第99.1展示文本
新闻稿
nVent宣布2024年第三季度财务业绩
销售额创记录，现金流强劲
•热管理业务被报告为当前和以往所有时段的停止运营
•报告显示来自持续经营的销售额达到78200万美元，增长9%，有机增长1%
◦控制支出，同时继续在我们认为对长期成功至关重要的领域进行投资。销售总额达到93900万美元，增长9%
•继续经营的报告每股收益为$0.47；调整后的每股收益为$0.63
◦控制支出，同时继续在我们认为对长期成功至关重要的领域进行投资。每股收益总额为$0.62；每股调整后的收益为$0.84
•持续经营活动现金流15800万美元，增长29%; 持续经营活动的自由现金流14300万美元，增长33%
•更新2024年全年指引以反映持续运营
GAAP（报告）与非GAAP措施的对账见附表。
伦敦，英国 – 2024年11月1日 – nVent Electric plc（纽交所：NVT）（“nVent”），全球电气连接和保护解决方案的领先者，今天宣布了2024年第三季度的财务业绩，并提供了2024年第四季度和全年的指导。由于热管理业务的先前宣布出售，公司报告该业务的业绩作为终止运营在目前和所有之前的报告时期。
“我们在第三季度表现强劲，收入和现金流超出预期。新产品、高增长行业和收购是重要贡献者。Trachte公司的收购起步良好，是nVent的一个重要新平台，”nVent主席兼首席执行官贝丝·沃兹尼亚克说。
“我们预计热管理业务的出售将在2025年初完成。通过这些组合调整，nVent将成为一个更加专注、增长更快的电气连接和保护领导者，在电气化、可持续发展和数字化变革的大趋势中处于良好位置。”
第三季度持续经营销售额总计为7,8200万美元，而停止经营业务的报告销售额在该季度为1,5700万美元。这一业绩代表了持续经营和总体销售额均增长了9%，在持续经营业务方面，有机销售增长了1%，不包括货币波动和收购影响。
2024年第三季度每股摊薄收益（“EPS”）为0.47美元，下降4%，而在调整后，公司的EPS为0.63美元，下降3%。包括已停止运营的业务，每股总收益为0.62美元，同比下降2%，而总调整后每股收益为0.84美元，与去年持平。调整后的EPS、调整后的营业收入、调整后的净利润和自由现金流是本新闻稿附加的非通用会计准则财务指标中所描述的。 2%的总调整收益每股为0.84美元，与去年持平。调整后的EPS、调整后的营业收入、调整后的净利润和自由现金流是本新闻稿附加的非通用会计准则财务指标中所描述的。
2024年第三季度营业收入为13300万美元，比2023年第三季度的12600万美元增长了6%。 调整后的2024年第三季度营业收入为16800万美元，比2023年第三季度的16200万美元增长了4%。 到2023年。
nVent在第三季度持续经营活动中取得的净现金为15800万美元，相比2023年第三季度的12300万美元。自由现金流为第三季度产生了14300万美元，相比2023年第三季度的10700万美元。
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第三季度绩效（单位：百万美元）(1)
| nVent Electric plc | |||||||||||
| 截至三个月结束时 | |||||||||||
| 2024年9月30日 | 2023年9月30日 | 百分比 / 点 改变 | |||||||||
| 净销售额 | $782 | $715 | 9% | ||||||||
| 有机 | 1% | ||||||||||
| 营业收入 | $133 | $126 | 6% | ||||||||
| ROS报告 | 17.0% | 17.7% | -70 基点 | ||||||||
| 调整后的营业利润 | $168 | $162 | 4% | ||||||||
| 调整后ROS | 21.5% | 22.7% | -120个基点 | ||||||||
| 附件 | |||||||||||
| 截至三个月结束时 | |||||||||||
| 2024年9月30日 | 2023年9月30日 | % / 点 改变 | |||||||||
| 净销售额 | $477 | $413 | 16% | ||||||||
| 有机 | 1% | ||||||||||
| 调整后ROS | 21.9% | 21.7% | 20 bps | ||||||||
| 电气与固定解决方案 | |||||||||||
| 截至三个月结束时 | |||||||||||
| 2024年9月30日 | 2023年9月30日 | % / 点 改变 | |||||||||
| 净销售额 | $305 | $302 | 1% | ||||||||
| 有机 | 1% | ||||||||||
| 调整后的ROS | 30.4% | 32.3% | -190个基点 | ||||||||
(1) 表格中呈现的某些数字已四舍五入。
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2024年全年和第三季度指南
nVent正在更新指导方针，转为基于持续经营，该指导方针不包括热管理业务的待售事项。Th公司预计全年2024年报告的销售增长约为13%，有机销售增长约为3%。 公司预计2024年全年每股收益为1.99美元至2.01美元，按照通用会计准则调整后每股收益为2.49美元至2.51美元。
公司预计2024年第四季度报告销售增长11万亿，增长百分之13，有机销售增长百分之1至3。公司预计2024年第四季度每股收益（EPS）按照普通会计准则为0.45美元至0.47美元，调整后每股收益为0.58美元至0.60美元。
退回
nVent此前宣布于2024年9月24日，其董事会批准每股派发0.19美元的普通现金股息，将于2024年第四季度的11月1日支付。
业绩会
nVent的管理团队将于美国东部时间今天上午9点举行电话会议，与分析师和投资者讨论公司第三季度的业绩。电话会议的现场音频网络广播和材料将通过公司网站“投资者关系”部分（http://investors.nvent.com）提供。请在9:00 a.m.美国东部时间开始前约十分钟拨打1-833-630-1071或1-412-317-1832参加。一旦电话会议的重播可用，可通过拨打1-877-344-7529或1-412-317-0088，并使用访问代码2232766，在2024年11月15日之前持续访问。
关于nVent
nVent是领先的全球电气连接和保护方案提供商。我们相信我们创新的电气解决方案能够帮助建立更安全的系统，确保世界更加安全。我们设计、制造、销售、安装和提供高性能产品和解决方案，连接和保护全球一些最敏感的设备、建筑和关键流程。我们提供全面的区间、电气连接、固定和热管理解决方案，覆盖了行业领先品牌，在全球范围内以质量、可靠性和创新而闻名。我们的主要办公室位于伦敦，美国的管理办公室位于明尼阿波利斯。我们领先的电气产品品牌组合可以追溯到100多年前，包括nVent CADDY，ERICO，HOFFMAN，ILSCO和SCHROFF。
