Steady Progress on Growth Strategy
-
Reported sales of $538 million were flat; Organic sales up 3%
-
Reported EPS of $0.32; Adjusted EPS of $0.39
-
Reported return on sales of 14.4% or 17.9% on an adjusted basis
-
Repurchased approximately $110 million in nVent shares year-to-date
Reconciliations of GAAP (reported) to Non-GAAP measures are in the
attached financial tables.
LONDON--(BUSINESS WIRE)--
nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical
connection and protection solutions, today announced financial results
for the first quarter of 2019 and provided guidance for the second
quarter and full-year 2019.
First quarter sales of $538 million were flat relative to the first
quarter 2018 and grew 3 percent organically, which excludes the impact
from currency fluctuations. First quarter 2019 earnings per diluted
share (“EPS”) were $0.32, while on an adjusted basis, the company had
EPS of $0.39. Segment income, adjusted net income, free cash flow and
adjusted EPS are described in the attached schedules.
First quarter 2019 operating income was $78 million, up from $66 million
and up 18 percent from the same quarter in 2018. On an adjusted basis,
segment income was $96 million, up 3 percent compared to the first
quarter of 2018. Segment income excluding corporate and other costs was
up 5 percent compared to the first quarter of 2018.
First quarter net cash used for operating activities was $13 million and
total free cash flow usage was $16 million. The company continues to
target full-year free cash flow of approximately 100 percent of adjusted
net income.
"We are off to a good start in 2019, growing in all three segments.
We're making steady progress on our goals including solid margin
expansion in our Enclosures segment," said Beth Wozniak, nVent's chief
executive officer. "Our first quarter performance puts us on track to
deliver on our 2019 commitments."
FIRST QUARTER PERFORMANCE ($ in millions)
|
|
|
|
|
|
|
|
|
|
|
nVent Electric plc
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
|
March 31,
2019
|
|
|
March 31,
2018
|
|
|
% / point
change
|
|
Net Sales
|
|
|
$538
|
|
|
|
$539
|
|
|
|
0
|
%
|
|
Organic
|
|
|
|
|
|
|
|
|
3
|
%
|
|
Operating Income
|
|
|
$78
|
|
|
|
$66
|
|
|
|
18
|
%
|
|
Reported ROS
|
|
|
14.4
|
%
|
|
|
12.2
|
%
|
|
|
|
|
Segment Income
|
|
|
$96
|
|
|
|
$94
|
|
|
|
3
|
%
|
|
Adjusted ROS
|
|
|
17.9
|
%
|
|
|
17.4
|
%
|
|
|
50 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Enclosures
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
|
March 31,
2019
|
|
|
March 31,
2018
|
|
|
% / point
change
|
|
Net Sales
|
|
|
$256
|
|
|
|
$254
|
|
|
|
1
|
%
|
|
Organic
|
|
|
|
|
|
|
|
|
3
|
%
|
|
ROS
|
|
|
17.8
|
%
|
|
|
16.0
|
%
|
|
|
180 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Enclosures organic sales growth was broad-based across Infrastructure,
Commercial and Industrial. First quarter ROS improved 180 basis points
as price plus productivity more than offset inflation.
|
|
|
|
|
|
|
|
|
|
|
Thermal Management
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
|
March 31,
2019
|
|
|
March 31,
2018
|
|
|
% / point
change
|
|
Net Sales
|
|
|
$145
|
|
|
|
$148
|
|
|
|
-2
|
%
|
|
Organic
|
|
|
|
|
|
|
|
|
2
|
%
|
|
ROS
|
|
|
23.6
|
%
|
|
|
22.7
|
%
|
|
|
90 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Thermal Management organic sales growth was driven by double digit
growth in Industrial Maintenance, Repair and Overhaul ("MRO"), while
longer cycle Energy was down versus prior year. The 90 basis points of
margin expansion was driven in part by Industrial MRO.
|
|
|
|
|
|
|
|
|
|
|
Electrical & Fastening Solutions ("EFS")
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
|
March 31,
2019
|
|
|
March 31,
2018
|
|
|
% / point
change
|
|
Net Sales
|
|
|
$137
|
|
|
|
$137
|
|
|
|
0
|
%
|
|
Organic
|
|
|
|
|
|
|
|
|
3
|
%
|
|
ROS
|
|
|
22.7
|
%
|
|
|
23.2
|
%
|
|
|
-50 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
EFS organic sales growth was driven by Industrial and Commercial
including strong price realization across the portfolio. EFS margin
declined by 50 basis points due to operational inefficiencies, which
have been identified and are being addressed to drive margin expansion
in the back half of 2019.
