第99.1展示文本
新聞稿
nVent宣佈2024年第三季度財務業績
銷售額創記錄，現金流強勁
•熱管理業務被報告爲當前和以往所有時段的停止運營
•報告顯示來自持續經營的銷售額達到78200萬美元，增長9%，有機增長1%
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。銷售總額達到93900萬美元，增長9%
•繼續經營的報告每股收益爲$0.47；調整後的每股收益爲$0.63
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。每股收益總額爲$0.62；每股調整後的收益爲$0.84
•持續經營活動現金流15800萬美元，增長29%; 持續經營活動的自由現金流14300萬美元，增長33%
•更新2024年全年指引以反映持續運營
GAAP（報告）與非GAAP措施的對賬見附表。
倫敦，英國 – 2024年11月1日 – nVent Electric plc（紐交所：NVT）（「nVent」），全球電氣連接和保護解決方案的領先者，今天宣佈了2024年第三季度的財務業績，並提供了2024年第四季度和全年的指導。由於熱管理業務的先前宣佈出售，公司報告該業務的業績作爲終止運營在目前和所有之前的報告時期。
「我們在第三季度表現強勁，收入和現金流超出預期。新產品、高增長行業和收購是重要貢獻者。Trachte公司的收購起步良好，是nVent的一個重要新平台，」nVent主席兼首席執行官貝絲·沃茲尼亞克說。
「我們預計熱管理業務的出售將在2025年初完成。通過這些組合調整，nVent將成爲一個更加專注、增長更快的電氣連接和保護領導者，在電氣化、可持續發展和數字化變革的大趨勢中處於良好位置。」
第三季度持續經營銷售額總計爲7,8200萬美元，而停止經營業務的報告銷售額在該季度爲1,5700萬美元。這一業績代表了持續經營和總體銷售額均增長了9%，在持續經營業務方面，有機銷售增長了1%，不包括貨幣波動和收購影響。
2024年第三季度每股攤薄收益（「EPS」）爲0.47美元，下降4%，而在調整後，公司的EPS爲0.63美元，下降3%。包括已停止運營的業務，每股總收益爲0.62美元，同比下降2%，而總調整後每股收益爲0.84美元，與去年持平。調整後的EPS、調整後的營業收入、調整後的淨利潤和自由現金流是本新聞稿附加的非通用會計準則財務指標中所描述的。 2%的總調整收益每股爲0.84美元，與去年持平。調整後的EPS、調整後的營業收入、調整後的淨利潤和自由現金流是本新聞稿附加的非通用會計準則財務指標中所描述的。
2024年第三季度營業收入爲13300萬美元，比2023年第三季度的12600萬美元增長了6%。 調整後的2024年第三季度營業收入爲16800萬美元，比2023年第三季度的16200萬美元增長了4%。 到2023年。
nVent在第三季度持續經營活動中取得的淨現金爲15800萬美元，相比2023年第三季度的12300萬美元。自由現金流爲第三季度產生了14300萬美元，相比2023年第三季度的10700萬美元。
(更多)
2
第三季度績效（單位：百萬美元）(1)
| nVent Electric plc | |||||||||||
| 截至三個月結束時 | |||||||||||
| 2024年9月30日 | 2023年9月30日 | 百分比 / 點 改變 | |||||||||
| 淨銷售額 | $782 | $715 | 9% | ||||||||
| 有機 | 1% | ||||||||||
| 營業收入 | $133 | $126 | 6% | ||||||||
| ROS報告 | 17.0% | 17.7% | -70 點子 | ||||||||
| 調整後的營業利潤 | $168 | $162 | 4% | ||||||||
| 調整後ROS | 21.5% | 22.7% | -120個點子 | ||||||||
| 附件 | |||||||||||
| 截至三個月結束時 | |||||||||||
| 2024年9月30日 | 2023年9月30日 | % / 點 改變 | |||||||||
| 淨銷售額 | $477 | $413 | 16% | ||||||||
| 有機 | 1% | ||||||||||
| 調整後ROS | 21.9% | 21.7% | 20 bps | ||||||||
