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MarketScreener Homepage  >  Equities  >  Nyse  >  NVent Electric plc    NVT   IE00BDVJJQ56

NVENT ELECTRIC PLC

(NVT)
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News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

nVent Electric : Reports Fourth Quarter and Full-Year 2019 Financial Results Open link in a new window

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02/05/2020 | 07:01am EDT

News Release

nVent Reports Fourth Quarter and Full-Year 2019 Financial Results

Margin expansion across all segments and strong cash generation

  • Fourth quarter reported sales of $567 million were flat; Organic sales down 3%. Full-year reported sales of $2.2 billion
  • Fourth quarter reported EPS of $0.27; Adjusted EPS of $0.47. Full-year reported EPS of $1.29; Adjusted EPS of $1.78
  • Full-yearnet cash provided by operating activities of $336 million; Returned over $350 million in cash to shareholders through dividends and share repurchases

Reconciliations of GAAP (reported) to Non-GAAP measures are in the attached financial tables.

LONDON, UNITED KINGDOM - February 5, 2020 - nVent Electric plc (NYSE:NVT) ("nVent"), a global leader in electrical connection and protection solutions, today announced financial results for the fourth quarter and full-year 2019 and provided guidance for the first quarter and full-year 2020.

Fourth quarter sales of $567 million were flat relative to the fourth quarter 2018 and declined 3 percent organically, which excludes the impact from currency fluctuations and acquisitions. Eldon added approximately $23 million in sales to the Enclosures segment during the fourth quarter, and $31 million for the year. Fourth quarter 2019 earnings per diluted share ("EPS") were $0.27, while on an adjusted basis, the company had EPS of $0.47. Full- year sales of $2.2 billion were flat relative to full-year 2018. Full-year 2019 EPS were $1.29, while on an adjusted basis, the company had EPS of $1.78. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.

Fourth quarter 2019 operating income was $83 million, down from $86 million in the fourth quarter of 2018. On an adjusted basis, segment income of $109 million was up from $108 million in the fourth quarter of 2018, as price and productivity initiatives more than offset inflation. Full-year 2019 operating income was $333 million versus $311 million in 2018. On an adjusted basis, segment income was $424 million, flat compared to full-year 2018.

Full-year net cash provided by operating activities was $336 million and total free cash flow was $304 million. The company delivered full-year free cash flow of approximately 100 percent of adjusted net income.

"Our fourth quarter results demonstrated solid execution in a difficult macro environment as we grew segment income, expanded return on sales in each segment and delivered strong free cash flow. In 2019, we completed the acquisition of Eldon, met our cash conversion goals and invested in R&D and digital to position us well for future growth, " said Beth Wozniak, nVent's chief executive officer. "In 2020, we expect to accelerate and expand our One nVent growth initiatives, launch a record number of new products and grow globally. We are focused on continued margin expansion, working capital improvements and executing on our capital allocation strategy."

(more)

2

FOURTH QUARTER PERFORMANCE ($ in millions)

nVent Electric plc

Three months ended

December 31,

December 31,

% / point

2019

2018

change

Net Sales

$567

$568

0%

Organic

-3%

Operating Income

$83

$86

-4%

Reported ROS

14.6%

15.2%

Segment Income

$109

$108

-%

Adjusted ROS

19.2%

19.1%

10 bps

Enclosures

Three months ended

December 31,

December 31,

% / point

2019

2018

change

Net Sales

$256

$251

2%

Organic

-6%

ROS

15.6%

15.5%

10 bps

Thermal Management

Three months ended

December 31,

December 31,

% / point

2019

2018

change

Net Sales

$169

$179

-5%

Organic

-4%

ROS

27.9%

27.1%

80 bps

Electrical & Fastening Solutions ("EFS")

Three months ended

December 31,

December 31,

% / point

2019

2018

change

Net Sales

$142

$139

2%

Organic

3%

ROS

25.1%

23.8%

130 bps

(more)

