Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 6, 2024

nVent Electric plc

(Exact name of Registrant as specified in its charter)



Ireland	001-38265	98-1391970
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification number)

The Mille, 1000 Great West Road, 8th Floor (East), London, TW8 9DW, United Kingdom

(Address of principal executive offices)

Registrant's telephone number, including area code: 44-20-3966-0279

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of each exchange on which registered
Ordinary Shares, nominal value $0.01 per share	NVT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

ITEM 2.02 Results of Operations and Financial Condition

On August 6, 2024, nVent Electric plc (the "Company") issued a press release announcing earnings results for the second quarter of 2024 and a conference call in connection therewith. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

ITEM 9.01 Financial Statements and Exhibits


(a)			Financial Statements of Businesses Acquired
			Not applicable.
(b)			Pro Forma Financial Information
			Not applicable.
(c)			Shell Company Transactions
			Not applicable.
(d)			Exhibits

EXHIBIT INDEX


Exhibit						Description
99.1						nVent Electric plc press release dated August 6, 2024 announcing earnings results for the second quarter of 2024.

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on August 6, 2024.




			nVent Electric plc
			Registrant

			By			/s/ Sara E. Zawoyski
						Sara E. Zawoyski
						Executive Vice President and Chief Financial Officer

Exhibit 99.1

News Release

nVent Announces Second Quarter 2024 Financial Results

Record sales and strong cash flow; updating full-year 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%

•Updating full-year 2024 guidance:

◦Raising reported sales growth to 11% to 13%; maintaining organic sales growth of 3% to 5%

◦Updating EPS guidance to $2.69 to $2.75; narrowing adjusted EPS guidance to $3.23 to $3.29

•Transforming portfolio with agreement to sell Thermal Management business and acquisition of Trachte

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

LONDON, UNITED KINGDOM – August 6, 2024 – nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced financial results for the second quarter of 2024 and provided guidance for the third quarter and full-year 2024.

“We had a strong second quarter with record sales, margin expansion and impressive cash flows. We saw strong contribution from new products and growth in all key geographic regions. I'm proud of our team as we continue to focus on our customers and drive improved business performance,” said nVent Chair and Chief Executive Officer Beth Wozniak.

“Consistent with our ongoing strategy, we continue to transform the nVent portfolio, recently announcing an agreement to sell our Thermal Management business and closing the Trachte acquisition. These transactions represent a significant step to make nVent a more focused, higher growth electrical connection and protection leader well positioned with the electrification, sustainability and digitalization megatrends. As a result of our Q2 performance and closing the Trachte acquisition, we are raising our full-year reported sales guidance and maintaining our organic growth and adjusted EPS mid-point guidance.”

Second quarter 2024 sales of $880 million were up 10 percent relative to second quarter 2023 and increased 4 percent organically, which excludes the impact from currency fluctuations and acquisitions. Second quarter 2024 earnings per diluted share (“EPS”) were $0.66, down 1 percent, while on an adjusted basis, the company had EPS of $0.82, up 6 percent. Adjusted EPS, adjusted operating income, adjusted net income and free cash flow are non-GAAP financial measures described in the attached Non-GAAP Financial Measures section of this press release.

Second quarter 2024 operating income was $168 million, up 14 percent, compared to $147 million in the second quarter of 2023. Adjusted operating income was $202 million, up 12 percent, compared to $181 million in the second quarter of 2023.

nVent had net cash provided by operating activities of $131 million in the second quarter compared to $77 million in the second quarter of 2023. Free cash flow generated was $112 million in the second quarter compared to $62 million in the second quarter of 2023.

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SECOND QUARTER PERFORMANCE ($ in millions)(1)


nVent Electric plc
	Three months ended
	June 30, 2024	June 30, 2023	% / point change
Net Sales	$880	$803	10%
Organic			4%
Operating Income	$168	$147	14%
Reported ROS	19.1%	18.3%	80 bps
Adjusted Operating Income	$202	$181	12%
Adjusted ROS	23.0%	22.6%	40 bps


Enclosures
	Three months ended
	June 30, 2024	June 30, 2023	% / point change
Net Sales	$441	$400	10%
Organic			9%
ROS	23.5%	22.5%	100 bps


Electrical & Fastening Solutions
	Three months ended
	June 30, 2024	June 30, 2023	% / point change
Net Sales	$299	$267	12%
Organic			-5%
ROS	30.9%	32.4%	-150 bps


Thermal Management
	Three months ended
	June 30, 2024	June 30, 2023	% / point change
Net Sales	$141	$136	3%
Organic			4%
ROS	19.9%	21.0%	-110 bps

(1) Certain figures presented in the tables are rounded.