nVent CADDY, ERICO, HOFFMAN, ILSCO 和 SCHROFF 是 nVent Services GmbH 或其关联公司拥有或持有许可的商标。
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关于前瞻性声明的注意事项：
本新闻稿包含了我们认为符合1995年《私人证券诉讼改革法案》“前瞻性声明”的声明。除历史事实外的所有声明均为前瞻性声明。特此声明，任何以“目标”、“计划”、“相信”、“预期”、“意图”、“将”、“可能”、“预期”、“估计”、“项目”、“预测”、“应该”、“将”、“可能”、“立场”、“策略”、“未来”、“有信心”或具有相似内容或其否定所述的言辞，皆属于前瞻性声明。本新闻稿中的所有预测也属于前瞻性声明。这些前瞻性声明不构成未来业绩的保证，并受到风险、不确定性、假设和其他因素的影响，其中一些因素超出我们的控制范围，可能导致实际结果与这些前瞻性声明所表达或暗示的结果有实质性差异。在这些因素中包括对我们业务运营或财务业绩造成不利影响，包括无法按预期条款和时间表完成热管理业务的待定出售；影响我们业务的全球经济和商业条件；实现我们重组计划的好处；成功识别、融资、完成和整合收购，包括Trachte、ECm Industries等最近的收购；我们服务市场上的竞争和价格压力，包括关税的影响；货币兑换汇率、利率和商品价格的波动；无法从运营卓越倡议--精益企业、供应管理和现金流程实践中获得节约；无法减轻材料和其他成本通货膨胀的风险；与供应链输入的可用性和成本通货膨胀有关的风险，包括劳动力、原材料、商品、包装和运输；经营外国业务增加的风险，包括与军事冲突有关的风险，如俄罗斯和乌克兰之间的冲突以及相关制裁；能否交付积压订单并赢得未来项目工作；市场对新产品推出和增强的接受影响；法律和法规变化的影响，包括限制美国税收优惠的法律；诉讼和政府程序的结果；以及实现我们长期战略运营目标的能力。有关这些和其他因素的更多信息请参阅我们向美国证券交易委员会提交的文件，包括我们的年度报告10-k和季度报告10-Q。所有前瞻性声明仅在本新闻稿日期作出。nVent不承担义务，也否认有义务更新本新闻稿中包含的信息。
投资者联系
Tony Riter
副总裁，投资者关系
nVent
763.204.7750
Tony.Riter@nVent.com
媒体联系
Stacey Wempen
外部通信董事
nVent
763.204.7857
Stacey.Wempen@nVent.com
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| nvent electric plc | |||||||||||||||||
| 未经审计的综合收入简明表 | |||||||||||||||||
| 三个月结束 | 九个月结束了 | ||||||||||||||||
| 以百万为单位，除每股数据外 | 九月三十日， 2024 | 九月三十日， 2023 | 九月三十日， 2024 | 九月三十日， 2023 | |||||||||||||
| 净销售额 | $ | 782.0 | $ | 715.0 | $ | 2,253.9 | $ | 1,978.4 | |||||||||
| 营业成本 | 470.9 | 425.9 | 1,344.3 | 1,179.7 | |||||||||||||
| 毛利润 | 311.1 | 289.1 | 909.6 | 798.7 | |||||||||||||
| 销售净额的% | 39.8 | % | 40.4 | % | 40.4 | % | 40.4 | % | |||||||||
| 销售，一般及行政费用 | 161.8 | 148.4 | 450.7 | 413.3 | |||||||||||||
| 销售净额的% | 20.7 | % | 20.8 | % | 20.0 | % | 20.9 | % | |||||||||
| 研发费用 | 16.1 | 14.5 | 48.9 | 40.2 | |||||||||||||
| 销售净额的% | 2.1 | % | 2.0 | % | 2.2 | % | 2.0 | % | |||||||||
| 营收 | 133.2 | 126.2 | 410.0 | 345.2 | |||||||||||||
| 销售净额的% | 17.0 | % | 17.7 | % | 18.2 | % | 17.4 | % | |||||||||
| 净利息费用 | 30.4 | 25.5 | 76.6 | 55.0 | |||||||||||||
| 出售投资收益 | — | — | — | (10.2) | |||||||||||||
| 其他费用 | 1.2 | 1.3 | 3.3 | 3.6 | |||||||||||||
税前收入 | 101.6 | 99.4 | 330.1 | 296.8 | |||||||||||||
| 所得税费用 | 22.7 | 17.5 | 72.8 | 49.5 | |||||||||||||
| 有效税率 | 22.3 | % | 17.6 | % | 22.1 | % | 16.7 | % | |||||||||
| 継续营业活动的净收益 | 78.9 | 81.9 | 257.3 | 247.3 | |||||||||||||
| 已停业营运之所得(净额) | 26.1 | 23.6 | 63.8 | 64.9 | |||||||||||||
| 净利润 | $ | 105.0 | $ | 105.5 | $ | 321.1 | $ | 312.2 | |||||||||
| 每股普通股收益 | |||||||||||||||||
| 基础 | |||||||||||||||||
| 继续营业 | $ | 0.47 | $ | 0.49 | $ | 1.55 | $ | 1.50 | |||||||||
| 已中止之营运 | 0.16 | 0.15 | 0.39 | 0.39 | |||||||||||||
| 每股普通股基本收益 | $ | 0.63 | $ | 0.64 | $ | 1.94 | $ | 1.89 | |||||||||
| 稀释 | |||||||||||||||||
| 继续营业 | $ | 0.47 | $ | 0.49 | $ | 1.53 | $ | 1.47 | |||||||||
| 已中止之营运 | 0.15 | 0.14 | 0.38 | 0.39 | |||||||||||||
| 每股普通股稀释后收益 | $ | 0.62 | $ | 0.63 | $ | 1.91 | $ | 1.86 | |||||||||
| 加权平均普通股股本 | |||||||||||||||||
| 基础 | 165.6 | 165.8 | 165.7 | 165.6 | |||||||||||||
| 稀释 | 168.1 | 168.6 | 168.5 | 168.2 | |||||||||||||
