Nvent Electric Plc (NVT) 10-Q Quarterly Report April 2022

LONDON – April 29, 2022 – nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced financial results for the first quarter of 2022 and provided guidance for the second quarter and full-year 2022.

“We had a strong start to the year, with another quarter of tremendous growth and execution. The continued dedication and adaptability of our global team helped us deliver for our customers in a challenging environment. Our record first quarter sales grew 27 percent, with broad-based sales and order growth across all segments,” said nVent Chief Executive Officer Beth Wozniak.

“As the electrification of everything continues to drive demand for our products and solutions, we are well-positioned for continued growth across the verticals we serve, like Data Solutions, Industrial Automation, Power Utilities, Renewables and Smart Buildings. Based on the strength of the business in the first quarter, we are raising our full-year sales and adjusted EPS guidance. The future is bright at nVent.”

First quarter sales of $695 million were up 27 percent relative to the first quarter 2021 and increased 24 percent organically, which excludes the impact from currency fluctuations and acquisitions. First quarter 2022 earnings per diluted share (“EPS”) were $0.40, up 3 percent, while on an adjusted basis, the company had EPS of $0.50, up 16 percent. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.

First quarter 2022 operating income was $90 million compared to $80 million in the first quarter of 2021. On an adjusted basis, segment income was $110 million versus $97 million in the first quarter of 2021.

nVent had net cash provided by operating activities of $7 million in the first quarter and free cash flow usage was $3 million.

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The following information was filed by Nvent Electric Plc (NVT) on Friday, April 29, 2022 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:

Financial - Debt Highlight
Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities, including that we may not permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense ("EBITDA") on the last day of any period of four consecutive fiscal quarters (each a "testing period") to exceed 3.75 to 1.00 (or, at nVent Finance's election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection with certain material acquisitions) and (ii) the ratio of our EBITDA to our consolidated interest expense for the same period to be less than 3.00 to 1.00.

Revenue - Product Highlight
20 In 2022, our operating objectives include the following: Executing our Environmental, Social and Governance ("ESG") strategy focused on People, Products and Planet; Enhancing and supporting employee engagement, development and retention; Achieving differentiated revenue growth through new products and innovation and expansion in higher growth verticals across all regions globally; Optimizing our technological capabilities to increasingly generate innovative new and connected products and advance digital transformation; Driving operational excellence through lean and agile, with specific focus on our digital transformation and supply chain resiliency; 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 have implemented and plan to continue to implement productivity improvements that could help offset these cost increases, we expect supply chain pressures and inflationary cost increases to continue throughout 2022, 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.
Revenue - Product Highlight
25 Thermal Management The net sales, segment income and segment income as a percentage of net sales for Thermal Management were as follows: Net sales The components of the change in Thermal Management net sales from the prior period were as follows: The 19.1 percent increase in Thermal Management net sales in the first quarter of 2022 from 2021 was primarily the result of: organic sales growth contribution of approximately 19.0% from our industrial business, which includes increases in selling prices.
Financial - Shares
Share repurchases On July 23,...Read more
Other - Other
We offer a comprehensive range...Read more
Revenue - Product
Enclosures The net sales, segment...Read more
Revenue - Product
Electrical & Fastening Solutions The...Read more
Financial - Shares
On February 19, 2019, the...Read more
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On May 14, 2021, the...Read more
Revenue - Product
This decrease was partially offset...Read more
Financial - Expense
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Financial - Dividend
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Financial - Income
Segment income Three months ended...Read more
Revenue - Geography
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21 CONSOLIDATED RESULTS OF OPERATIONS...Read more
Financial - Earnings
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Segment income represents operating income...Read more
Financial - Cash Flow
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Provision for income taxes The...Read more

Financial Statements, Disclosures and Schedules

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: 0001720635-22-000018
Submitted to the SEC: Fri Apr 29 2022 4:35:25 PM EST
Accepted by the SEC: Fri Apr 29 2022
Period: Thursday, March 31, 2022
Industry: Special Industry Machinery No Metalworking Machinery