GUIDANCE FOR FULL-YEAR AND SECOND QUARTER 2019
The company continues to estimate reported sales growth for the
full-year 2019 of flat to up 3 percent, which represents 2 to 4 percent
organic growth versus the prior year. The company expects full-year 2019
EPS of $1.50 to $1.60 on a GAAP basis and adjusted EPS remains unchanged
at $1.80 to $1.90.
The company estimates reported sales for the second quarter of 2019 to
be flat to up 2 percent, which represents 2 to 4 percent on an organic
basis. The company estimates second quarter 2019 EPS on a GAAP basis
of $0.35 to $0.39 and adjusted EPS of $0.42 to $0.46.
The second quarter and full-year EPS guidance includes the estimated
impact of the proposed U.S. tax regulations announced in December 2018.
DIVIDENDS
nVent previously announced on February 19, 2019 that its Board of
Directors approved a regular cash dividend of $0.175 per share, payable
during the second quarter on May 3, 2019.
EARNINGS CONFERENCE CALL
nVent’s management team will discuss the company’s first quarter
performance on a conference call with analysts and investors at 8:00
a.m. Eastern Daylight Time today. A live audio webcast of the conference
call and materials will be available through the “Investor Relations”
section of the company’s website (http://investors.nvent.com).
To participate, please dial 855-493-3495 or 720-405-2160 along with
conference number 1298999 approximately ten minutes before the 8:00 a.m.
EDT start. A replay of the conference call will be made accessible once
it becomes available and will remain accessible through midnight on May
30, 2019 by dialing 855-859-2056 or 404-537-3406, along with the above
conference number.
About nVent
nVent is a leading global provider of electrical connection and
protection solutions. We believe our inventive electrical solutions
enable safer systems and ensure a more secure world. We design,
manufacture, market, install and service high performance products and
solutions that connect and protect some of the world's most sensitive
equipment, buildings and critical processes. We offer a comprehensive
range of enclosures, electrical connections and fastening and thermal
management solutions across industry-leading brands that are recognized
globally for quality, reliability and innovation. Our principal office
is in London, United Kingdom and our management office in the United
States is in Minneapolis, Minnesota. Our robust portfolio of leading
electrical product brands dates back more than 100 years and includes
nVent CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER.
nVent, CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER are trademarks
owned or licensed by nVent Services GmbH or its affiliates.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that we believe to be
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements, other than
statements of historical fact are forward-looking statements. Without
limitation, any statements preceded or followed by or that include the
words “targets,” “plans,” “believes,” “expects,” “intends,” “will,”
“likely,” “may,” “anticipates,” “estimates,” “projects,” “forecasts,”
“should,” “would,” “positioned,” “strategy,” “future,” or words, phrases
or terms of similar substance or the negative thereof, are
forward-looking statements. All projections in this press release are
also forward-looking statements. These forward-looking statements are
not guarantees of future performance and are subject to risks,
uncertainties, assumptions and other factors, some of which are beyond
our control, which could cause actual results to differ materially from
those expressed or implied by such forward-looking statements. These
factors include adverse effects on our business operations or financial
results as a result of the consummation of our separation from Pentair
(the "Separation"); the ability of our business to operate independently
following the Separation; overall global economic and business
conditions impacting our business; the ability to achieve the benefits
of our restructuring plans; the ability to successfully identify,
finance, complete and integrate acquisitions; competition and pricing
pressures in the markets we serve, including the impacts of tariffs; the
strength of housing and related markets; volatility in currency exchange
rates and commodity prices; inability to generate savings from
excellence in operations initiatives consisting of lean enterprise,
supply management and cash flow practices; increased risks associated
with operating foreign businesses; the ability to deliver backlog and
win future project work; failure of markets to accept new product
introductions and enhancements; the impact of changes in laws and
regulations, including those that limit U.S. tax benefits; the outcome
of litigation and governmental proceedings; and the ability to achieve
our long-term strategic operating goals. Additional information
concerning these and other factors is contained in our filings with the
Securities and Exchange Commission, including our Annual Report on Form
10-K, as amended. All forward-looking statements speak only as of the
date of this press release. nVent assumes no obligation, and disclaims
any obligation, to update the information contained in this press
release.