| 每股普通股支付的现金股息 | $ | 0.19 | $ | 0.175 | $ | 0.57 | $ | 0.525 | |||||||||
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| nvent electric plc | ||||||||
| 缩编合并贷方账户余额表（未经审计） | ||||||||
| 九月三十日， 2024 | 12月31日， 2023 | |||||||
| 百万 | ||||||||
| 资产 | ||||||||
| 流动资产合计 | ||||||||
| 现金及现金等价物 | $ | 137.1 | $ | 179.6 | ||||
| 应收帐款及票据，净额 | 526.0 | 470.2 | ||||||
| 存货 | 366.2 | 360.2 | ||||||
| 其他流动资产 | 132.9 | 72.5 | ||||||
| 目前资产待售 | 256.5 | 253.6 | ||||||
| 全部流动资产 | 1,418.7 | 1,336.1 | ||||||
| 不动产、厂房及设备净值 | 335.8 | 319.9 | ||||||
| 其他资产 | ||||||||
| 商誉 | 2,232.0 | 1,858.1 | ||||||
| 无形资产净值 | 1,618.3 | 1,350.5 | ||||||
| 其他非流动资产 | 329.9 | 302.6 | ||||||
| 待售非流动资产 | 983.3 | 994.5 | ||||||
| 其他总资产 | 5,163.5 | 4,505.7 | ||||||
| 资产总额 | $ | 6,918.0 | $ | 6,161.7 | ||||
| 负债及股东权益 | ||||||||
| 流动负债 | ||||||||
| 长期负债及短期借款的流动部分 | $ | 37.5 | $ | 31.9 | ||||
| 应付账款 | 243.4 | 239.8 | ||||||
| 员工补偿和福利 | 95.3 | 102.7 | ||||||
| 其他流动负债 | 273.5 | 244.5 | ||||||
| 待售的流动负债 | 126.5 | 114.7 | ||||||
| 流动负债合计 | 776.2 | 733.6 | ||||||
| 其他负债 | ||||||||
| 长期负债 | 2,220.7 | 1,748.8 | ||||||
| 退休金和其他养老补偿和福利 | 140.1 | 140.4 | ||||||
| 递延所得税负债 | 264.5 | 190.3 | ||||||
| 其他非流动负债 | 184.8 | 158.8 | ||||||
| 待售非流动负债 | 48.0 | 47.7 | ||||||
| 总负债 | 3,634.3 | 3,019.6 | ||||||
| 股权 | 3,283.7 | 3,142.1 | ||||||
| 负债加股东权益总额 | $ | 6,918.0 | $ | 6,161.7 | ||||
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| nvent electric plc | ||||||||
综合现金流量表（未经核数） | ||||||||
| 九个月结束了 | ||||||||
| 百万 | 九月三十日， 2024 | 九月三十日， 2023 | ||||||
| 营运活动 | ||||||||
| 净利润 | $ | 321.1 | $ | 312.2 | ||||
| 少：停业业务溢利净额 | 63.8 | 64.9 | ||||||
| 継续营业活动的净收益 | 257.3 | 247.3 | ||||||
| 调整使持续营业业务的净利润与营业活动提供的现金相符。 | ||||||||
| 折旧 | 37.8 | 30.2 | ||||||
| 摊销 | 66.7 | 49.2 | ||||||
| 推延所得税 | 0.3 | (4.6) | ||||||
| 基于股份的报酬 | 20.1 | 16.3 | ||||||
| 出售投资收益 | — | (10.2) | ||||||
| 桥式融资债务发行成本摊提 | 2.2 | 3.6 | ||||||
| 资产和负债变动，扣除业务收购的影响 | ||||||||
| 应收帐款和票据。 | (10.3) | (57.4) | ||||||
| 存货 | 0.3 | 8.5 | ||||||
| 其他流动资产 | (28.1) | (22.3) | ||||||
| 应付账款 | (11.7) | (10.8) | ||||||
| 员工补偿和福利 | (13.1) | 2.0 | ||||||
| 其他流动负债 | 2.6 | (18.4) | ||||||
| 其他非流动资产和负债 | — | (0.9) | ||||||
| 继续营运的营运活动提供的现金净额 | 324.1 | 232.5 | ||||||
| 已中止营运的营运活动提供的现金净额 | 94.4 | 59.1 | ||||||
| 营运活动提供之（或使用之）净现金 | 418.5 | 291.6 | ||||||
| 投资活动 | ||||||||
| 资本支出 | (47.5) | (44.8) | ||||||
| 产销土地及设备款项 | 0.5 | — | ||||||
| 出售投资所获收益 | — | 14.1 | ||||||
| 净投资套期保值的结算 | — | 3.1 | ||||||
| 并购，扣除所得现金净额 | (677.7) | (1,119.7) | ||||||
| 持续营运的投资活动提供的净现金 | (724.7) | (1,147.3) | ||||||
| 已停业业务的投资活动提供的净现金 | (5.6) | 3.2 | ||||||
| 投资活动提供的净现金 | (730.3) | (1,144.1) | ||||||
| 融资活动 | ||||||||
| 长期负债的筹资 | 500.0 | 800.0 | ||||||
| 偿还长期债务 | (22.5) | (20.0) | ||||||
| 现金流量避险的结算 | — | 4.5 | ||||||
| 债务发行成本 | (3.9) | (11.2) | ||||||
| 分红派息 | (95.3) | (87.6) | ||||||
| 发行员工股份，扣除留置股份 | (0.2) | 1.6 | ||||||
| 普通股的回购 | (100.0) | (15.2) | ||||||
| 筹资活动提供的（使用的）净现金 | 278.1 | 672.1 | ||||||
| 汇率变动对现金及现金等价物的影响 | (4.0) | (3.8) | ||||||
| 现金及现金等价物之变动 | (37.7) | (184.2) | ||||||
| 期初现金及现金等价物 | 179.6 | 290.0 | ||||||
| 资产中供出售之现金及现金等价物期初余额 | 5.5 | 7.5 | ||||||