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GUIDANCE FOR FULL-YEAR AND THIRD QUARTER 2024

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. This updated guidance includes the acquisition of Trachte and does not reflect the pending divestiture of the Thermal Management business.

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.

DIVIDENDS

nVent previously announced on May 17, 2024 that its Board of Directors approved a regular cash dividend of $0.19 per share, which was paid during the third quarter on August 2, 2024.

EARNINGS CONFERENCE CALL

nVent’s management team will discuss the company’s second quarter performance on a conference call with analysts and investors at 9:00 a.m. ET today. A live audio webcast of the conference call and materials will be available through the “Investor Relations” section of the company’s website (http://investors.nvent.com). To participate, please dial 1-833-630-1071 or 1-412-317-1832 approximately ten minutes before the 9:00 a.m. ET start. A replay of the conference call will be made accessible once it becomes available and will remain accessible through August 20, 2024 by dialing 1-877-344-7529 or 1-412-317-0088, along with the access code 1713151.

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 in the United States is in Minneapolis. Our robust portfolio of leading electrical product brands dates back more than 100 years and includes nVent CADDY, ERICO, HOFFMAN, ILSCO, RAYCHEM and SCHROFF.

nVent CADDY, ERICO, HOFFMAN, ILSCO, RAYCHEM and SCHROFF 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,” “could,” “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. Among these factors are adverse effects on our business operations or financial results, including due to the ability to complete the pending sale of the Thermal Management business on anticipated terms and timetable; the 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 Trachte, ECM Industries and other recent acquisitions; competition and pricing pressures in the markets we serve, including the impacts of tariffs; volatility in currency exchange rates, interest 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, including risks associated with military conflicts, such as that between Russia and Ukraine, and related sanctions; 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 U.S. 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

Tony.Riter@nVent.com

Media Contact

Stacey Wempen

Director, External Communications

nVent

763.204.7857

Stacey.Wempen@nVent.com

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nVent Electric plc
Condensed Consolidated Statements of Income (Unaudited)

	Three months ended						Six months ended
In millions, except per share data	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Net sales	$	880.3		$	803.0		$	1,754.9		$	1,543.6
Cost of goods sold	512.0			471.1			1,031.1			908.5
Gross profit	368.3			331.9			723.8			635.1
% of net sales	41.8		%	41.3		%	41.2		%	41.1		%
Selling, general and administrative	179.6			167.7			355.1			330.1
% of net sales	20.4		%	20.9		%	20.2		%	21.4		%
Research and development	20.9			17.5			41.7			34.2
% of net sales	2.4		%	2.2		%	2.4		%	2.2		%


Operating income	167.8			146.7			327.0			270.8
% of net sales	19.1		%	18.3		%	18.6		%	17.5		%



Net interest expense	24.0			21.7			46.2			29.5

Gain on sale of investment	—			(10.2)			—			(10.2)
Other expense	0.9			1.1			2.1			2.3
Income before income taxes	142.9			134.1			278.7			249.2
Provision for income taxes	31.9			21.2			62.6			42.5
Effective tax rate	22.3		%	15.8		%	22.5		%	17.1		%



Net income	$	111.0		$	112.9		$	216.1		$	206.7


Earnings per ordinary share



Basic	$	0.67		$	0.68		$	1.30		$	1.25



Diluted	$	0.66		$	0.67		$	1.28		$	1.23
Weighted average ordinary shares outstanding
Basic	166.1			165.7			165.8			165.5
Diluted	168.9			168.0			168.7			167.9
Cash dividends paid per ordinary share	$	0.19		$	0.175		$	0.38		$	0.35

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nVent Electric plc
Condensed Consolidated Balance Sheets (Unaudited)

	June 30, 2024		December 31, 2023
In millions
Assets
Current assets
Cash and cash equivalents	$	274.0	$	185.1
Accounts and notes receivable, net	570.7		589.5
Inventories	445.8		441.3
Other current assets	132.2		120.2
Total current assets	1,422.7		1,336.1
Property, plant and equipment, net	384.9		390.0
Other assets
Goodwill	2,568.8		2,571.1
Intangibles, net	1,464.5		1,517.0
Other non-current assets	347.2		347.5
Total other assets	4,380.5		4,435.6
Total assets	$	6,188.1	$	6,161.7
Liabilities and Equity
Current liabilities
Current maturities of long-term debt and short-term borrowings	$	35.6	$	31.9
Accounts payable	266.1		275.7
Employee compensation and benefits	93.6		122.2
Other current liabilities	258.8		303.8
Total current liabilities	654.1		733.6
Other liabilities
Long-term debt	1,730.6		1,748.8
Pension and other post-retirement compensation and benefits	146.2		153.0
Deferred tax liabilities	202.1		204.4
Other non-current liabilities	167.3		179.8
Total liabilities	2,900.3		3,019.6
Equity	3,287.8		3,142.1
Total liabilities and equity	$	6,188.1	$	6,161.7

