nVent Electric plc · Q2 2024 earnings

Briefing

Reported record sales and strong cash flow, and updated full-year guidance.

nVent announced a strong second quarter with record sales, margin expansion and impressive cash flows. The company saw strong contribution from new products and growth in all key geographic regions. As a result of Q2 performance and closing the Trachte acquisition, the company is raising full-year reported sales guidance and maintaining organic growth and adjusted EPS mid-point guidance.

• Reported sales of $880 million up 10%, organically up 4%
• Reported EPS of $0.66, down 1%; Adjusted EPS of $0.82, up 6%
• Cash Flows from Operations of $131 million, up 69%; Free Cash Flow of $112 million, up 81%
• Raising reported sales growth to 11% to 13%; maintaining organic sales growth of 3% to 5%

Headline financials

Revenue & EPS history

The company estimates third quarter 2024 reported sales growth of 8 to 10 percent and organic sales growth of 2 to 4 percent. The company estimates third quarter 2024 EPS on a GAAP basis of $0.69 to $0.71 and adjusted EPS of $0.80 to $0.82. The company now estimates reported sales growth for full-year 2024 of 11 to 13 percent versus prior guidance of 8 to 10 percent. Organic sales growth expectations remain unchanged at 3 to 5 percent. The company now expects full-year 2024 EPS of $2.69 to $2.75 on a GAAP basis and adjusted EPS of $3.23 to $3.29, versus prior guidance of $2.74 to $2.82 on a GAAP basis and adjusted EPS of $3.22 to $3.30.