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NVT · nVent Electric

9 filings

10-K

NVT 10-K Annual Reports

nVent Electric - 9 annual reports

Filing record · 2018–202610-K910-Q278-K80

2025
nVent Electric Annual Report, Year Ended Dec 31, 2025
nVent Electric plc (NVT) reported 2025 net sales of $3.89 billion, up 29.5% from $3.01 billion in 2024, with organic growth contributing 12.6 percentage points and acquisitions 16.3 points. Net income rose to $710.2 million from $331.8 million, but this was driven largely by $281.7 million of income from discontinued operations, mainly the gain on the sale of the Thermal Management business for $1.6 billion in net cash proceeds. Income from continuing operations was $428.5 million versus $240.8 million, and the effective tax rate fell to 22.1% from 43.9%, which reflected a $92.8 million 2024 valuation allowance that did not recur. Operating income rose 17.0% to $616.8 million, though gross margin compressed to 37.7% from 40.2% on tariff and labor inflation. The company now operates two segments. Systems Protection grew net sales 42.2% to $2.59 billion, supported by the Electrical Products Group acquisition for approximately $1.0 billion and the Trachte acquisition, and by data center demand. Electrical Connections grew 9.9% to $1.30 billion. Backlog reached $2.35 billion at December 31, 2025, up from $749.3 million, and management expects most of it to ship in 2026. Balance sheet and cash flow improved. Total debt fell to $1.56 billion from $2.16 billion after repayment of term loans, and free cash flow of continuing operations was $561.0 million versus $427.5 million. The company repurchased $253.1 million of shares in 2025, leaving $146.9 million available under the 2024 authorization, and paid dividends of $0.80 per share. The quarterly dividend was raised to $0.21 in December 2025.
Feb 17, 2026
2024
nVent Electric Annual Report, Year Ended Dec 31, 2024
nVent Electric plc (NYSE: NVT) reported net sales of $3,006.1 million for 2024, up 12.6% from $2,668.9 million in 2023, with the increase driven by acquisitions (10.3 percentage points) and organic growth of 2.4%. Operating income rose 13.9% to $527.1 million, but net income fell to $331.8 million from $567.1 million, largely because income from continuing operations dropped to $240.8 million from $459.7 million. The decline reflects a $92.8 million non-cash valuation allowance on Luxembourg deferred tax assets, which pushed the effective tax rate to 43.9%, along with higher net interest expense of $106.0 million. Diluted earnings per share were $1.97, compared with $3.37 in 2023. The company is in the process of exiting its Thermal Management business, which it agreed to sell to an affiliate of Brookfield Asset Management for $1.7 billion in cash. The sale closed on January 30, 2025, with cash proceeds of $1.65 billion, subject to customary adjustments, and the business is presented as discontinued operations. Acquisitions in 2024 included Trachte, LLC for approximately $687.5 million in cash. Total debt was $2.2 billion at year end, and the company was in compliance with its financial covenants. Free cash flow of continuing operations was $427.5 million in 2024, and total free cash flow including discontinued operations was $562.0 million. Order backlog rose to $749.3 million at December 31, 2024, from $462.8 million, mainly due to the Trachte acquisition. Management expects inflationary cost increases, including the impact of tariffs, to continue into 2025. The company also plans to rename its Enclosures and Electrical & Fastening Solutions segments to Systems Protection and Electrical Connections in the first quarter of 2025.
Feb 18, 2025
2023
nVent Electric Annual Report, Year Ended Dec 31, 2023
nVent Electric plc, a leading global provider of electrical connection and protection solutions, reported net sales of $3.26 billion for 2023, up 12.2% from $2.91 billion in 2022, driven by the ECM Industries and TEXA Industries acquisitions and selling price increases. Operating income rose to $587.4 million from $440.4 million, and net income increased to $567.1 million from $399.8 million. Gross profit margin expanded to 41.1% of net sales from 37.7%, reflecting selling price increases and productivity gains, partly offset by a $17.7 million inventory step-up expense tied to ECM Industries. Net income was also boosted by a $72.0 million deferred tax asset recognition in Switzerland and a $93.2 million benefit related to Luxembourg tax losses, which produced a net income tax benefit of $67.6 million for the year. The company closed the approximately $1.1 billion cash acquisition of ECM Investors, LLC (parent of ECM Industries) in May 2023, funded primarily by a $500.0 million 5.650% senior notes due 2033 and a $300.0 million 2023 Term Loan Facility. Total debt rose to $1.8 billion at December 31, 2023, from $1.1 billion a year earlier. Operating cash flow was $528.1 million and free cash flow was $464.6 million. Backlog at year-end was $639.1 million, up 5.2% from 2022. The filing also notes that the company is exiting its Russian operations and expects Pillar II global minimum tax rules to negatively affect its effective tax rate beginning in 2024. Investors should note the increased leverage, the Q4 2023 dividend increase to $0.19 per quarter declared on February 20, 2024, and that the company remained in compliance with its debt covenants as of year-end. The 2021 share repurchase authorization had $81.8 million remaining at December 31, 2023 and expires July 22, 2024.
Feb 20, 2024
2022
