NVent Electric : Press Release PDF 287 KB

Exhibit 99.1

News Release

nVent Announces Fourth Quarter and Full-Year 2021 Financial Results

Growth initiatives and execution driving another quarter of strong results

• Fourth quarter reported sales of $669 million, up 28%; Organic sales up 24%
• Fourth quarter reported EPS of $0.39, up 39%; Adjusted EPS of $0.50, up 16%
• Full-yearreported sales of $2.5 billion, up 23%; Organic sales up 18%
• Full-yearreported EPS of $1.61 versus prior-year EPS of $(0.28); Adjusted EPS of $1.96, up 31%
• Full-yearCash Flows from Operations of $373 million; Free Cash Flow of $334 million
• Company issues full-year 2022 guidance:
• • Reported sales growth of 6% to 10%; Organic sales growth of 6% to 9%
  • Reported EPS of $1.75 to $1.85; Adjusted EPS of $2.10 to $2.20

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

LONDON, UNITED KINGDOM - February 8, 2022 - 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 2021 and provides guidance for the first quarter and full-year 2022.

"2021 was an outstanding year. I'm incredibly proud of the dedication and teamwork of our nearly 10,000 global employees as they continued to deliver for our customers. Fourth quarter sales grew 28% with broad-based growth across all segments and verticals. For the full year, we had record sales of $2.5 billion, demonstrating impressive growth and execution. We overcame supply chain and inflationary challenges to deliver ROS expansion for the year, and we continued to generate strong free cash flow," said Beth Wozniak, nVent's chief executive officer.

"We executed well on our strategy. We completed two acquisitions, Vynckier and CIS Global, launched 58 new products and continued to accelerate our digital transformation. We prioritized the safety and well-being of employees and focused on inclusion and diversity, making nVent a great place to work. I'm proud that we were part of an exclusive group named to Bloomberg's Gender-Equality Index as well as the RippleMatch NextGen 100 list."

"With the electrification of everything driving demand for our products and solutions, nVent is well positioned to grow. While we expect external challenges to continue in 2022, I'm confident in our strategy and our team's ability to execute. Our future is bright, and I'm excited about the opportunities ahead for nVent."

Fourth quarter sales of $669 million were up 28 percent relative to the fourth quarter 2020 and increased 24 percent organically, which excludes the impact from currency fluctuations and acquisitions. Fourth quarter 2021 earnings per diluted share ("EPS") were $0.39, while on an adjusted basis, the company had EPS of $0.50. Full-year sales of $2.5 billion were up 23 percent relative to full-year 2020. Acquisitions contributed approximately $56 million in sales for the year. Full-year 2021 EPS were $1.61, while on an adjusted basis, the company had EPS of $1.96. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.

Fourth quarter 2021 operating income was $89 million, up from $74 million in the fourth quarter of 2020. On an adjusted basis, segment income of $110 million was up from $97 million in the fourth quarter of 2020. Full-year 2021 operating income was $355 million versus $38 million in 2020. On an adjusted basis, segment income was $436 million, up from $348 million in full-year 2020.

nVent had net cash provided by operating activities of $115 million in the fourth quarter and free cash flow of $101 million, which is approximately 120 percent of adjusted net income. Full-year net cash provided by operating activities was $373 million and free cash flow was $334 million. The company delivered full-year free cash flow of approximately 100 percent of adjusted net income.

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FOURTH QUARTER PERFORMANCE ($ in millions)
nVent Electric plc
		Three months ended
		December 31,	December 31,	% / point
	2021	2020	change
Net Sales	$669	$521	28%
Organic				24%
Operating Income	$89	$74	20%
Reported ROS	13.3%	14.3%
Segment Income	$110	$97	14%
Adjusted ROS	16.5%	18.6%	-210 bps
Enclosures
		Three months ended
		December 31,	December 31,	% / point
	2021	2020	change
Net Sales	$332	$230	44%
Organic				35%
ROS	13.0%	15.4%	-240 bps
Electrical & Fastening Solutions
		Three months ended
		December 31,	December 31,	% / point
	2021	2020	change
Net Sales	$171	$147	16%
Organic				17%
ROS	26.3%	28.0%	-170bps
Thermal Management
		Three months ended
		December 31,	December 31,	% / point
	2021	2020	change
Net Sales	$166	$143	16%
Organic				16%
ROS	26.4%	23.5%	290 bps

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FULL-YEAR PERFORMANCE ($ in millions)
nVent Electric plc
			Full-Year
		December 31,	December 31,	% / point
	2021	2020	change
Net Sales	$2,462	$1,999	23%
Organic				18%
Operating Income	$355	$38	826%
Reported ROS	14.4%	1.9%
Segment Income	$436	$348	25%
Adjusted ROS	17.7%	17.4%	30 bps
Enclosures
			Full-Year
		December 31,	December 31,	% / point
	2021	2020	change
Net Sales	$1,245	$953	31%
Organic				23%
ROS	16.2%	15.6%	60 bps
Electrical & Fastening Solutions
			Full-Year
		December 31,	December 31,	% / point
	2021	2020	change
Net Sales	$658	$569	16%
Organic				14%
ROS	27.6%	26.4%	120 bps
Thermal Management
			Full-Year
		December 31,	December 31,	% / point
	2021	2020	change
Net Sales	$560	$477	17%
Organic				15%
ROS	21.7%	19.7%	200 bps

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GUIDANCE FOR FULL-YEAR AND FIRST QUARTER 2022

The company introduces 2022 sales guidance of up 6 to 10 percent, which represents a range of a 6 to 9 percent increase in organic sales versus the prior year. The company expects full-year 2022 EPS on a GAAP basis of $1.75 to $1.85 and $2.10 to $2.20 on an adjusted basis.

In addition, the company estimates reported sales for the first quarter of 2022 to be in the range of up 13 to 15 percent, which represents a 10 to 12 percent increase on an organic basis. The company estimates first quarter 2022 EPS on a GAAP basis of $0.33 to $0.35 and adjusted EPS of $0.42 to $0.44.

DIVIDENDS

nVent previously announced on September 27, 2021 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 5, 2021. The company also announced on December 13, 2021 that its Board of Directors approved a regular cash dividend of $0.175 per ordinary share, paid during the first quarter on February 4, 2022.

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 9:00 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 9456546 approximately ten minutes before the 9:00 a.m. ET start. Once available, a replay of the conference call will be made accessible through midnight on May 8, 2022 by dialing 855-859-2056 or 404-537-3406, along with the above conference number.

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 and our management office is in Minneapolis. 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.

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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," "are confident," 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 adverse effects on our business operations or financial results, including due to the impact of the COVID-19 pandemic and potential impairment of goodwill and trade names; 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; 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; inability to mitigate material and other cost inflation; risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation; 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 and our Quarterly Reports on Form 10-Q. 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

Tony Riter

Vice President, Investor Relations nVent

763.204.7750

[e-mail]

Media Contact

Stacey Wempen

Director, External Communications nVent

763.204.7857

[e-mail]

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