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nVent Electric plc
Condensed Consolidated Statements of Cash Flows (Unaudited)

	Six months ended
In millions	June 30, 2024		June 30, 2023
Operating activities
Net income	$	216.1	$	206.7


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

Depreciation	28.5		23.0
Amortization	49.6		38.9
Deferred income taxes	—		(3.8)
Share-based compensation	13.5		11.4



Gain on sale of investment	—		(10.2)


Amortization of bridge financing debt issuance costs	2.2		3.6


Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable	12.2		7.7
Inventories	(13.8)		(18.5)
Other current assets	(16.7)		(16.6)
Accounts payable	(2.8)		(25.1)
Employee compensation and benefits	(26.2)		(19.5)
Other current liabilities	(40.0)		(45.2)
Other non-current assets and liabilities	(1.8)		(5.8)


Net cash provided by (used for) operating activities	220.8		146.6
Investing activities
Capital expenditures	(34.6)		(32.3)
Proceeds from sale of property and equipment	0.3		0.2


Settlement of net investment hedge	—		3.1
Acquisitions, net of cash acquired	—		(1,091.8)



Net cash provided by (used for) investing activities	(34.3)		(1,120.8)
Financing activities
Net receipts of revolving credit facility	—		100.0


Proceeds from long-term debt	—		800.0
Repayments of long-term debt	(15.0)		(7.5)

Settlement of cash flow hedge	—		4.5

Debt issuance costs	(2.7)		(10.8)

Dividends paid	(63.6)		(58.5)
Shares issued to employees, net of shares withheld	(1.9)		(1.3)
Repurchases of ordinary shares	—		(15.2)

Net cash provided by (used for) financing activities	(83.2)		811.2
Effect of exchange rate changes on cash and cash equivalents	(14.4)		4.0
Change in cash and cash equivalents	88.9		(159.0)
Cash and cash equivalents, beginning of period	185.1		297.5
Cash and cash equivalents, end of period	$	274.0	$	138.5

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nVent Electric plc
Supplemental Financial Information by Reportable Segment (Unaudited)

	2024									2023
In millions	First Quarter			Second Quarter			Six Months				First Quarter			Second Quarter			Six Months
Net sales
Enclosures	$	439.9		$	440.8		$	880.7			$	391.0		$	400.0		$	791.0
Electrical & Fastening Solutions	292.2			299.0			591.2				205.7			266.7			472.4
Thermal Management	142.5			140.5			283.0				143.9			136.3			280.2
Total	$	874.6		$	880.3		$	1,754.9			$	740.6		$	803.0		$	1,543.6
Reportable segment income
Enclosures	$	94.8		$	103.8		$	198.6			$	82.5		$	90.0		$	172.5
Electrical & Fastening Solutions	85.2			92.5			177.7				61.3			86.5			147.8
Thermal Management	31.8			28.0			59.8				30.9			28.6			59.5
Reportable segment income	211.8			224.3			436.1				174.7			205.1			379.8
Enterprise and other	(19.5)			(21.9)			(41.4)				(26.7)			(23.8)			(50.5)
Adjusted operating income	$	192.3		$	202.4		$	394.7			$	148.0		$	181.3		$	329.3
Return on sales
Enclosures	21.6		%	23.5		%	22.6		%		21.1		%	22.5		%	21.8		%
Electrical & Fastening Solutions	29.2		%	30.9		%	30.1		%		29.8		%	32.4		%	31.3		%
Thermal Management	22.3		%	19.9		%	21.1		%		21.5		%	21.0		%	21.2		%
Adjusted return on sales	22.0		%	23.0		%	22.5		%		20.0		%	22.6		%	21.3		%

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NON-GAAP FINANCIAL MEASURES

This press release refers to certain non-GAAP financial measures (organic sales, adjusted operating income, adjusted return on sales, adjusted net income, adjusted diluted earnings per share and free cash flow) and a reconciliation of those non-GAAP financial measures to the corresponding financial measures contained in the Company's financial statements prepared in accordance with generally accepted accounting principles. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

The 2024 and 2023 adjusted operating income, adjusted return on sales, adjusted net income and adjusted diluted earnings per share eliminate, where applicable:

•Expense related to certain targeted restructuring activities.