nVent Electric Annual Report, Year Ended Dec 31, 2022
nVent Electric plc, a leading global provider of electrical connection and protection solutions, reported net sales of $2,909.0 million for 2022, up from $2,462.0 million in 2021, an 18.2 percent increase driven primarily by price (13.5 percent) and volume (6.5 percent). Net income rose to $399.8 million, or $2.38 per diluted share, from $272.9 million in 2021. Operating income was $440.4 million, or 15.1 percent of net sales, compared with $355.4 million in 2021. Gross margin declined slightly to 37.7 percent from 38.3 percent, as inflation in raw materials, logistics, labor and energy costs was partially offset by pricing actions and productivity improvements. Pension mark-to-market gains of $66.3 million also contributed to pre-tax income. Segment performance was led by Enclosures, with net sales of $1,503.7 million and segment income of $256.0 million, followed by Electrical & Fastening Solutions ($791.4 million net sales) and Thermal Management ($613.9 million). Backlog at December 31, 2022 totaled $607.3 million, up 8.7 percent from the prior year. Cash flow from operations was $394.6 million and free cash flow, a non-GAAP measure, was $350.7 million. The company ended the year with $297.5 million of cash and $1.1 billion of total debt, and it remained in compliance with its financial covenants. Capital allocation included dividends paid of $117.0 million, share repurchases of $65.9 million, and $140.6 million remaining under the 2021 Authorization. The Board declared a quarterly dividend of $0.175 per share on February 28, 2023. Management expects inflationary and supply chain pressures to continue into 2023, and the filing notes goodwill and intangible assets of $3.2 billion, representing 66 percent of total assets.
Feb 28, 2023
2021
nVent Electric Annual Report, Year Ended Dec 31, 2021
nVent Electric plc, a leading global provider of electrical connection and protection solutions operating through three segments (Enclosures, Electrical & Fastening Solutions, and Thermal Management), reported net sales of $2,462.0 million for 2021, up 23.2% from $1,998.6 million in 2020. Gross profit rose to $941.9 million (38.3% of net sales), and operating income was $355.4 million versus $38.4 million in 2020, which had included a $220.5 million impairment of goodwill and trade names. Net income was $272.9 million, or $1.61 per diluted share, compared with a net loss of $47.2 million in 2020. Growth was driven by volume (11.3%), price (7.1%), acquisitions (2.8%) and currency (2.0%), with the company citing supply chain challenges and inflation in raw materials, logistics and labor that it expects to continue into 2022. Backlog rose to $558.5 million at December 31, 2021 from $307.0 million a year earlier, and management expects most of it to ship in 2022. Net cash from operating activities was $373.3 million and free cash flow was $334.4 million. The company acquired CIS Global and Vynckier for a combined $228.0 million in cash net of cash acquired, repurchased $111.5 million of shares, and paid $117.7 million in dividends. Total debt was $1.0 billion at year end, and the company said it was in compliance with its financial covenants. Investors should also note risks tied to Ireland incorporation and U.K. tax residency, exposure to energy-sector capital spending, and goodwill and intangible assets equal to 71% of total assets. The filing states that sales outside the U.S. were approximately 43% of net sales in 2021.
Feb 25, 2022
2020
nVent Electric Annual Report, Year Ended Dec 31, 2020
nVent Electric plc (NYSE: NVT) reported full-year 2020 net sales of $1,998.6 million, down from $2,204.0 million in 2019, with volume declines driven by a slowdown in capital spending attributable largely to the COVID-19 pandemic. The company posted a net loss of $47.2 million, or $(0.28) per share, compared with net income of $222.7 million in 2019. The loss reflects a pre-tax, non-cash goodwill impairment of $212.3 million in the Thermal Management reporting unit and an $8.2 million trade name impairment, both recorded in the third quarter of 2020. Excluding these charges, segment income totaled $347.6 million for 2020 versus $424.3 million in 2019. Cash generation remained solid, with net cash provided by operating activities of $344.0 million and free cash flow of $306.0 million, compared with $303.8 million in 2019. The company ended 2020 with $122.5 million of cash, total debt of $948.0 million, and $545.1 million available for share repurchases under its 2018 and 2019 authorizations. Shareholder dividends were maintained at $0.175 per quarter, and the Board declared the next quarterly dividend on February 22, 2021. The filing states the company was in compliance with all financial covenants at year end. Investors should note the company's disclosure that the magnitude of the pandemic's ongoing impact cannot be determined at this time, along with the Thermal Management segment's sharp sales decline of 19.3% and the Electrical & Fastening Solutions reporting unit's fair value exceeding carrying value by approximately 5%, indicating limited headroom for future impairment testing. The filing also notes that the Company's goodwill and intangible assets represented 73% of total assets at December 31, 2020.
Feb 23, 2021
2019
nVent Electric Annual Report, Year Ended Dec 31, 2019
