nVent Electric PLC (NVT) Announces Q3 2023 Financial Results
nVent Electric PLC (NYSE:NVT) reports Q3 2023 sales of $859 million, a 15% increase from Q3 2022.
Reported EPS of $0.63, up 15%; Adjusted EPS of $0.84, up 27%.
Cash Flows from Operations of $145 million, up 7%; Free Cash Flow of $136 million, up 8%.
Full-year sales and adjusted EPS guidance updated.
On October 27, 2023, nVent Electric PLC (NYSE:NVT), a global leader in electrical connection and protection solutions, announced its financial results for Q3 2023. The company reported record sales and strong EPS, and updated its full-year guidance.
Company Performance and Financial Highlights
nVent Electric PLC (NYSE:NVT) reported Q3 2023 sales of $859 million, up 15% relative to Q3 2022. The company's reported EPS was $0.63, up 15%, while on an adjusted basis, the EPS was $0.84, up 27%. Operating income for Q3 2023 was $156 million, up 30% compared to $121 million in the prior year period. On an adjusted basis, segment income was $202 million, up 40% compared to $144 million in the prior year period.
nVent generated net cash from operating activities of $145 million in the third quarter compared to $136 million in the prior year period. Free cash flow generated was $136 million compared to $126 million in the prior year period.
Updated Full-Year Guidance
The company has updated its full-year sales and adjusted EPS guidance. It now estimates reported sales growth for full-year 2023 of 12% to 13%. Organic sales growth is expected to be 3% to 4%. The company now expects full-year 2023 EPS of $2.46 to $2.48 on a GAAP basis and adjusted EPS of $3.01 to $3.03.
CEO Commentary
I am very pleased with our execution in the third quarter. We had outstanding income growth and robust cash flow. The ECM Industries and TEXA Industries acquisitions have been great additions to nVent and are performing well, said nVent Chair and Chief Executive Officer Beth Wozniak.
Dividends and Earnings Conference Call
nVent previously announced on September 26, 2023, that its Board of Directors approved a regular cash dividend of $0.175 per share, payable during the fourth quarter on November 3, 2023. The company's management team will discuss the Q3 performance on a conference call with analysts and investors at 9:00 a.m. Eastern today.
Explore the complete 8-K earnings release (here) from nVent Electric PLC for further details.
This article first appeared on GuruFocus.