|
|
|
nVent Electric plc
|
|
Condensed Consolidated and Combined Statements of Income
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
In millions, except per-share data
|
|
|
March 31,
2019
|
|
|
March 31,
2018
|
|
Net sales
|
|
|
$
|
538.0
|
|
|
|
$
|
538.9
|
|
|
Cost of goods sold
|
|
|
|
328.1
|
|
|
|
|
330.0
|
|
|
Gross profit
|
|
|
|
209.9
|
|
|
|
|
208.9
|
|
|
% of net sales
|
|
|
|
39.0
|
%
|
|
|
|
38.8
|
%
|
|
Selling, general and administrative
|
|
|
|
120.1
|
|
|
|
|
131.9
|
|
|
% of net sales
|
|
|
|
22.3
|
%
|
|
|
|
24.5
|
%
|
|
Research and development
|
|
|
|
12.3
|
|
|
|
|
11.4
|
|
|
% of net sales
|
|
|
|
2.3
|
%
|
|
|
|
2.1
|
%
|
|
Operating income
|
|
|
|
77.5
|
|
|
|
|
65.6
|
|
|
% of net sales
|
|
|
|
14.4
|
%
|
|
|
|
12.2
|
%
|
|
Net interest expense
|
|
|
|
10.5
|
|
|
|
|
0.6
|
|
|
Other expense
|
|
|
|
0.9
|
|
|
|
|
1.2
|
|
|
Income before income taxes
|
|
|
|
66.1
|
|
|
|
|
63.8
|
|
|
Provision for income taxes
|
|
|
|
9.7
|
|
|
|
|
11.5
|
|
|
Effective tax rate
|
|
|
|
14.7
|
%
|
|
|
|
18.0
|
%
|
|
Net income
|
|
|
$
|
56.4
|
|
|
|
$
|
52.3
|
|
|
Earnings per ordinary share
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.32
|
|
|
|
$
|
0.29
|
|
|
Diluted
|
|
|
$
|
0.32
|
|
|
|
$
|
0.29
|
|
|
Weighted average ordinary shares outstanding
|
|
|
|
|
|
|
|
Basic
|
|
|
|
176.5
|
|
|
|
|
179.0
|
|
|
Diluted
|
|
|
|
178.2
|
|
|
|
|
181.2
|
|
|
Cash dividends paid per ordinary share
|
|
|
$
|
0.175
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nVent Electric plc
|
|
Condensed Consolidated Balance Sheets (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
In millions
|
|
|
|
|
|
Assets
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
32.6
|
|
|
$
|
159.0
|
|
Accounts and notes receivable, net
|
|
|
|
342.7
|
|
|
|
340.9
|
|
Inventories
|
|
|
|
244.4
|
|
|
|
228.2
|
|
Other current assets
|
|
|
|
126.5
|
|
|
|
118.4
|
|
Total current assets
|
|
|
|
746.2
|
|
|
|
846.5
|
|
Property, plant and equipment, net
|
|
|
|
264.6
|
|
|
|
264.8
|
|
Other assets
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
2,233.9
|
|
|
|
2,234.3
|
|
Intangibles, net
|
|
|
|
1,158.7
|
|
|
|
1,173.3
|
|
Other non-current assets
|
|
|
|
71.3
|
|
|
|
33.8
|
|
Total other assets
|
|
|
|
3,463.9
|
|
|
|
3,441.4
|
|
Total assets
|
|
|
$
|
4,474.7
|
|
|
$
|
4,552.7
|
|
Liabilities and Equity
|
|
Current liabilities
|
|
|
|
|
|
|
|
Current maturities of long-term debt and short-term borrowings
|
|
|
$
|
13.8
|
|
|
$
|
12.5
|
|
Accounts payable
|
|
|
|
149.1
|
|
|
|
186.4
|
|
Employee compensation and benefits
|
|
|
|
64.3
|
|
|
|
75.8
|
|
Other current liabilities
|
|
|
|
183.0
|
|
|
|
187.0
|
|
Total current liabilities
|
|
|
|
410.2
|
|
|
|
461.7
|
|
Other liabilities
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
925.6
|
|
|
|
929.2
|
|
Pension and other post-retirement compensation and benefits