3

FULL-YEAR PERFORMANCE ($ in millions)

nVent Electric plc

Full-Year

December 31,

December 31,

% / point

2019

2018

change

Net Sales

$2,204

$2,214

0%

Organic

0%

Operating Income

$333

$311

7%

Reported ROS

15.1%

14.0%

Segment Income

$424

$424

0%

Adjusted ROS

19.3%

19.1%

20 bps

Enclosures

Full-Year

December 31,

December 31,

% / point

2019

2018

change

Net Sales

$1,034

$1,020

1%

Organic

0%

ROS

17.5%

17.1%

40 bps

Thermal Management

Full-Year

December 31,

December 31,

% / point

2019

2018

change

Net Sales

$591

$623

-5%

Organic

-3%

ROS

24.6%

24.7%

-10 bps

EFS

Full-Year

December 31,

December 31,

% / point

2019

2018

change

Net Sales

$580

$571

2%

Organic

3%

ROS

25.8%

25.3%

50 bps

(more)

4

GUIDANCE FOR FULL-YEAR AND FIRST QUARTER 2020

The company is introducing 2020 sales guidance of flat to up 5 percent, which represents a range of a 2 percent decrease to a 2 percent increase in organic sales versus the prior year. The company expects full-year 2020 EPS on a GAAP basis of $1.55 to $1.65 and $1.85 to $1.95 on an adjusted basis.

In addition, the company estimates reported sales for the first quarter of 2020 to be in the range of down 1 to up 1 percent, which represents a 4 to 2 percent decrease on an organic basis. The company estimates first quarter 2020 EPS on a GAAP basis of $0.29 to $0.33 and adjusted EPS of $0.37 to $0.41.

DIVIDENDS

nVent previously announced on September 24, 2019 that its Board of Directors approved a regular cash dividend of $0.175 per ordinary share, which was paid during the fourth quarter on November 1, 2019. nVent also announced on December 10, 2019 that its Board of Directors approved a regular cash dividend of $0.175 per ordinary share, payable during the first quarter on February 7, 2020.

EARNINGS CONFERENCE CALL

nVent's management team will discuss the company's fourth quarter and full-year performance on a conference call with analysts and investors at 8:00 a.m. Eastern today. A live audio webcast of the conference call and materials will be available through the "Investor Relations" section of the company's website (https://investors.nvent.com). To participate, please dial 855-493-3495 or 720-405-2160 along with conference number 5448879 approximately ten minutes before the 8:00 a.m. ET start. A replay of the conference call will be made accessible once it becomes available and will remain accessible through midnight on March 13, 2020 by dialing 855-859-2056 or 404-537-3406, along with the above conference number.

(more)

5

About nVent

nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We design, manufacture, market, install and service high performance products and solutions that connect and protect some of the world's most sensitive equipment, buildings and critical processes. We offer a comprehensive range of enclosures, electrical connections and fastening and thermal management solutions across industry-leading brands that are recognized globally for quality, reliability and innovation. Our principal office is in London, United Kingdom and our management office in the United States is in Minneapolis, Minnesota. Our robust portfolio of leading electrical product brands dates back more than 100 years and includes nVent CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER.

nVent, CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER are trademarks owned or licensed by nVent Services GmbH or its affiliates.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains statements that we believe to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward- looking statements. Without limitation, any statements preceded or followed by or that include the words "targets," "plans," "believes," "expects," "intends," "will," "likely," "may," "anticipates," "estimates," "projects," "forecasts," "should," "would," "positioned," "strategy," "future," or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. All projections in this press release are also forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the ability to realize the anticipated benefits from our separation from Pentair (the "Separation"); adverse effects on our business operations or financial results; the ability of our business to operate independently following the Separation; overall global economic and business conditions impacting our business; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions, including the acquisition of Eldon Holding AB; competition and pricing pressures in the markets we serve, including the impacts of tariffs; the strength of housing and related markets; volatility in currency exchange rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; increased risks associated with operating foreign businesses; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, as amended. All forward-looking statements speak only as of the date of this press release. nVent assumes no obligation, and disclaims any obligation, to update the information contained in this press release.