| 電氣與固定解決方案 | |||||||||||
| 截至三個月結束時 | |||||||||||
| 2024年9月30日 | 2023年9月30日 | % / 點 改變 | |||||||||
| 淨銷售額 | $305 | $302 | 1% | ||||||||
| 有機 | 1% | ||||||||||
| 調整後的ROS | 30.4% | 32.3% | -190個點子 | ||||||||
(1) 表格中呈現的某些數字已四捨五入。
(更多)
3
2024年全年和第三季度指南
nVent正在更新指導方針，轉爲基於持續經營，該指導方針不包括熱管理業務的待售事項。Th公司預計全年2024年報告的銷售增長約爲13%，有機銷售增長約爲3%。 公司預計2024年全年每股收益爲1.99美元至2.01美元，按照通用會計準則調整後每股收益爲2.49美元至2.51美元。
公司預計2024年第四季度報告銷售增長11萬億，增長百分之13，有機銷售增長百分之1至3。公司預計2024年第四季度每股收益（EPS）按照普通會計準則爲0.45美元至0.47美元，調整後每股收益爲0.58美元至0.60美元。
退回
nVent此前宣佈於2024年9月24日，其董事會批准每股派發0.19美元的普通現金股息，將於2024年第四季度的11月1日支付。
業績會
nVent的管理團隊將於美國東部時間今天上午9點舉行電話會議，與分析師和投資者討論公司第三季度的業績。電話會議的現場音頻網絡廣播和材料將通過公司網站「投資者關係」部分（http://investors.nvent.com）提供。請在9:00 a.m.美國東部時間開始前約十分鐘撥打1-833-630-1071或1-412-317-1832參加。一旦電話會議的重播可用，可通過撥打1-877-344-7529或1-412-317-0088，並使用訪問代碼2232766，在2024年11月15日之前持續訪問。
關於nVent
nVent是領先的全球電氣連接和保護方案提供商。我們相信我們創新的電氣解決方案能夠幫助建立更安全的系統，確保世界更加安全。我們設計、製造、銷售、安裝和提供高性能產品和解決方案，連接和保護全球一些最敏感的設備、建築和關鍵流程。我們提供全面的區間、電氣連接、固定和熱管理解決方案，覆蓋了行業領先品牌，在全球範圍內以質量、可靠性和創新而聞名。我們的主要辦公室位於倫敦，美國的管理辦公室位於明尼阿波利斯。我們領先的電氣產品品牌組合可以追溯到100多年前，包括nVent CADDY，ERICO，HOFFMAN，ILSCO和SCHROFF。
nVent CADDY, ERICO, HOFFMAN, ILSCO 和 SCHROFF 是 nVent Services GmbH 或其關聯公司擁有或持有許可的商標。
(更多)
4
關於前瞻性聲明的注意事項：
本新聞稿包含了我們認爲符合1995年《私人證券訴訟改革法案》「前瞻性聲明」的聲明。除歷史事實外的所有聲明均爲前瞻性聲明。特此聲明，任何以「目標」、「計劃」、「相信」、「預期」、「意圖」、「將」、「可能」、「預期」、「估計」、「項目」、「預測」、「應該」、「將」、「可能」、「立場」、「策略」、「未來」、「有信心」或具有相似內容或其否定所述的言辭，皆屬於前瞻性聲明。本新聞稿中的所有預測也屬於前瞻性聲明。這些前瞻性聲明不構成未來業績的保證，並受到風險、不確定性、假設和其他因素的影響，其中一些因素超出我們的控制範圍，可能導致實際結果與這些前瞻性聲明所表達或暗示的結果有實質性差異。在這些因素中包括對我們業務運營或財務業績造成不利影響，包括無法按預期條款和時間表完成熱管理業務的待定出售；影響我們業務的全球經濟和商業條件；實現我們重組計劃的好處；成功識別、融資、完成和整合收購，包括Trachte、ECm Industries等最近的收購；我們服務市場上的競爭和價格壓力，包括關稅的影響；貨幣兌換匯率、利率和商品價格的波動；無法從運營卓越倡議--精益企業、供應管理和現金流程實踐中獲得節約；無法減輕材料和其他成本通貨膨脹的風險；與供應鏈輸入的可用性和成本通貨膨脹有關的風險，包括勞動力、原材料、商品、包裝和運輸；經營外國業務增加的風險，包括與軍事衝突有關的風險，如俄羅斯和烏克蘭之間的衝突以及相關制裁；能否交付積壓訂單並贏得未來項目工作；市場對新產品推出和增強的接受影響；法律和法規變化的影響，包括限制美國稅收優惠的法律；訴訟和政府程序的結果；以及實現我們長期戰略運營目標的能力。有關這些和其他因素的更多信息請參閱我們向美國證券交易委員會提交的文件，包括我們的年度報告10-k和季度報告10-Q。所有前瞻性聲明僅在本新聞稿日期作出。nVent不承擔義務，也否認有義務更新本新聞稿中包含的信息。