|
|
|
|
175.4
|
|
|
|
177.9
|
|
Deferred tax liabilities
|
|
|
|
222.7
|
|
|
|
224.8
|
|
Other non-current liabilities
|
|
|
|
105.7
|
|
|
|
72.0
|
|
Total liabilities
|
|
|
|
1,839.6
|
|
|
|
1,865.6
|
|
Equity
|
|
|
|
2,635.1
|
|
|
|
2,687.1
|
|
Total liabilities and equity
|
|
|
$
|
4,474.7
|
|
|
$
|
4,552.7
|
|
|
|
|
|
|
|
|
|
|
|
|
nVent Electric plc
|
|
Condensed Consolidated and Combined Statements of Cash Flows
(Unaudited)
|
|
|
|
|
|
Three months ended
|
|
In millions
|
|
|
March 31,
2019
|
|
|
March 31,
2018
|
|
Operating activities
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
56.4
|
|
|
|
$
|
52.3
|
|
|
Adjustments to reconcile net income to net cash provided by (used
for) operating activities
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
8.4
|
|
|
|
|
9.2
|
|
|
Amortization
|
|
|
|
15.1
|
|
|
|
|
15.4
|
|
|
Deferred income taxes
|
|
|
|
(2.1
|
)
|
|
|
|
(0.6
|
)
|
|
Share-based compensation
|
|
|
|
4.3
|
|
|
|
|
2.4
|
|
|
Changes in assets and liabilities, net of effects of business
acquisitions
|
|
|
|
|
|
|
|
Accounts and notes receivable
|
|
|
|
(1.5
|
)
|
|
|
|
(1.3
|
)
|
|
Inventories
|
|
|
|
(16.8
|
)
|
|
|
|
2.0
|
|
|
Other current assets
|
|
|
|
(8.8
|
)
|
|
|
|
(8.0
|
)
|
|
Accounts payable
|
|
|
|
(40.8
|
)
|
|
|
|
(34.6
|
)
|
|
Employee compensation and benefits
|
|
|
|
(11.2
|
)
|
|
|
|
(16.5
|
)
|
|
Other current liabilities
|
|
|
|
(2.5
|
)
|
|
|
|
19.4
|
|
|
Other non-current assets and liabilities
|
|
|
|
(13.6
|
)
|
|
|
|
(3.6
|
)
|
|
Net cash provided by (used for) operating activities
|
|
|
|
(13.1
|
)
|
|
|
|
36.1
|
|
|
Investing activities
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
(9.2
|
)
|
|
|
|
(5.4
|
)
|
|
Proceeds from sale of property and equipment
|
|
|
|
6.0
|
|
|
|
|
2.3
|
|
|
Acquisitions, net of cash acquired
|
|
|
|
—
|
|
|
|
|
(2.0
|
)
|
|
Net cash provided by (used for) investing activities
|
|
|
|
(3.2
|
)
|
|
|
|
(5.1
|
)
|
|
Financing activities
|
|
|
|
|
|
|
|
Proceeds from long-term debt
|
|
|
|
—
|
|
|
|
|
800.0
|
|
|
Repayments of long-term debt
|
|
|
|
(2.5
|
)
|
|
|
|
—
|
|
|
Debt issuance costs
|
|
|
|
—
|
|
|
|
|
(7.5
|
)
|
|
Dividends paid
|
|
|
|
(31.0
|
)
|
|
|
|
—
|
|
|
Net transfers to former Parent prior to separation
|
|
|
|
—
|
|
|
|
|
(10.0
|
)
|
|
Shares issued to employees, net of shares withheld
|
|
|
|
1.0
|
|
|
|
|
—
|
|
|
Repurchases of ordinary shares
|
|
|
|
(76.1
|
)
|
|
|
|
—
|
|
|
Net cash provided by (used for) financing activities
|
|
|
|
(108.6
|
)
|
|
|
|
782.5
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
(1.5
|
)
|
|
|
|
(3.7
|
)
|
|
Change in cash and cash equivalents
|
|
|
|
(126.4
|
)
|
|
|
|
809.8
|
|
|
Cash and cash equivalents, beginning of year
|
|
|
|
159.0
|
|
|
|
|
26.9
|
|
|
Cash and cash equivalents, end of year
|
|
|
$
|
32.6
|
|
|
|
$
|
