NVent Electric plc Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 06, 2024 at 06:38 am EST
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nVent Electric plc reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 861.2 million compared to USD 741.6 million a year ago. Net income was USD 254.9 million compared to USD 158.7 million a year ago. Basic earnings per share from continuing operations was USD 1.54 compared to USD 0.95 a year ago. Diluted earnings per share from continuing operations was USD 1.51 compared to USD 0.94 a year ago.
For the full year, sales was USD 3,263.6 million compared to USD 2,909 million a year ago. Net income was USD 567.1 million compared to USD 399.8 million a year ago. Basic earnings per share from continuing operations was USD 3.42 compared to USD 2.4 a year ago. Diluted earnings per share from continuing operations was USD 3.37 compared to USD 2.38 a year ago.
nVent Electric plc is a global provider of electrical connection and protection solutions. The Company designs, manufactures, markets, installs and services products and solutions. It operates in three segments: Enclosures, Electrical & Fastening Solutions, and Thermal Management. The Enclosures segment provides solutions to connect and protect critical electronics, communication, control and power equipment. Its cooling, power distribution and enclosures solutions manage power and create protected operating environments for applications. The Electrical & Fastening Solutions segment provides fastening solutions that connect and protect electrical and mechanical systems and civil structures. The Thermal Management segment provides electric thermal solutions that connect and protect critical buildings, infrastructure, industrial processes and people. It has a portfolio of brands, including nVent CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF, TRACER, ILSCO, Gardner Bender, and King Innovation.