| 当期资产中供出售之现金及现金等价物期末余额减少 | 10.3 | 5.4 | ||||||
| 现金及现金等价物期末余额 | $ | 137.1 | $ | 107.9 | ||||
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| nVent Electric plc | ||||||||||||||
| Supplemental Financial Information by Reportable Segment (Unaudited) | ||||||||||||||
| 2024 | ||||||||||||||
| In millions | First Quarter | Second Quarter | Third Quarter | Nine Months | ||||||||||
| Net sales | ||||||||||||||
| Enclosures | $ | 439.9 | $ | 440.8 | $ | 477.1 | $ | 1,357.8 | ||||||
| Electrical & Fastening Solutions | 292.2 | 299.0 | 304.9 | 896.1 | ||||||||||
| Total | $ | 732.1 | $ | 739.8 | $ | 782.0 | $ | 2,253.9 | ||||||
| Reportable segment income | ||||||||||||||
| Enclosures | $ | 94.8 | $ | 103.8 | $ | 104.4 | $ | 303.0 | ||||||
| Electrical & Fastening Solutions | 85.2 | 92.5 | 92.6 | 270.3 | ||||||||||
| Reportable segment income | 180.0 | 196.3 | 197.0 | 573.3 | ||||||||||
| Enterprise and other | (24.1) | (26.9) | (28.6) | (79.6) | ||||||||||
| Adjusted operating income | $ | 155.9 | $ | 169.4 | $ | 168.4 | $ | 493.7 | ||||||
| Return on sales | ||||||||||||||
| Enclosures | 21.6 | % | 23.5 | % | 21.9 | % | 22.3 | % | ||||||
| Electrical & Fastening Solutions | 29.2 | % | 30.9 | % | 30.4 | % | 30.2 | % | ||||||
| Adjusted return on sales | 21.3 | % | 22.9 | % | 21.5 | % | 21.9 | % | ||||||
| nVent Electric plc | ||||||||||||||
| Supplemental Financial Information by Reportable Segment (Unaudited) | ||||||||||||||
| 2023 | ||||||||||||||
| In millions | First Quarter | Second Quarter | Third Quarter | Nine Months | ||||||||||
| Net sales | ||||||||||||||
| Enclosures | $ | 391.0 | $ | 400.0 | $ | 412.7 | $ | 1,203.7 | ||||||
| Electrical & Fastening Solutions | 205.7 | 266.7 | 302.3 | 774.7 | ||||||||||
| Total | $ | 596.7 | $ | 666.7 | $ | 715.0 | $ | 1,978.4 | ||||||
| Reportable segment income | ||||||||||||||
| Enclosures | $ | 82.5 | $ | 90.0 | $ | 89.4 | $ | 261.9 | ||||||
| Electrical & Fastening Solutions | 61.3 | 86.5 | 97.6 | 245.4 | ||||||||||
| Reportable segment income | 143.8 | 176.5 | 187.0 | 507.3 | ||||||||||
| Enterprise and other | (30.1) | (27.6) | (24.7) | (82.4) | ||||||||||
| Adjusted operating income | $ | 113.7 | $ | 148.9 | $ | 162.3 | $ | 424.9 | ||||||
| Return on sales | ||||||||||||||
| Enclosures | 21.1 | % | 22.5 | % | 21.7 | % | 21.8 | % | ||||||
| Electrical & Fastening Solutions | 29.8 | % | 32.4 | % | 32.3 | % | 31.7 | % | ||||||
| Adjusted return on sales | 19.1 | % | 22.3 | % | 22.7 | % | 21.5 | % | ||||||
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NON-GAAP FINANCIAL MEASURES
This press release refers to certain non-GAAP financial measures (organic sales, adjusted operating income, adjusted return on sales, adjusted net income, adjusted diluted earnings per share and free cash flow) and a reconciliation of those non-GAAP financial measures to the corresponding financial measures contained in the Company's financial statements prepared in accordance with generally accepted accounting principles. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.