836.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nVent Electric plc
|
|
Supplemental Financial Information by Reportable Segment
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
2018
|
|
In millions
|
|
|
First
Quarter
|
|
|
First
Quarter
|
|
Net sales
|
|
|
|
|
|
|
|
Enclosures
|
|
|
$
|
255.5
|
|
|
|
$
|
254.1
|
|
|
Thermal Management
|
|
|
|
145.1
|
|
|
|
|
147.9
|
|
|
Electrical & Fastening Solutions
|
|
|
|
137.4
|
|
|
|
|
136.9
|
|
|
Total
|
|
|
$
|
538.0
|
|
|
|
$
|
538.9
|
|
|
Segment income (loss)
|
|
|
|
|
|
|
|
Enclosures
|
|
|
$
|
45.6
|
|
|
|
$
|
40.6
|
|
|
Thermal Management
|
|
|
|
34.3
|
|
|
|
|
33.5
|
|
|
Electrical & Fastening Solutions
|
|
|
|
31.2
|
|
|
|
|
31.7
|
|
|
Other
|
|
|
|
(14.9
|
)
|
|
|
|
(12.3
|
)
|
|
Total
|
|
|
$
|
96.2
|
|
|
|
$
|
93.5
|
|
|
Return on sales
|
|
|
|
|
|
|
|
Enclosures
|
|
|
|
17.8
|
%
|
|
|
|
16.0
|
%
|
|
Thermal Management
|
|
|
|
23.6
|
%
|
|
|
|
22.7
|
%
|
|
Electrical & Fastening Solutions
|
|
|
|
22.7
|
%
|
|
|
|
23.2
|
%
|
|
Total
|
|
|
|
17.9
|
%
|
|
|
|
17.4
|
%
|
|
|
|
|
|
|
|
|
|
|
nVent Electric plc
|
|
Reconciliation of the GAAP year ended December 31, 2019 to the
non-GAAP financial measures
|
|
excluding the effect of 2019 adjustments (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
|
Forecast
(1)
|
|
In millions, except per-share data
|
|
|
First
Quarter
|
|
|
Second
Quarter
|
|
|
Full
Year
|
|
Net sales
|
|
|
$
|
538.0
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
77.5
|
|
|
|
|
|
|
|
|
% of net sales
|
|
|
|
14.4
|
%
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other
|
|
|
|
3.6
|
|
|
|
|
|
|
|
|
Intangible amortization
|
|
|
|
15.1
|
|
|
|
|
|
|
|
|
Segment income
|
|
|
|
96.2
|
|
|
|
|
|
|
|
|
Return on sales
|
|
|
|
17.9
|
%
|
|
|
|
|
|
|
|
Corporate and other costs
|
|
|
|
14.9
|
|
|
|
|
|
|
|
|
Segment income excluding corporate and other costs
|
|
|
$
|
111.1
|
|
|
|
|
|
|
|
|
Net income - as reported
|
|
|
$
|
56.4
|
|
|
|
$
|
65
|
|
|
|
$
|
269
|
|
|
Adjustments to operating income
|
|
|
|
18.7
|
|
|
|
|
15
|
|
|
|
|
64
|
|
|
Income tax adjustments
|
|
|
|
(5.6
|
)
|
|
|
|
(3
|
)
|
|
|
|
(12
|
)
|
|
Net income - as adjusted
|
|
|
$
|
69.5
|
|
|
|
$
|
77
|
|
|
|
$
|
321
|
|
|
Diluted earnings per ordinary share
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ordinary share - as reported
|
|
|
$
|
0.32
|
|
|
|
$
|
0.35 - $0.39
|
|
|
|
$
|
1.50 - $1.60
|
|
|
Adjustments
|
|
|
|
0.07
|
|
|
|
|
0.07
|
|
|
|
|
0.30
|
|
|
Diluted earnings per ordinary share - adjusted
|
|
|
$
|
0.39
|
|
|
|
$
|
0.42 - $0.46
|
|
|
|
$
|
1.80 - $1.90
|
|
|
(1) Forecast information represents an approximation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nVent Electric plc
|
|
Reconciliation of the GAAP year ended December 31, 2018 to the
non-GAAP financial measures
|
|
