019 sales levels, driven by broad-based demand. We delivered robust margin expansion across all segments and strong earnings growth. Our teams did a tremendous job serving increased customer demand while navigating unprecedented supply chain constraints and inflation. We delivered another quarter of strong cash flow, up more than $50 million in the first half of the year. We completed two bolt-on acquisitions in the quarter, extending our presence in high-growth verticals like data centers and networking solutions and infrastructure. I’m also very proud of our recently published Social Responsibility Report, outlining our goals, progress and commitment to living social responsibility every day through our employees, our operations and our communities," said Beth Wozniak, nVent's chief executive officer.

"As we look to the second half of the year, our strong orders and backlog give us confidence in our continued growth. As a result of our first half performance and improved outlook, we are raising our full-year revenue and EPS guidance. The electrification of everything, combined with strong execution of our One nVent strategy, position us well to grow."

Second quarter 2021 sales of $601 million were up 34% relative to second quarter 2020 and increased 29% organically, which excludes the impact from currency fluctuations and acquisitions. Second quarter 2021 earnings per diluted share (“EPS”) were $0.39, up 160%, while on an adjusted basis, the company had EPS of $0.50, up 72%. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.

Second quarter 2021 operating income was $88 million, up 95%, compared to $45 million in the prior year period. On an adjusted basis, segment income was $110 million, up 61%, compared to $68 million in the prior year period.

nVent had net cash provided by operating activities of $93 million in the second quarter, and free cash flow was $85 million.

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The following information was filed by Nvent Electric Plc (NVT) on Tuesday, August 3, 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-Q Quarterly 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-Q Quarterly Report:

Revenue - Product Highlight
In 2021, our operating objectives include the following: Executing our social responsibility strategy focused on People, Products and Planet; Enhancing and supporting employee engagement and development; Achieving differentiated revenue growth through new products and solutions and expansion in higher growth verticals and key developing regions; Optimizing our technological capabilities to increasingly generate innovative new and connected products and advance digital transformation; Driving operating excellence through lean enterprise initiatives, with specific focus on sourcing and supply management, cash flow management and lean operations; Optimizing working capital through inventory reduction initiatives across business segments and focused actions to optimize customer and vendor payment terms; and Deploying capital strategically to drive growth and value creation.

Financial - Expense Highlight
While we have taken pricing actions and we strive for productivity improvements that could help offset these cost increases, we expect supply chain pressures and inflationary cost increases to continue for the remainder of 2021 and could negatively impact our results of operations.
Financial - Cash Flow Highlight
We are focused on increasing our cash flow, while continuing to fund our research and development, sales and marketing and capital investment initiatives.
Financial - Earnings Highlight
25 Table of Contents Gross profit The 3.3 and 1.9 percentage point increases in gross profit as a percentage of net sales in the second quarter and first half of 2021 from 2020, respectively, were primarily the result of: increased sales volume resulting in increased leverage on fixed expenses in cost of goods sold; selective increases in selling prices to mitigate inflationary cost increases; and savings generated from our lean and supply management practices.
Financial - Shares
Share repurchases On July 23,...Read more
Financial - Debt
Our debt agreements contain certain...Read more
Other - Other
We offer a comprehensive range...Read more
Revenue - Product
We are positioning our businesses...Read more
Financial - Shares
On February 19, 2019, the...Read more
Financial - Shares
On May 14, 2021, the...Read more
Financial - Income
Segment income The components of...Read more
Financial - Income
Segment income The components of...Read more
Financial - Expense
As our business has seen...Read more
Financial - Expense
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Financial - Expense
These increases were partially offset...Read more
Financial - Expense
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Financial - Expense
These increases were partially offset...Read more
Revenue - Product
Our organic sales have increased...Read more
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As of June 30, 2021,...Read more
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While our facilities have remained...Read more
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Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: NVT
CIK: 1720635
Form Type: 10-Q Quarterly Report
Accession Number: 0001720635-21-000046
Submitted to the SEC: Tue Aug 03 2021 4:52:39 PM EST
Accepted by the SEC: Tue Aug 03 2021
Period: Wednesday, June 30, 2021
Industry: Special Industry Machinery No Metalworking Machinery