nVent Electric plc Files Q3 2024 10-Q Report

TL;DR

nVent Electric plc filed its Q3 2024 10-Q. Financials look solid.

AI Summary

nVent Electric plc filed its 10-Q report for the period ending September 30, 2024. The filing covers financial performance and operational details for the third quarter and the year-to-date period. Key financial figures and business segment information are detailed within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for nVent Electric plc, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 2024-11-01 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• nVent Electric plc (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241101 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — istered Ordinary Shares, nominal value $0.01 per share NVT New York Stock Exchange

Filing Documents

• nvt-20240930.htm (10-Q) — 1508KB
• ex101salesincentiveagreeme.htm (EX-10.1) — 21KB
• ex311ceocertification20240.htm (EX-31.1) — 9KB
• ex312cfocertification20240.htm (EX-31.2) — 9KB
• ex321ceocertification20240.htm (EX-32.1) — 5KB
• ex322cfocertification20240.htm (EX-32.2) — 5KB
• nvt-20240930_g1.jpg (GRAPHIC) — 107KB
• 0001720635-24-000059.txt ( ) — 8953KB
• nvt-20240930.xsd (EX-101.SCH) — 46KB
• nvt-20240930_cal.xml (EX-101.CAL) — 126KB
• nvt-20240930_def.xml (EX-101.DEF) — 255KB
• nvt-20240930_lab.xml (EX-101.LAB) — 656KB
• nvt-20240930_pre.xml (EX-101.PRE) — 506KB
• nvt-20240930_htm.xml (XML) — 1506KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (unaudited)

ITEM 1. Financial Statements (unaudited) Condensed Consolidated Statements of Income and Comprehensive Income 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Cash Flows 5 Condensed Consolidated Statements of Changes in Equity 6 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 36

Controls and Procedures

ITEM 4. Controls and Procedures 36

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 37

Risk Factors

ITEM 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Other Information

ITEM 5. Other Information 38

Exhibits

ITEM 6. Exhibits 39

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS nVent Electric plc Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) Three months ended Nine months ended In millions, except per share data September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net sales $ 782.0 $ 715.0 $ 2,253.9 $ 1,978.4 Cost of goods sold 470.9 425.9 1,344.3 1,179.7 Gross profit 311.1 289.1 909.6 798.7 Selling, general and administrative 161.8 148.4 450.7 413.3 Research and development 16.1 14.5 48.9 40.2 Operating income 133.2 126.2 410.0 345.2 Net interest expense 30.4 25.5 76.6 55.0 Gain on sale of investment — — — ( 10.2 ) Other expense 1.2 1.3 3.3 3.6 Income before income taxes 101.6 99.4 330.1 296.8 Provision for income taxes 22.7 17.5 72.8 49.5 Net income from continuing operations 78.9 81.9 257.3 247.3 Income from discontinued operations, net of tax 26.1 23.6 63.8 64.9 Net income $ 105.0 $ 105.5 $ 321.1 $ 312.2 Comprehensive income, net of tax Net income $ 105.0 $ 105.5 $ 321.1 $ 312.2 Changes in cumulative translation adjustment 16.5 ( 14.9 ) ( 6.9 ) ( 11.1 ) Changes in market value of derivative financial instruments, net of tax ( 3.8 ) ( 1.1 ) 1.5 ( 6.0 ) Comprehensive income $ 117.7 $ 89.5 $ 315.7 $ 295.1 Earnings per ordinary share Basic Continuing operations $ 0.47 $ 0.49 $ 1.55 $ 1.50 Discontinued operations 0.16 0.15 0.39 0.39 Basic earnings per ordinary share $ 0.63 $ 0.64 $ 1.94 $ 1.89 Diluted Continuing operations $ 0.47 $ 0.49 $ 1.53 $ 1.47 Discontinued operations 0.15 0.14 0.38 0.39 Diluted earnings per ordinary share $ 0.62 $ 0.63 $ 1.91 $ 1.86 Weighted average ordinary shares outstanding Basic 165.6 165.8 165.7 165.6 Diluted 168.1 168.6 168.5 168.2 Cash dividends paid per ordinary share $ 0.19 $ 0.175 $ 0.57 $ 0.525 See accompanying notes to condensed consolidated financial statements. 3 nVent Electric plc Condensed Consolidated Balance Sheets (Unaudited) September 30, 2024 December 31, 202

Business

Business nVent Electric plc ("nVent," "we," "us," "our" or the "Company") is a leading global provider of electrical connection and protection solutions. The Company is comprised of two reporting segments: Enclosures and Electrical & Fastening Solutions. The Company was incorporated in Ireland on May 30, 2017. Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the "U.K.") and have tax residency in the U.K. Basis of presentation The accompanying unaudited Condensed Consolidated Financial Statements of nVent have been prepared following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America ("GAAP") can be condensed or omitted. We are responsible for the unaudited Condensed Consolidated Financial Statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2023. Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year. We may experience changes in customer demand or constrained supply that could materially adversely impact our business, financial condition, results of operations and overall financial performance in future periods. On July 31, 2024, we entered into a definitive agreement to sell our Thermal Management business to BCP Acquisi

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View this 10-Q filing on SEC EDGAR