excluding the effect of 2018 adjustments (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions, except per-share data
|
|
|
First
Quarter
|
|
|
Second
Quarter
|
|
|
Third
Quarter
|
|
|
Fourth
Quarter
|
|
|
Full
Year
|
|
Net sales
|
|
|
$
|
538.9
|
|
|
|
$
|
542.7
|
|
|
|
$
|
563.9
|
|
|
|
$
|
568.1
|
|
|
|
$
|
2,213.6
|
|
|
Operating income
|
|
|
|
65.6
|
|
|
|
|
65.3
|
|
|
|
|
93.7
|
|
|
|
|
86.2
|
|
|
|
|
310.8
|
|
|
% of net sales
|
|
|
|
12.2
|
%
|
|
|
|
12.0
|
%
|
|
|
|
16.6
|
%
|
|
|
|
15.2
|
%
|
|
|
|
14.0
|
%
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other
|
|
|
|
2.8
|
|
|
|
|
2.3
|
|
|
|
|
1.3
|
|
|
|
|
1.3
|
|
|
|
|
7.7
|
|
|
Intangible amortization
|
|
|
|
15.4
|
|
|
|
|
15.2
|
|
|
|
|
15.2
|
|
|
|
|
15.1
|
|
|
|
|
60.9
|
|
|
Separation costs
|
|
|
|
9.7
|
|
|
|
|
24.8
|
|
|
|
|
4.8
|
|
|
|
|
5.7
|
|
|
|
|
45.0
|
|
|
Corporate allocations
|
|
|
|
—
|
|
|
|
|
(0.8
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(0.8
|
)
|
|
Segment income
|
|
|
|
93.5
|
|
|
|
|
106.8
|
|
|
|
|
115.0
|
|
|
|
|
108.3
|
|
|
|
|
423.6
|
|
|
Return on sales
|
|
|
|
17.4
|
%
|
|
|
|
19.7
|
%
|
|
|
|
20.4
|
%
|
|
|
|
19.1
|
%
|
|
|
|
19.1
|
%
|
|
Corporate and other costs
|
|
|
|
12.3
|
|
|
|
|
12.4
|
|
|
|
|
13.2
|
|
|
|
|
12.0
|
|
|
|
|
49.9
|
|
|
Segment income excluding corporate and other costs
|
|
|
$
|
105.8
|
|
|
|
$
|
119.2
|
|
|
|
$
|
128.2
|
|
|
|
$
|
120.3
|
|
|
|
$
|
473.5
|
|
|
Net income - as reported
|
|
|
$
|
52.3
|
|
|
|
$
|
43.3
|
|
|
|
$
|
68.2
|
|
|
|
$
|
67.0
|
|
|
|
$
|
230.8
|
|
|
Interest expense adjustment - pro forma
|
|
|
|
(5.6
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(5.6
|
)
|
|
Adjustments to operating income
|
|
|
|
27.9
|
|
|
|
|
41.5
|
|
|
|
|
21.3
|
|
|
|
|
22.1
|
|
|
|
|
112.8
|
|
|
Pension and other post-retirement mark-to-market loss
|
|
|
|
—
|
|
|
|
|
4.1
|
|
|
|
|
—
|
|
|
|
|
2.9
|
|
|
|
|
7.0
|
|
|
Income tax adjustments
|
|
|
|
(4.0
|
)
|
|
|
|
(9.8
|
)
|
|
|
|
(5.5
|
)
|
|
|
|
(11.7
|
)
|
|
|
|
(31.0
|
)
|
|
Net income - pro forma adjusted
|
|
|
$
|
70.6
|
|
|
|
$
|
79.1
|
|
|
|
$
|
84.0
|
|
|
|
$
|
80.3
|
|
|
|
$
|
314.0
|
|
|
Diluted earnings per ordinary share - pro forma adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ordinary share - pro forma
|
|
|
$
|
0.29
|
|
|
|
$
|
0.24
|
|
|
|
$
|
0.38
|
|
|
|
$
|
0.37
|
|
|
|
$
|
1.28
|
|
|
Adjustments
|
|
|
|
0.10
|
|
|
|
|
0.20
|
|
|
|
|
0.08
|
|
|
|
|
0.08
|
|
|
|
$
|
0.46
|
|
|
Diluted earnings per ordinary share - as adjusted
|
|
|
$
|
0.39
|
|
|
|
$
|
0.44
|
|
|
|
$
|
0.46
|
|
|
|
$
|
0.45
|
|
|
|
$
|
1.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nVent Electric plc
|
|
Reconciliation of Net Sales Growth to Organic Net Sales Growth by
Segment
|
|
for the quarter ended March 31, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Actual
|
|
|
|
|
Q1 Net Sales Growth
|
|
|
|
|
|
|
|
|
Organic
|
|
|
Currency
|
|
|
Acq./Div.