Investor Contact

J.C. Weigelt

Vice President, Investor Relations nVent

763.204.7750

JC.Weigelt@nVent.com

Media Contact

Jill Saletta

Vice President, Communications nVent

763.204.7771

Jill.Saletta@nVent.com

(more)

6

nVent Electric plc

Condensed Consolidated and Combined Statements of Income (Unaudited)

Three months ended

Twelve months ended

In millions, except per-share data

December 31,

December 31,

December 31,

December 31,

2019

2018

2019

2018

Net sales

$

566.7

$

568.1

$

2,204.0

$

2,213.6

Cost of goods sold

347.1

349.4

1,338.2

1,337.5

Gross profit

219.6

218.7

865.8

876.1

% of net sales

38.8%

38.5%

39.3%

39.6%

Selling, general and administrative

125.1

120.6

484.5

519.7

% of net sales

22.1%

21.2%

22.0%

23.5%

Research and development

12.0

11.9

48.2

45.6

% of net sales

2.1%

2.1%

2.2%

2.1%

Operating income

82.5

86.2

333.1

310.8

% of net sales

14.6%

15.2%

15.1%

14.0%

Net interest expense

10.7

9.6

44.7

31.2

Other expense

28.2

3.7

31.0

10.9

Income before income taxes

43.6

72.9

257.4

268.7

Provision (benefit) for income taxes

(1.9)

5.9

34.7

37.9

Effective tax rate

(4.4)%

8.1%

13.5%

14.1%

Net income

$

45.5

$

67.0

$

222.7

$

230.8

Earnings per ordinary share

Basic

$

0.27

$

0.38

$

1.30

$

1.29

Diluted

$

0.27

$

0.37

$

1.29

$

1.28

Weighted average ordinary shares

outstanding

Basic

169.4

178.4

171.6

178.6

Diluted

170.6

180.2

173.0

180.8

Cash dividends paid per ordinary share

$

0.175

$

0.175

$

0.70

$

0.35

(more)

7

nVent Electric plc

Condensed Consolidated Balance Sheets (Unaudited)

December 31,

December 31,

In millions

2019

2018

Assets

Current assets

Cash and cash equivalents

$

106.4

$

159.0

Accounts and notes receivable, net

334.3

340.9

Inventories

244.7

228.2

Other current assets

113.3

118.4

Total current assets

798.7

846.5

Property, plant and equipment, net

284.5

264.8

Other assets

Goodwill

2,279.1

2,234.3

Intangibles, net

1,160.5

1,173.3

Other non-current assets

117.5

33.8

Total other assets

3,557.1

3,441.4

Total assets

$

4,640.3

$

4,552.7

Liabilities and Equity

Current liabilities

Current maturities of long-term debt and short-term borrowings

$

17.5

$

12.5

Accounts payable

187.1

186.4

Employee compensation and benefits

71.9

75.8

Other current liabilities

185.7

187.0

Total current liabilities

462.2

461.7

Other liabilities

Long-term debt

1,047.1

929.2

Pension and other post-retirement compensation and benefits

207.2

177.9

Deferred tax liabilities

237.8

224.8

Other non-current liabilities

93.5

72.0

Total liabilities

2,047.8

1,865.6

Equity

2,592.5

2,687.1

Total liabilities and equity

$

4,640.3

$

4,552.7

(more)

8

nVent Electric plc

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited)

Twelve months ended

In millions

December 31,

December 31,

2019

2018

Operating activities

Net income

$

222.7

$

230.8

Adjustments to reconcile net income to net cash provided by (used for)

operating activities

Depreciation

35.4

36.2

Amortization

61.4

60.9

Deferred income taxes

(24.6)

(23.6)