As a result of the previously announced agreement to sell the Thermal Management business, the Company is reporting the results of that business as discontinued operations and has reclassified all prior periods presented. "Total" results referenced herein reflect continuing operations combined with discontinued operations. Management believes that these non-GAAP "total" measures will be useful to investors to compare historically provided guidance to results from the quarter.
The 2024 and 2023 adjusted operating income, adjusted return on sales, adjusted net income and adjusted diluted earnings per share eliminate, where applicable:
•Expense related to certain targeted restructuring activities.
•Expense related to certain acquisition and integration activities associated with our business acquisitions, and transaction costs associated with our business divestiture.
•Amortization of all intangible assets associated with our business acquisitions, including inventory step-up amortization, associated with those acquisitions. The Company excludes these non-cash expenses because the Company believes it (i) enhances management’s and investors’ ability to analyze underlying business performance, (ii) facilitates comparisons of our financial results over multiple periods, and (iii) provides more relevant comparisons of the Company's results with the results of other companies as the amortization expense, inventory step-up amortization, and acquisition related expenses may fluctuate significantly from period to period based on the timing, size, nature, and number of acquisitions. Although the Company excludes amortization of these acquired intangible assets and inventory step-up from its non-GAAP results, the Company believe that it is important for investors to understand that revenue generated, in part, from such intangibles is included within revenue in determining adjusted results.
•Gain on sale of investments.
•Pension and other postretirement mark-to-market loss (gain). The Company recognizes changes in the fair value of plan assets and net actuarial gains or losses for pension and other post-retirement benefits as a mark-to-market adjustment. Net actuarial gains and losses occur when the actual experience differs from any of the various assumptions used to value the Company's pension and other post-retirement plans or when assumptions change. This accounting method also results in the potential for volatile and difficult to forecast mark-to-market adjustments. The Company believes that the exclusion of pension and other postretirement mark-to-market loss (gain) better reflects the ongoing costs of providing pension and postretirement benefits to its employees.
•Amortization of bridge financing debt issuance costs.
•Income tax effects of the above adjustments, which are calculated using the Company's estimated non-GAAP tax rate. This non-GAAP tax approach eliminates the effects of period specific items, which can vary in size and frequency and do not necessarily reflect our long-term operations. The non-GAAP tax rate could be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in the Company's geographic earnings mix including due to acquisition activity or other changes in our strategy or business operations.
The Company uses the term "organic sales" to refer to GAAP net sales excluding 1) the impact of currency translation and 2) the impact of revenue from acquired businesses recorded prior to the first anniversary of the acquisition less the amount of sales attributable to divested product lines not considered discontinued operations ("acquisition sales"). The portion of GAAP net sales attributable to currency translation is calculated as the difference between (a) the period-to-period change in net sales (excluding acquisition sales) and (b) the period-to-period change in net sales (excluding acquisition sales) after applying prior period foreign exchange rates to the current year period. The Company uses the term "organic sales growth" to refer to the measure of comparing current period organic net sales with the corresponding period of the prior year.
Management utilizes these adjusted financial measures to assess the run-rate of its continuing operations against those of prior periods without the distortion of these factors that the Company does not consider components of our core operating performance. The Company believes that these non-GAAP financial measures will be useful to investors as well to assess the continuing strength of the Company's underlying operations. In addition, adjusted diluted earnings per share is used as a criterion to measure and pay long-term incentive compensation and adjusted operating income is used as a criterion to measure and pay annual incentive compensation.
The Company uses free cash flow to assess its cash flow performance. The Company believes free cash flow is an important measure of liquidity because it provides the Company and its investors useful information regarding the Company's ability to generate cash without reliance on external financing. Management uses free cash flow to evaluate the resources available to pay dividends, make acquisitions, repay debt, repurchase shares and make investments in the business. In addition, free cash flow is used as criterion to measure and pay annual incentive compensation.