投資者聯繫
Tony Riter
副總裁，投資者關係
nVent
763.204.7750
Tony.Riter@nVent.com
媒體聯繫
Stacey Wempen
外部通信董事
nVent
763.204.7857
Stacey.Wempen@nVent.com
(更多)
5
| nvent electric plc | |||||||||||||||||
| 未經審計的綜合收入簡明表 | |||||||||||||||||
| 三個月結束 | 九個月結束了 | ||||||||||||||||
| 以百萬為單位，除每股數據外 | 九月三十日， 2024 | 九月三十日， 2023 | 九月三十日， 2024 | 九月三十日， 2023 | |||||||||||||
| 淨銷售額 | $ | 782.0 | $ | 715.0 | $ | 2,253.9 | $ | 1,978.4 | |||||||||
| 營業成本 | 470.9 | 425.9 | 1,344.3 | 1,179.7 | |||||||||||||
| 毛利潤 | 311.1 | 289.1 | 909.6 | 798.7 | |||||||||||||
| 銷售淨額的% | 39.8 | % | 40.4 | % | 40.4 | % | 40.4 | % | |||||||||
| 銷售，一般及行政費用 | 161.8 | 148.4 | 450.7 | 413.3 | |||||||||||||
| 銷售淨額的% | 20.7 | % | 20.8 | % | 20.0 | % | 20.9 | % | |||||||||
| 研發費用 | 16.1 | 14.5 | 48.9 | 40.2 | |||||||||||||
| 銷售淨額的% | 2.1 | % | 2.0 | % | 2.2 | % | 2.0 | % | |||||||||
| 營收 | 133.2 | 126.2 | 410.0 | 345.2 | |||||||||||||
| 銷售淨額的% | 17.0 | % | 17.7 | % | 18.2 | % | 17.4 | % | |||||||||
| 淨利息費用 | 30.4 | 25.5 | 76.6 | 55.0 | |||||||||||||
| 出售投資收益 | — | — | — | (10.2) | |||||||||||||
| 其他費用 | 1.2 | 1.3 | 3.3 | 3.6 | |||||||||||||
稅前收入 | 101.6 | 99.4 | 330.1 | 296.8 | |||||||||||||
| 所得税费用 | 22.7 | 17.5 | 72.8 | 49.5 | |||||||||||||
| 有效稅率 | 22.3 | % | 17.6 | % | 22.1 | % | 16.7 | % | |||||||||
| 継續營業活動的净收益 | 78.9 | 81.9 | 257.3 | 247.3 | |||||||||||||
| 已停業營運之所得(淨額) | 26.1 | 23.6 | 63.8 | 64.9 | |||||||||||||
| 凈利潤 | $ | 105.0 | $ | 105.5 | $ | 321.1 | $ | 312.2 | |||||||||
| 每股普通股收益 | |||||||||||||||||
| 基礎 | |||||||||||||||||
| 繼續營業 | $ | 0.47 | $ | 0.49 | $ | 1.55 | $ | 1.50 | |||||||||
| 已中止之營運 | 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 | |||||||||
| 稀釋 | |||||||||||||||||
| 繼續營業 | $ | 0.47 | $ | 0.49 | $ | 1.53 | $ | 1.47 | |||||||||
| 已中止之營運 | 0.15 | 0.14 | 0.38 | 0.39 | |||||||||||||