Share-based compensation

16.1

12.8

Pension and other post-retirement expense

36.5

14.9

Pension and other post-retirement contributions

(5.8)

(6.7)

Changes in assets and liabilities, net of effects of business acquisitions

Accounts and notes receivable

26.6

(1.3)

Inventories

0.9

(12.0)

Other current assets

10.2

7.3

Accounts payable

(7.9)

13.4

Employee compensation and benefits

(6.6)

6.8

Other current liabilities

(16.9)

27.5

Other non-current assets and liabilities

(11.7)

(23.5)

Net cash provided by (used for) operating activities

336.3

343.5

Investing activities

Capital expenditures

(38.8)

(39.5)

Proceeds from sale of property and equipment

6.3

2.4

Acquisitions, net of cash acquired

(127.8)

(2.0)

Net cash provided by (used for) investing activities

(160.3)

(39.1)

Financing activities

Net repayments of short-term borrowings

-

(0.3)

Net receipts of revolving credit facility

134.6

-

Proceeds from long-term debt

-

1,000.0

Repayments of long-term debt

(14.1)

(52.5)

Debt issuance costs

-

(9.9)

Cash provided at separation to former Parent

-

(993.6)

Dividends paid

(120.7)

(62.9)

Shares issued to employees, net of shares withheld

9.5

8.6

Repurchases of ordinary shares

(235.7)

(56.0)

Net cash provided by (used for) financing activities

(226.4)

(166.6)

Effect of exchange rate changes on cash and cash equivalents

(2.2)

(5.7)

Change in cash and cash equivalents

(52.6)

132.1

Cash and cash equivalents, beginning of year

159.0

26.9

Cash and cash equivalents, end of year

$

106.4

$

159.0

(more)

9

nVent Electric plc

Supplemental Financial Information by Reportable Segment (Unaudited)

2019

First

Second

Third

Fourth

Full

In millions

Quarter

Quarter

Quarter

Quarter

Year

Net sales

Enclosures

$

255.5

$

260.0

$

262.6

$

255.7

$

1,033.8

Thermal Management

145.1

128.8

147.6

169.1

590.6

Electrical & Fastening Solutions

137.4

150.7

149.6

141.9

579.6

Total

$

538.0

$

539.5

$

559.8

$

566.7

$

2,204.0

Segment income (loss)

Enclosures

$

45.6

$

48.2

$

47.6

$

39.9

$

181.3

Thermal Management

34.3

25.3

38.5

47.2

145.3

Electrical & Fastening Solutions

31.2

41.6

41.3

35.6

149.7

Other

(14.9)

(10.3)

(12.8)

(14.0)

(52.0)

Total

$

96.2

$

104.8

$

114.6

$

108.7

$

424.3

Return on sales

Enclosures

17.8%

18.5%

18.1%

15.6%

17.5%

Thermal Management

23.6%

19.6%

26.1%

27.9%

24.6%

Electrical & Fastening Solutions

22.7%

27.6%

27.6%

25.1%

25.8%

Total

17.9%

19.4%

20.5%

19.2%

19.3%

2018

First

Second

Third

Fourth

Full

In millions

Quarter

Quarter

Quarter

Quarter

Year

Net sales

Enclosures

$

254.1

$

255.6

$

259.5

$

250.5

$

1,019.7

Thermal Management

147.9

139.0

157.4

178.9

623.2

Electrical & Fastening Solutions

136.9

148.1

147.0

138.7

570.7

Total

$

538.9

$

542.7

$

563.9

$

568.1

$

2,213.6

Segment income (loss)

Enclosures

$

40.6

$

47.9

$

47.4

$

38.9

$

174.8

Thermal Management

33.5

30.4

41.9

48.4

154.2

Electrical & Fastening Solutions

31.7

40.9

38.9

33.0

144.5

Other

(12.3)

(12.4)

(13.2)

(12.0)

(49.9)