•Expense related to certain acquisition and integration activities associated with our business acquisitions.

•Amortization of all intangible assets associated with our business acquisitions, including inventory step-up amortization, associated with those acquisitions. The Company excludes these non-cash expenses because the Company believes it (i) enhances management’s and investors’ ability to analyze underlying business performance, (ii) facilitates comparisons of our financial results over multiple periods, and (iii) provides more relevant comparisons of the Company's results with the results of other companies as the amortization expense, inventory step-up amortization, and acquisition related expenses may fluctuate significantly from period to period based on the timing, size, nature, and number of acquisitions. Although the Company excludes amortization of these acquired intangible assets and inventory step-up from its non-GAAP results, the Company believe that it is important for investors to understand that revenue generated, in part, from such intangibles is included within revenue in determining adjusted results.

•Gain on sale of investments.

•Pension and other postretirement mark-to-market loss (gain). The Company recognizes changes in the fair value of plan assets and net actuarial gains or losses for pension and other post-retirement benefits as a mark-to-market adjustment. Net actuarial gains and losses occur when the actual experience differs from any of the various assumptions used to value the Company's pension and other post-retirement plans or when assumptions change. This accounting method also results in the potential for volatile and difficult to forecast mark-to-market adjustments. The Company believes that the exclusion of pension and other postretirement mark-to-market loss (gain) better reflects the ongoing costs of providing pension and postretirement benefits to its employees.

•Amortization of bridge financing debt issuance costs.

•Income tax effects of the above adjustments, which are calculated using the Company's estimated non-GAAP tax rate. This non-GAAP tax approach eliminates the effects of period specific items, which can vary in size and frequency and do not necessarily reflect our long-term operations. The non-GAAP tax rate could be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in the Company's geographic earnings mix including due to acquisition activity or other changes in our strategy or business operations.

The Company uses the term "organic sales" to refer to GAAP net sales excluding 1) the impact of currency translation and 2) the impact of revenue from acquired businesses recorded prior to the first anniversary of the acquisition less the amount of sales attributable to divested product lines not considered discontinued operations ("acquisition sales"). The portion of GAAP net sales attributable to currency translation is calculated as the difference between (a) the period-to-period change in net sales (excluding acquisition sales) and (b) the period-to-period change in net sales (excluding acquisition sales) after applying prior period foreign exchange rates to the current year period. The Company uses the term "organic sales growth" to refer to the measure of comparing current period organic net sales with the corresponding period of the prior year.

Management utilizes these adjusted financial measures to assess the run-rate of its continuing operations against those of prior periods without the distortion of these factors that the Company does not consider components of our core operating performance. The Company believes that these non-GAAP financial measures will be useful to investors as well to assess the continuing strength of the Company's underlying operations. In addition, adjusted diluted earnings per share is used as a criterion to measure and pay long-term incentive compensation and adjusted operating income is used as a criterion to measure and pay annual incentive compensation.

The Company uses free cash flow to assess its cash flow performance. The Company believes free cash flow is an important measure of liquidity because it provides the Company and its investors useful information regarding the Company's ability to generate cash without reliance on external financing. Management uses free cash flow to evaluate the resources available to pay dividends, make acquisitions, repay debt, repurchase shares and make investments in the business. In addition, free cash flow is used as criterion to measure and pay annual incentive compensation.

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nVent Electric plc
Reconciliation of GAAP to non-GAAP financial measures for the year ending December 31, 2024
excluding the effect of adjustments (Unaudited)

	Actual						Forecast (1)
In millions, except per share data	First Quarter			Second Quarter			Third Quarter		Full Year
Net sales	$	874.6		$	880.3
Operating income	159.2			167.8
Return on sales	18.2		%	19.1		%
Adjustments:
Restructuring and other	$	1.3		$	2.8
Acquisition transaction and integration costs	6.6			7.4
Intangible amortization	25.2			24.4






Adjusted operating income (non-GAAP measure)	$	192.3		$	202.4
Adjusted return on sales (non-GAAP measure)	22.0		%	23.0		%

Net income	$	105.1		$	111.0		$	119	$	458
Adjustments to operating income	33.1			34.6			24		116




Amortization of bridge financing debt issuance costs	—			2.2			—		2
Income tax adjustments	(8.1)			(9.0)			(6)		(27)
Adjusted net income (non-GAAP measure)	$	130.1		$	138.8		$	137	$	549
Diluted earnings per ordinary share
Diluted earnings per ordinary share	$	0.62		$	0.66		$ 0.69 - 0.71		$ 2.69 - 2.75
Adjustments	0.15			0.16			0.11		0.54
Adjusted diluted earnings per ordinary share (non-GAAP measure)	$	0.77		$	0.82		$ 0.80 - 0.82		$ 3.23 - 3.29
(1) Forecast information represents an approximation