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| nVent Electric plc | ||||||||||||||||||||
Reconciliation of GAAP to non-GAAP financial measures for continuing operations for the year ending December 31, 2024 | ||||||||||||||||||||
| excluding the effect of adjustments (Unaudited) | ||||||||||||||||||||
| Actual | Forecast (1) | |||||||||||||||||||
| In millions, except per share data | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||
| Net sales | $ | 732.1 | $ | 739.8 | $ | 782.0 | ||||||||||||||
| Operating income | 131.9 | 144.9 | 133.2 | |||||||||||||||||
| Return on sales | 18.0 | % | 19.6 | % | 17.0 | % | ||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Restructuring and other | $ | 1.1 | $ | 2.0 | $ | 2.8 | ||||||||||||||
| Acquisition transaction and integration costs | 2.5 | 3.0 | 5.6 | |||||||||||||||||
| Intangible amortization | 20.4 | 19.5 | 26.8 | |||||||||||||||||
| Adjusted operating income (non-GAAP measure) | $ | 155.9 | $ | 169.4 | $ | 168.4 | ||||||||||||||
| Adjusted return on sales (non-GAAP measure) | 21.3 | % | 22.9 | % | 21.5 | % | ||||||||||||||
| Net income from continuing operations | $ | 85.2 | $ | 93.2 | $ | 78.9 | $ | 77 | $ | 334 | ||||||||||
| Adjustments to operating income | 24.0 | 24.5 | 35.2 | 28 | 112 | |||||||||||||||
| Amortization of bridge financing debt issuance costs | — | 2.2 | — | — | 2 | |||||||||||||||
| Income tax adjustments | (7.2) | (6.9) | (8.8) | (6) | (29) | |||||||||||||||
| Adjusted net income from continuing operations (non-GAAP measure) | $ | 102.0 | $ | 113.0 | $ | 105.3 | $ | 99 | $ | 419 | ||||||||||
| Earnings per ordinary share - diluted | ||||||||||||||||||||
| Diluted earnings per ordinary share from continuing operations | $ | 0.51 | $ | 0.55 | $ | 0.47 | $ 0.45 - 0.47 | $ 1.99 - 2.01 | ||||||||||||
| Adjustments | 0.10 | 0.12 | 0.16 | 0.13 | 0.50 | |||||||||||||||
| Adjusted diluted earnings per ordinary share from continuing operations (non-GAAP measure) | $ | 0.61 | $ | 0.67 | $ | 0.63 | $ 0.58 - 0.60 | $ 2.49 - 2.51 | ||||||||||||
(1) Forecast information represents an approximation | ||||||||||||||||||||
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| nVent Electric plc | |||||||||||
Reconciliation of GAAP to non-GAAP financial measures for discontinued operations for the year ending December 31, 2024 | |||||||||||
| excluding the effect of adjustments (Unaudited) | |||||||||||
| Actual | |||||||||||
| In millions, except per share data | First Quarter | Second Quarter | Third Quarter | ||||||||
| Net sales | $ | 142.5 | $ | 140.5 | $ | 157.1 | |||||
| Operating income | 27.3 | 22.9 | 31.2 | ||||||||
| Adjustments: | |||||||||||
| Restructuring and other | $ | 0.2 | $ | 0.8 | $ | 0.1 | |||||
| Transaction costs | 4.1 | 4.4 | 12.7 | ||||||||
| Intangible amortization | 4.8 | 4.9 | 1.6 | ||||||||
| Adjusted operating income (non-GAAP measure) | $ | 36.4 | $ | 33.0 | $ | 45.6 | |||||
| Net income from discontinued operations | $ | 19.9 | $ | 17.8 | $ | 26.1 | |||||
| Adjustments to operating income | 9.1 | 10.1 | 14.4 | ||||||||
| Income tax adjustments | (0.9) | (2.1) | (5.3) | ||||||||
| Adjusted net income from discontinued operations (non-GAAP measure) | $ | 28.1 | $ | 25.8 | $ | 35.2 | |||||
| Earnings per ordinary share - diluted | |||||||||||
| Diluted earnings per ordinary share from discontinued operations | $ | 0.11 | $ | 0.11 | $ | 0.15 | |||||
| Adjustments | 0.05 | 0.04 | 0.06 | ||||||||
| Adjusted diluted earnings per ordinary share from discontinued operations (non-GAAP measure) | $ | 0.16 | $ | 0.15 | $ | 0.21 | |||||
| nVent Electric plc | |||||||||||||||||