Total

$

93.5

$

106.8

$

115.0

$

108.3

$

423.6

Return on sales

Enclosures

16.0%

18.7%

18.3%

15.5%

17.1%

Thermal Management

22.7%

21.9%

26.6%

27.1%

24.7%

Electrical & Fastening Solutions

23.2%

27.6%

26.5%

23.8%

25.3%

Total

17.4%

19.7%

20.4%

19.1%

19.1%

(more)

10

nVent Electric plc

Reconciliation of GAAP to non-GAAP financial measures for the year ended December 31, 2019

excluding the effect of 2019 adjustments (Unaudited)

First

Second

Third

Fourth

Full

In millions, except per-share data

Quarter

Quarter

Quarter

Quarter

Year

Net sales

$

538.0

$

539.5

$

559.8

$

566.7

$

2,204.0

Operating income

77.5

87.0

86.1

82.5

333.1

% of net sales

14.4%

16.1%

15.4%

14.6%

15.1%

Adjustments:

Restructuring and other

3.6

2.7

11.2

6.7

24.2

Acquisition transaction and integration costs

-

-

1.9

0.5

2.4

Intangible amortization

15.1

15.1

15.4

15.8

61.4

Inventory step-up amortization

-

-

-

3.2

3.2

Segment income

$

96.2

$

104.8

$

114.6

$

108.7

$

424.3

Return on sales

17.9%

19.4%

20.5%

19.2%

19.3%

Net income - as reported

$

56.4

$

60.9

$

59.9

$

45.5

$

222.7

Adjustments to operating income

18.7

17.8

28.5

26.2

91.2

Pension and other post-retirementmark-to-market loss

-

-

-

27.3

27.3

Income tax adjustments

(5.6)

(3.3)

(4.6)

(19.3)

(32.8)

Net income - as adjusted

$

69.5

$

75.4

$

83.8

$

79.7

$

308.4

Diluted earnings per ordinary share

Diluted earnings per ordinary share - as adjusted

$

0.32

$

0.35

$

0.35

$

0.27

$

1.29

Adjustments

0.07

0.09

0.14

0.20

0.49

Diluted earnings per ordinary share - as adjusted

$

0.39

$

0.44

$

0.49

$

0.47

$

1.78

(more)

11

nVent Electric plc

Reconciliation of GAAP to non-GAAP financial measures for the year ended December 31, 2018

excluding the effect of 2018 adjustments (Unaudited)

First

Second

Third

Fourth

Full

In millions, except per share data

Quarter

Quarter

Quarter

Quarter

Year

Net sales

$

538.9

$

542.7

$

563.9

$

568.1

$

2,213.6

Operating income

65.6

65.3

93.7

86.2

310.8

% of net sales

12.2%

12.0%

16.6%

15.2%

14.0%

Adjustments:

Restructuring and other

2.8

2.3

1.3

1.3

7.7

Intangible amortization

15.4

15.2

15.2

15.1

60.9

Separation costs

9.7

24.8

4.8

5.7

45.0

Corporate allocations

-

(0.8)

-

-

(0.8)

Segment income

$

93.5

$

106.8

$

115.0

$

108.3

$

423.6

Return on sales

17.4%

19.7%

20.4%

19.1%

19.1%

Net income - as reported

$

52.3

$

43.3

$

68.2

$

67.0

$

230.8

Interest expense adjustment - pro forma

(5.6)

-

-

-

(5.6)

Adjustments to operating income

27.9

41.5

21.3

22.1

112.8

Pension and other post-retirementmark-to-market loss

-

4.1

-

2.9

7.0

Income Tax Adjustments

(4.0)

(9.8)

(5.5)

(11.7)

(31.0)

Net income - pro forma adjusted

$

70.6

$

79.1

$

84.0

$

80.3

$

314.0

Diluted earnings per ordinary share - pro forma adjusted

Diluted earnings per ordinary share - pro forma

$

0.29

$

0.24

$

0.38

$

0.37

$

1.28

Adjustments

0.10

0.20

0.08

0.08

0.46

Diluted earnings per ordinary share - as adjusted

$

0.39

$

0.44

$

0.46

$

0.45

$

1.74

(more)