| 每股普通股稀釋後收益 | $ | 0.62 | $ | 0.63 | $ | 1.91 | $ | 1.86 | |||||||||
| 加權平均普通股股本 | |||||||||||||||||
| 基礎 | 165.6 | 165.8 | 165.7 | 165.6 | |||||||||||||
| 稀釋 | 168.1 | 168.6 | 168.5 | 168.2 | |||||||||||||
| 每股普通股支付的現金股息 | $ | 0.19 | $ | 0.175 | $ | 0.57 | $ | 0.525 | |||||||||
(更多)
6
| nvent electric plc | ||||||||
| 縮編合併貸方賬戶余額表（未經審計） | ||||||||
| 九月三十日， 2024 | 12月31日， 2023 | |||||||
| 百萬 | ||||||||
| 資產 | ||||||||
| 流動資產合計 | ||||||||
| 現金及現金等價物 | $ | 137.1 | $ | 179.6 | ||||
| 應收帳款及票據，净额 | 526.0 | 470.2 | ||||||
| 存貨 | 366.2 | 360.2 | ||||||
| 其他流動資產 | 132.9 | 72.5 | ||||||
| 目前資產待售 | 256.5 | 253.6 | ||||||
| 全部流動資產 | 1,418.7 | 1,336.1 | ||||||
| 不動產、廠房及設備淨值 | 335.8 | 319.9 | ||||||
| 其他資產 | ||||||||
| 商譽 | 2,232.0 | 1,858.1 | ||||||
| 無形資產淨值 | 1,618.3 | 1,350.5 | ||||||
| 其他非流動資產 | 329.9 | 302.6 | ||||||
| 待售非流動資產 | 983.3 | 994.5 | ||||||
| 其他總資產 | 5,163.5 | 4,505.7 | ||||||
| 資產總額 | $ | 6,918.0 | $ | 6,161.7 | ||||
| 負債及股東權益 | ||||||||
| 流動負債 | ||||||||
| 長期負債及短期借款的流動部分 | $ | 37.5 | $ | 31.9 | ||||
| 應付賬款 | 243.4 | 239.8 | ||||||
| 員工補償和福利 | 95.3 | 102.7 | ||||||
| 其他流動負債 | 273.5 | 244.5 | ||||||
| 待售的流動負債 | 126.5 | 114.7 | ||||||
| 流動負債合計 | 776.2 | 733.6 | ||||||
| 其他負債 | ||||||||
| 長期負債 | 2,220.7 | 1,748.8 | ||||||
| 退休金和其他養老補償和福利 | 140.1 | 140.4 | ||||||
| 递延所得税负债 | 264.5 | 190.3 | ||||||
| 其他非流動負債 | 184.8 | 158.8 | ||||||
| 待售非流動負債 | 48.0 | 47.7 | ||||||
| 總負債 | 3,634.3 | 3,019.6 | ||||||
| 股權 | 3,283.7 | 3,142.1 | ||||||
| 負債加股東權益總額 | $ | 6,918.0 | $ | 6,161.7 | ||||
(更多)
7
| nvent electric plc | ||||||||
綜合現金流量表（未經核數） | ||||||||
| 九個月結束了 | ||||||||
| 百萬 | 九月三十日， 2024 | 九月三十日， 2023 | ||||||
| 營運活動 | ||||||||
| 凈利潤 | $ | 321.1 | $ | 312.2 | ||||
| 少：停業業務溢利淨額 | 63.8 | 64.9 | ||||||
| 継續營業活動的净收益 | 257.3 | 247.3 | ||||||
| 調整使持續營業業務的凈利潤與營業活動提供的現金相符。 | ||||||||
| 折舊 | 37.8 | 30.2 | ||||||
| 攤銷 | 66.7 | 49.2 | ||||||
| 推延所得稅 | 0.3 | (4.6) | ||||||
| 基於股份的報酬 | 20.1 | 16.3 | ||||||