| Reconciliation of Total Net Sales for the year ended December 31, 2024 | |||||||||||||||||
| In millions | First Quarter | Second Quarter | Third Quarter | ||||||||||||||
| Net sales from continuing operations | $ | 732.1 | $ | 739.8 | $ | 782.0 | |||||||||||
| Net sales from discontinued operations | 142.5 | 140.5 | 157.1 | ||||||||||||||
| Total net sales (non-GAAP measure) | $ | 874.6 | $ | 880.3 | $ | 939.1 | |||||||||||
| nVent Electric plc | |||||||||||||||||
| Reconciliation of Total Adjusted EPS for the year ended December 31, 2024 | |||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | |||||||||||||||
| Adjusted diluted earnings per ordinary share from continuing operations | $ | 0.61 | $ | 0.67 | $ | 0.63 | |||||||||||
| Adjusted diluted earnings per ordinary share from discontinued operations | 0.16 | 0.15 | 0.21 | ||||||||||||||
| Total adjusted diluted earnings per ordinary share (non-GAAP measure) | $ | 0.77 | $ | 0.82 | $ | 0.84 | |||||||||||
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12
| nVent Electric plc | |||||||||||||||||
Reconciliation of GAAP to non-GAAP financial measures for continuing operations for the year ended December 31, 2023 | |||||||||||||||||
excluding the effect of 2023 adjustments (Unaudited) | |||||||||||||||||
| Actual | |||||||||||||||||
| In millions, except per share data | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||
| Net sales | $ | 596.7 | $ | 666.7 | $ | 715.0 | $ | 690.5 | $ | 2,668.9 | |||||||
| Operating income | 97.7 | 121.3 | 126.2 | 117.5 | 462.7 | ||||||||||||
| Return on sales | 16.4 | % | 18.2 | % | 17.7 | % | 17.0 | % | 17.3 | % | |||||||
| Adjustments: | |||||||||||||||||
| Restructuring and other | 1.1 | 0.7 | 0.8 | 1.3 | 3.9 | ||||||||||||
| Acquisition transaction and integration costs | 2.3 | 4.9 | 3.0 | 2.6 | 12.8 | ||||||||||||
| Intangible amortization | 12.6 | 16.1 | 20.5 | 20.3 | 69.5 | ||||||||||||
| Inventory step-up amortization | — | 5.9 | 11.8 | — | 17.7 | ||||||||||||
| Adjusted operating income (non-GAAP measure) | $ | 113.7 | $ | 148.9 | $ | 162.3 | $ | 141.7 | $ | 566.6 | |||||||
| Adjusted return on sales (non-GAAP measure) | 19.1 | % | 22.3 | % | 22.7 | % | 20.5 | % | 21.2 | % | |||||||
| Net income from continuing operations | $ | 73.2 | $ | 92.2 | $ | 81.9 | $ | 212.4 | $ | 459.7 | |||||||
| Adjustments to operating income | 16.0 | 27.6 | 36.1 | 24.2 | 103.9 | ||||||||||||
| Pension and post-retirement mark-to-market loss | — | — | — | 13.4 | 13.4 | ||||||||||||
| Gain on sale of investment | — | (10.2) | — | (0.1) | (10.3) | ||||||||||||
| Amortization of bridge financing debt issuance costs | — | 3.6 | — | — | 3.6 | ||||||||||||
Income tax adjustments (1) | (3.9) | (10.1) | (8.9) | (156.5) | (179.4) | ||||||||||||
| Adjusted net income from continuing operations (non-GAAP measure) | $ | 85.3 | $ | 103.1 | $ | 109.1 | $ | 93.4 | $ | 390.9 | |||||||
| Continuing earnings per ordinary share - diluted | |||||||||||||||||
| Diluted earnings per ordinary share from continuing operations | $ | 0.44 | $ | 0.55 | $ | 0.49 | $ | 1.26 | $ | 2.73 | |||||||
| Adjustments | 0.07 | 0.06 | 0.16 | (0.71) | (0.41) | ||||||||||||
| Adjusted diluted earnings per ordinary share from continuing operations (non-GAAP measure) | $ | 0.51 | $ | 0.61 | $ | 0.65 | $ | 0.55 | $ | 2.32 | |||||||
(1) Income tax adjustments in the fourth quarter include $154.2 million resulting from favorable discrete items, primarily related to the initial recognition of tax basis in intangible assets in foreign jurisdictions and the related valuation allowance, and the tax benefit of statutory losses at a foreign holding company.