12

nVent Electric plc

Reconciliation of GAAP to non-GAAP financial measures for the year ended December 31, 2020

excluding the effect of 2020 adjustments (Unaudited)

Forecast (1)

In millions, except per-share data

First Quarter

Full Year

Net income - as reported

$

53

$

271

Intangible amortization

16

63

Income tax adjustments

(3)

(11)

Net income - as adjusted

$

66

$

323

Diluted earnings per ordinary share

Diluted earnings per ordinary share - as reported

$

0.29 - $0.33

$1.55 - $1.65

Adjustments

0.08

0.30

Diluted earnings per ordinary share - as adjusted

$

0.37 - $0.41

$1.85 - $1.95

  1. Forecast information represents an approximation

13

nVent Electric plc

Reconciliation of Net Sales Growth to Organic Net Sales Growth by Segment

for the quarter and year ended December 31, 2019 (Unaudited)

Q4 Net Sales Growth

Full Year Net Sales Growth

Organic

Currency

Acq./Div.

Total

Organic

Currency

Acq./Div.

Total

nVent

(3.4)%

(0.9)%

4.0%

(0.3)%

(0.2)%

(1.6)%

1.4%

(0.4)%

Enclosures

(6.4)%

(0.8)%

9.2%

2.0 %

(0.3)%

(1.3)%

3.0%

1.4 %

Thermal Management

(4.4)%

(1.0)%

-%

(5.4)%

(2.8)%

(2.4)%

-%

(5.2)%

Electrical & Fastening Solutions

3.1 %

(0.8)%

-%

2.3 %

3.0 %

(1.4)%

-%

1.6 %

nVent Electric plc

Reconciliation of Net Sales Growth to Organic Net Sales Growth by Segment

for the quarter ended March 31, 2020 and the year ended December 31, 2020 (Unaudited)

Forecast (1)

Q1 Net Sales Growth

Full Year Net Sales Growth

Organic

Currency

Acq./Div.

Total

Organic

Currency

Acq./Div.

Total

nVent

(4) - (2)%

(1)%

4%

(1) - 1%

(2)

- 2%

(1) - 0%

3%

0

- 5%

Enclosures

(3)

- 1%

-%

6%

3

- 7%

Thermal Management

(1)

- 3%

-%

-%

(1)

- 3%

Electrical & Fastening Solutions

0

- 3%

-%

-%

0

- 3%

  1. Forecast information represents an approximation

nVent Electric plc

Reconciliation of cash from operating activities to free cash flow (Unaudited)

Three months ended

Twelve months ended

In millions

December 31,

December 31,

2019

2019

Net cash provided by (used for) operating activities

$

178.8

$

336.3

Capital expenditures

(9.8)

(38.8)

Proceeds from sale of property and equipment

0.2

6.3

Free cash flow

$

169.2

$

303.8

Disclaimer

nVent Electric plc published this content on 05 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 February 2020 12:00:06 UTC

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Financials (USD)
Sales 2020 1 964 M
EBIT 2020 334 M
Net income 2020 -
Debt 2020 861 M
Yield 2020 4,42%
P/E ratio 2020 -
P/E ratio 2021 -
EV / Sales2020 2,00x
EV / Sales2021 1,83x
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Technical analysis trends NVENT ELECTRIC PLC
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TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 23,60 $
Last Close Price 18,10 $
Spread / Highest target 43,6%
Spread / Average Target 30,4%
Spread / Lowest Target 16,0%
EPS Revisions
Managers
NameTitle
Beth A. Wozniak Chief Executive Officer & Director
Randall J. Hogan Non-Executive Chairman
Sara E. Zawoyski Chief Financial Officer, Treasurer & Executive VP
Aravind Padmanabhan Chief Technology Officer & Executive VP
Jerry W. Burris Independent Director
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