|
|
|
Total
|
|
nVent
|
|
|
|
|
|
|
2.6
|
%
|
|
|
(2.8
|
)%
|
|
|
—
|
%
|
|
|
(0.2
|
)%
|
|
Enclosures
|
|
|
|
|
|
|
2.7
|
%
|
|
|
(2.1
|
)%
|
|
|
—
|
%
|
|
|
0.6
|
%
|
|
Thermal Management
|
|
|
|
|
|
|
2.3
|
%
|
|
|
(4.2
|
)%
|
|
|
—
|
%
|
|
|
(1.9
|
)%
|
|
Electrical & Fastening Solutions
|
|
|
|
|
|
|
2.7
|
%
|
|
|
(2.3
|
)%
|
|
|
—
|
%
|
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nVent Electric plc
|
|
Reconciliation of Net Sales Growth to Organic Net Sales Growth by
Segment
|
|
for the quarter ending June 30, 2019 and year ending December 31,
2019 (Unaudited)
|
|
|
|
|
|
Forecast
(1)
|
|
|
|
Q2 Net Sales Growth
|
|
|
Full Year Net Sales Growth
|
|
|
|
|
Organic
|
|
|
Currency
|
|
|
Acq./Div.
|
|
|
Total
|
|
|
Organic
|
|
|
Currency
|
|
|
Acq./Div.
|
|
|
Total
|
|
nVent
|
|
|
2 - 4%
|
|
|
(2)%
|
|
|
—%
|
|
|
0 - 2%
|
|
|
2 - 4
|
%
|
|
|
(1) - (2)%
|
|
|
—
|
%
|
|
|
0 - 3%
|
|
Enclosures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 - 4
|
%
|
|
|
(1)%
|
|
|
—
|
%
|
|
|
1 - 3%
|
|
Thermal Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 - 6
|
%
|
|
|
(2) - (3)%
|
|
|
—
|
%
|
|
|
(1) - 4%
|
|
Electrical & Fastening Solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 - 4
|
%
|
|
|
(1)%
|
|
|
—
|
%
|
|
|
1 - 3%
|
|
(1) Forecast information represents an approximation
|
|
|
|
|
|
nVent Electric plc
|
|
Reconciliation of cash from operating activities to free cash
flow (Unaudited)
|
|
|
|
|
|
Three months ended
|
|
In millions
|
|
|
March 31,
2019
|
|
Net cash provided by (used for) operating activities
|
|
|
$
|
(13.1
|
)
|
|
Capital expenditures
|
|
|
|
(9.2
|
)
|
|
Proceeds from sale of property and equipment
|
|
|
|
6.0
|
|
|
Free cash flow
|
|
|
$
|
(16.3
|
)
|
|
|
|
|
|
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190425005143/en/
Investor Contact
J.C. Weigelt
Vice President, Investor
Relations
nVent
763.204.7750
JC.Weigelt@nVent.com
Media Contact
Jill Saletta
Vice President,
Communications
nVent
763.204.7771
Jill.Saletta@nVent.com
Source: nVent Electric plc