| 出售投資收益 | — | (10.2) | ||||||
| 橋式融資債務發行成本攤提 | 2.2 | 3.6 | ||||||
| 資產和負債變動，扣除業務收購的影響 | ||||||||
| 應收帳款和票據。 | (10.3) | (57.4) | ||||||
| 存貨 | 0.3 | 8.5 | ||||||
| 其他流動資產 | (28.1) | (22.3) | ||||||
| 應付賬款 | (11.7) | (10.8) | ||||||
| 員工補償和福利 | (13.1) | 2.0 | ||||||
| 其他流動負債 | 2.6 | (18.4) | ||||||
| 其他非流動資產和負債 | — | (0.9) | ||||||
| 繼續營運的營運活動提供的現金净额 | 324.1 | 232.5 | ||||||
| 已中止營運的營運活動提供的現金净额 | 94.4 | 59.1 | ||||||
| 營運活動提供之（或使用之）淨現金 | 418.5 | 291.6 | ||||||
| 投資活動 | ||||||||
| 資本支出 | (47.5) | (44.8) | ||||||
| 產銷土地及設備款項 | 0.5 | — | ||||||
| 出售投資所獲收益 | — | 14.1 | ||||||
| 淨投資套期保值的結算 | — | 3.1 | ||||||
| 併購，扣除所得現金淨額 | (677.7) | (1,119.7) | ||||||
| 持續營運的投資活動提供的淨現金 | (724.7) | (1,147.3) | ||||||
| 已停業業務的投資活動提供的淨現金 | (5.6) | 3.2 | ||||||
| 投資活動提供的淨現金 | (730.3) | (1,144.1) | ||||||
| 融資活動 | ||||||||
| 長期負債的籌資 | 500.0 | 800.0 | ||||||
| 償還長期債務 | (22.5) | (20.0) | ||||||
| 現金流量避險的結算 | — | 4.5 | ||||||
| 債務發行成本 | (3.9) | (11.2) | ||||||
| 分紅派息 | (95.3) | (87.6) | ||||||
| 發行員工股份，扣除留置股份 | (0.2) | 1.6 | ||||||
| 普通股的回購 | (100.0) | (15.2) | ||||||
| 籌資活動提供的（使用的）凈現金 | 278.1 | 672.1 | ||||||
| 匯率變動對現金及現金等價物的影響 | (4.0) | (3.8) | ||||||
| 現金及現金等價物之變動 | (37.7) | (184.2) | ||||||
| 期初現金及現金等價物 | 179.6 | 290.0 | ||||||
| 資產中供出售之現金及現金等價物期初餘額 | 5.5 | 7.5 | ||||||
| 當期資產中供出售之現金及現金等價物期末餘額減少 | 10.3 | 5.4 | ||||||
| 現金及現金等價物期末餘額 | $ | 137.1 | $ | 107.9 | ||||
(more)
8
| 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 | % | ||||||
(more)
9
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.
(more)
10
| 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 | ||||||||||||||||||||
(more)
11
| 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 | |||||||||||
(more)
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.
(more)
13
| 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 | |||||||||||||
(more)
14
| 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 | |||||||||