nVent Electric plc, a leading global provider of electrical connection and protection solutions, reported 2019 net sales of $2,204.0 million, down 0.4% from $2,213.6 million in 2018, with operating income rising 7.2% to $333.1 million and net income of $222.7 million versus $230.8 million a year earlier. The company operates three segments: Enclosures (47% of 2019 revenue), Thermal Management (27%), and Electrical & Fastening Solutions (26%). Management attributed the sales decline primarily to unfavorable foreign currency effects and a slowdown in industrial capital spending, partly offset by the Eldon acquisition, which contributed $30.6 million of sales after its August 2019 close for $127.8 million net of cash acquired. Cash generation and capital returns were central to the year. Net cash from operating activities was $336.3 million and free cash flow was $303.8 million, compared with $306.4 million in 2018. The company repurchased 9.0 million shares for $232.7 million under its 2018 authorization, leaving $588.3 million available across the 2018 and 2019 authorizations. Quarterly dividends totaled $0.70 per share for 2019, and the board declared a further $0.175 quarterly dividend on February 25, 2020. Total debt rose to $1,064.6 million, and the company stated it was in compliance with all financial covenants. Investors should note several items: goodwill and intangibles totaled $3.4 billion, or 74% of total assets, and the filing identifies a $27.3 million pension mark-to-market charge in the fourth quarter of 2019. Restructuring costs rose to $24.2 million from $7.7 million. The company also disclosed that it is centrally managed in the United Kingdom with U.K. tax residency, and that Deloitte & Touche LLP issued an unqualified audit opinion with an emphasis-of-matter paragraph on Pentair expense allocations before the April 30, 2018 separation.
Feb 25, 2020
2018-A
nVent Electric Annual Report (Amendment), Year Ended Dec 31, 2018
nVent Electric plc, a leading global provider of electrical connection and protection solutions, filed its Form 10-K for fiscal 2018 after completing its separation from Pentair plc on April 30, 2018. Net sales for 2018 were $2,213.6 million, up from $2,097.9 million in 2017, with organic growth of 4.7% and currency adding 0.8%. Operating income declined to $310.8 million from $316.1 million, and net income fell to $230.8 million from $361.7 million, which was boosted in 2017 by a $84.8 million provisional U.S. tax reform benefit. Diluted EPS was $1.28 versus $2.00 in 2017. The company recorded $45.0 million of separation costs in 2018, compared with $16.1 million in 2017. The company operates three segments: Enclosures (46% of 2018 revenue), Thermal Management (28%), and Electrical & Fastening Solutions (26%). Segment income totaled $424.4 million in 2018. Cash provided by operating activities was $343.5 million, and free cash flow was $306.4 million, compared with $382.1 million in 2017. Total debt was $941.7 million at year-end, following $800.0 million of senior notes issued in March 2018 and a $200.0 million term loan, and the company repaid $52.5 million of the term loan during 2018. Backlog was $279.7 million at December 31, 2018, essentially flat with $280.4 million a year earlier. Capital allocation included $62.9 million of dividends paid in 2018 ($0.35 per share) and $56.0 million of share repurchases. In February 2019, the board authorized an additional $380.0 million repurchase program and declared a quarterly dividend of $0.175 per share. Investors should note the company's Irish incorporation with U.K. tax residency, its exposure to tax-deductibility changes proposed by U.S. Treasury regulations, and the continued reliance on transition agreements with Pentair.
Mar 1, 2019
2018
nVent Electric Annual Report, Year Ended Dec 31, 2018
nVent Electric plc, a leading global provider of electrical connection and protection solutions, filed its first annual report on Form 10-K for fiscal 2018 after separating from Pentair plc on April 30, 2018. The company operates three segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions, which contributed 46%, 28% and 26% of 2018 total revenues, respectively. Net sales rose to $2,213.6 million in 2018 from $2,097.9 million in 2017, a 5.5% increase driven by organic growth of 4.7% and favorable currency effects. Net income fell to $230.8 million from $361.7 million, largely because 2017 included a $84.8 million provisional tax benefit from U.S. tax reform and 2018 included $45.0 million of non-recurring separation costs. Diluted EPS was $1.28, versus $2.00 in 2017. Cash flow and balance sheet items show free cash flow of $306.4 million in 2018, compared with $382.1 million in 2017. Total debt was $941.7 million at year-end 2018, following $1.0 billion of senior notes and a term loan issued in March 2018, and the company repaid $52.5 million of term loan principal during the year. Cash and equivalents rose to $159.0 million. Backlog was $279.7 million at December 31, 2018, essentially flat with the prior year. The Board declared a quarterly dividend of $0.175 per share and authorized an additional $380.0 million share repurchase program on February 19, 2019, on top of $441.0 million remaining under the July 2018 authorization. Key risks highlighted include exposure to energy-sector capital spending, foreign currency and tariff effects, goodwill and intangibles representing 75% of total assets, and tax exposure tied to the Proposed Regulations on interest deductibility and the company's Irish incorporation and U.K. tax residency. The filing also notes that 2018 outlook priorities include differentiated revenue growth, operating excellence, and capital expenditures expected to be approximately $55 million in 2019.
Feb 19, 2019