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nVent Electric plc
Reconciliation of GAAP to non-GAAP financial measures for the year ended December 31, 2023
excluding the effect of 2023 adjustments (Unaudited)
	Actual
In millions, except per share data	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Net sales	$	740.6		$	803.0		$	858.8		$	861.2		$	3,263.6
Operating income	124.1			146.7			156.2			160.4			587.4
Return on sales	16.8		%	18.3		%	18.2		%	18.6		%	18.0		%
Adjustments:
Restructuring and other	4.0			2.5			5.4			0.9			12.8
Acquisition transaction and integration costs	2.3			4.9			3.0			2.8			13.0
Intangible amortization	17.6			21.3			25.6			25.2			89.7
Inventory step-up amortization	—			5.9			11.8			—			17.7


Adjusted operating income (non-GAAP measure)	$	148.0		$	181.3		$	202.0		$	189.3		$	720.6
Adjusted return on sales (non-GAAP measure)	20.0		%	22.6		%	23.5		%	22.0		%	22.1		%

Net income	$	93.8		$	112.9		$	105.5		$	254.9		$	567.1
Adjustments to operating income	23.9			34.6			45.8			28.9			133.2
Pension and post-retirement mark-to-market loss	—			—			—			13.9			13.9
Gain on sale of investment	—			(10.2)			—			(0.1)			(10.3)
Amortization of bridge financing debt issuance costs	—			3.6			—			—			3.6

Income tax adjustments (1)	(4.4)			(12.0)			(10.3)			(165.8)			(192.6)
Adjusted net income (non-GAAP measure)	$	113.3		$	128.9		$	141.0		$	131.8		$	514.9
Diluted earnings per ordinary share
Diluted earnings per ordinary share	$	0.56		$	0.67		$	0.63		$	1.51		$	3.37
Adjustments	0.11			0.10			0.21			(0.73)			(0.31)
Adjusted diluted earnings per ordinary share (non-GAAP measure)	$	0.67		$	0.77		$	0.84		$	0.78		$	3.06

(1) Income tax adjustments in the fourth quarter include $157.5 million resulting from favorable discrete items, primarily related to the initial recognition of tax basis in intangible assets in foreign jurisdictions and the related valuation allowance, and the tax benefit of statutory losses at a foreign holding company.

(more)


nVent Electric plc
Reconciliation of Net Sales Growth (GAAP measure) to Organic Net Sales Growth (non-GAAP measure) by Segment
for the quarter ended June 30, 2024 (Unaudited)


	Q2 Net Sales Growth
	Organic		Currency		Acq./Div.		Total
nVent	3.6	%	(0.4)	%	6.4	%	9.6	%
Enclosures	9.0	%	(0.5)	%	1.7	%	10.2	%
Electrical & Fastening Solutions	(4.6)	%	(0.1)	%	16.8	%	12.1	%
Thermal Management	3.9	%	(0.8)	%	—	%	3.1	%

Reconciliation of Net Sales Growth (GAAP measure) to Organic Net Sales Growth (non-GAAP measure)

for the quarter ending September 30, 2024 and year ending December 31, 2024 (Unaudited)

Forecast (1)

Q3 Net Sales Growth

Full Year Net Sales Growth

Organic

Currency

Acq./Div.

Total

Organic

Currency

Acq./Div.

Total

nVent

2 - 4%

—%

8 - 10%

3 - 5%

—%

11 - 13 %

(1) Forecast information represents an approximation


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

	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Free cash flow
Net cash provided by (used for) operating activities	$	130.8	$	77.2	$	220.8	$	146.6
Capital expenditures	(18.5)		(15.2)		(34.6)		(32.3)
Proceeds from sale of property and equipment	—		—		0.3		0.2




Free cash flow (non-GAAP measure)	$	112.3	$	62.0	$	186.5	$	114.5

Cover Page	Aug. 06, 2024
Cover [Abstract]
Document Type	8-K
8-K	Aug. 06, 2024
Entity File Number	001-38265
Entity Registrant Name	nVent Electric plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1391970
Entity Address, Address Line One	The Mille, 1000 Great West Road, 8th Floor (East)
Entity Address, City or Town	London
Entity Address, Postal Zip Code	TW8 9DW
Entity Address, Country	GB
Country Region	44
City Area Code	20
Local Phone Number	3966-0279
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Ordinary Shares, nominal value $0.01 per share
Trading Symbol	NVT
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001720635
Amendment Flag	false