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| nVent Electric plc | |||||||||||||||||
| Reconciliation of GAAP to non-GAAP financial measures for discontinued operations for the year ending December 31, 2023 | |||||||||||||||||
| excluding the effect of adjustments (Unaudited) | |||||||||||||||||
| Actual | |||||||||||||||||
| In millions, except per share data | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||
| Net sales | $ | 143.9 | $ | 136.3 | $ | 143.8 | $ | 170.7 | $ | 594.7 | |||||||
| Operating income | 26.4 | 25.4 | 30.0 | 42.9 | 124.7 | ||||||||||||
| Adjustments: | |||||||||||||||||
| Restructuring and other | $ | 2.9 | $ | 1.8 | $ | 4.6 | $ | (0.4) | $ | 8.9 | |||||||
| Transaction costs | — | — | — | 0.2 | 0.2 | ||||||||||||
| Intangible amortization | 5.0 | 5.2 | 5.1 | 4.9 | 20.2 | ||||||||||||
| Adjusted operating income (non-GAAP measure) | $ | 34.3 | $ | 32.4 | $ | 39.7 | $ | 47.6 | $ | 154.0 | |||||||
| Net income from discontinued operations | $ | 20.6 | $ | 20.7 | $ | 23.6 | $ | 42.5 | $ | 107.4 | |||||||
| Adjustments to operating income | 7.9 | 7.0 | 9.7 | 4.7 | 29.3 | ||||||||||||
| Pension and other post-retirement mark-to-market loss | — | — | — | 0.5 | 0.5 | ||||||||||||
| Income tax adjustments | (0.5) | (1.9) | (1.4) | (9.3) | (13.2) | ||||||||||||
| Adjusted net income from discontinued operations (non-GAAP measure) | $ | 28.0 | $ | 25.8 | $ | 31.9 | $ | 38.4 | $ | 124.0 | |||||||
| Earnings per ordinary share - diluted | |||||||||||||||||
| Diluted earnings per ordinary share from discontinued operations | $ | 0.12 | $ | 0.12 | $ | 0.14 | $ | 0.25 | $ | 0.64 | |||||||
| Adjustments | 0.04 | 0.04 | 0.05 | (0.02) | 0.10 | ||||||||||||
| Adjusted diluted earnings per ordinary share from discontinued operations (non-GAAP measure) | $ | 0.16 | $ | 0.16 | $ | 0.19 | $ | 0.23 | $ | 0.74 | |||||||
| nVent Electric plc | |||||||||||||||||||||||
| Reconciliation of Total Net Sales for the year ended December 31, 2023 | |||||||||||||||||||||||
| In millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||||
| Net sales from continuing operations | $ | 596.7 | $ | 666.7 | $ | 715.0 | $ | 690.5 | $ | 2,668.9 | |||||||||||||
| Net sales from discontinued operations | 143.9 | 136.3 | 143.8 | 170.7 | 594.7 | ||||||||||||||||||
| Total net sales (non-GAAP measure) | $ | 740.6 | $ | 803.0 | $ | 858.8 | $ | 861.2 | $ | 3,263.6 | |||||||||||||
| nVent Electric plc | |||||||||||||||||||||||
| Reconciliation of Total Adjusted EPS for the year ended December 31, 2023 | |||||||||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||||
| Adjusted diluted earnings per ordinary share from continuing operations | $ | 0.51 | $ | 0.61 | $ | 0.65 | $ | 0.55 | $ | 2.32 | |||||||||||||
| Adjusted diluted earnings per ordinary share from discontinued operations | 0.16 | 0.16 | 0.19 | 0.23 | 0.74 | ||||||||||||||||||
| Total adjusted diluted earnings per ordinary share (non-GAAP measure) | $ | 0.67 | $ | 0.77 | $ | 0.84 | $ | 0.78 | $ | 3.06 | |||||||||||||
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| nVent Electric plc | ||||||||||||||
| Reconciliation of Net Sales Growth (GAAP measure) to Organic Net Sales Growth (non-GAAP measure) by Segment | ||||||||||||||
for the quarter ended September 30, 2024 (Unaudited) | ||||||||||||||
Q3 Net Sales Growth | ||||||||||||||
| Organic | Currency | Acq./Div. | Total | |||||||||||
| Enclosures | 1.2 | % | 0.2 | % | 14.2 | % | 15.6 | % | ||||||
| Electrical & Fastening Solutions | 0.9 | % | — | % | — | % | 0.9 | % | ||||||
| nVent Continuing Operations | 1.0 | % | 0.2 | % | 8.2 | % | 9.4 | % | ||||||
| Thermal Management (Discontinued Operations) | 8.9 | % | 0.3 | % | — | % | 9.2 | % | ||||||
| Total nVent (non-GAAP Measure) | 2.4 | % | 0.2 | % | 6.8 | % | 9.4 | % | ||||||
| Reconciliation of Net Sales Growth (GAAP measure) to Organic Net Sales Growth (non-GAAP measure) | |||||||||||||||||||||||||||||
| for continuing operations for the quarter and year ending December 31, 2024 (Unaudited) | |||||||||||||||||||||||||||||
Forecast (1) | |||||||||||||||||||||||||||||
| Q4 Net Sales Growth | Full Year Net Sales Growth | ||||||||||||||||||||||||||||
| Organic | Currency | Acq./Div. | Total | Organic | Currency | Acq./Div. | Total | ||||||||||||||||||||||
| nVent | 1 - 3% | 1% | 9% | 11 - 13% | 3% | —% | 10% | 13% | |||||||||||||||||||||
(1) Forecast information represents an approximation | |||||||||||||||||||||||||||||
| nVent Electric plc | |||||||||||||||||
Reconciliation of cash from operating activities to free cash flow (Unaudited) | |||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||
| In millions | September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||
| Net cash provided by (used for) operating activities of continuing operations | $ | 158.4 | $ | 123.0 | $ | 324.1 | $ | 232.5 | |||||||||
| Capital expenditures | (15.7) | (15.6) | (47.5) | (44.8) | |||||||||||||
| Proceeds from sale of property and equipment | 0.2 | — | 0.5 | — | |||||||||||||
| Free cash flow (non-GAAP measure) | 142.9 | 107.4 | 277.1 | 187.7 | |||||||||||||
| Net cash provided by (used for) operating activities of discontinued operations | 39.3 | 22.0 | 94.4 | 59.1 | |||||||||||||
| Capital expenditures of discontinued operations | (2.8) | (1.0) | (5.6) | (4.1) | |||||||||||||
| Proceeds from sale of property and equipment of discontinued operations | — | 7.1 | — | 7.3 | |||||||||||||
| Total free cash flow (non-GAAP measure) | $ | 179.4 | $ | 135.5 | $ | 365.9 | $ | 250.0 | |||||||||