Company Quick10K Filing
Nvent Electric
Price21.90 EPS1
Shares174 P/E16
MCap3,806 P/FCF24
Net Debt1,106 EBIT281
TEV4,913 TEV/EBIT17
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-19
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-05-08
8-K 2020-07-31 Earnings, Exhibits
8-K 2020-05-15
8-K 2020-05-01
8-K 2020-04-29
8-K 2020-03-06
8-K 2020-02-05
8-K 2019-10-30
8-K 2019-09-27
8-K 2019-09-24
8-K 2019-08-01
8-K 2019-05-10
8-K 2019-04-25
8-K 2019-03-01
8-K 2019-01-31
8-K 2018-12-14
8-K 2018-10-25
8-K 2018-07-26
8-K 2018-04-25
8-K 2018-04-19
8-K 2018-04-19
8-K 2018-04-09

NVT 10Q Quarterly Report

Part I Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.5 ex105nventelectricplcm.htm
EX-10.8 ex108nventelectricplce.htm
EX-10.9 ex109nventmanagementco.htm
EX-31.1 ex311ceocertification2.htm
EX-31.2 ex312cfocertification2.htm
EX-32.1 ex321ceocertification2.htm
EX-32.2 ex322cfocertification2.htm

Nvent Electric Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02016201720182020
Assets, Equity
0.60.50.40.20.10.02016201720182020
Rev, G Profit, Net Income
0.80.50.2-0.2-0.5-0.82016201720182020
Ops, Inv, Fin

nvt-20200630
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2020 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-38265
nVent Electric plc
(Exact name of Registrant as specified in its charter)
Ireland98-1391970
(State or other jurisdiction of incorporation or organization)(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

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Ordinary Shares, nominal value $0.01 per shareNVTNew York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§223.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer Non-accelerated filer Smaller reporting 
company 
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.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
On June 30, 2020, 169,929,586 shares of Registrant's common stock were outstanding.


Table of Contents
nVent Electric plc
 
 Page
PART I FINANCIAL INFORMATION
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 6.


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PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
nVent Electric plc
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
Three months endedSix months ended
In millions, except per-share dataJune 30,
2020
June 30,
2019
June 30,
2020
June 30,
2019
Net sales$447.2  $539.5  $968.1  $1,077.5  
Cost of goods sold286.9  327.3  612.5  655.4  
Gross profit160.3  212.2  355.6  422.1  
Selling, general and administrative104.3  113.1  227.4  233.2  
Research and development10.7  12.1  22.6  24.4  
Operating income45.3  87.0  105.6  164.5  
Net interest expense9.4  11.9  19.3  22.4  
Other expense
0.7  1.0  1.5  1.9  
Income before income taxes
35.2  74.1  84.8  140.2  
Provision for income taxes9.4  13.2  40.4  22.9  
Net income$25.8  $60.9  $44.4  $117.3  
Comprehensive income, net of tax
Net income$25.8  $60.9  $44.4  $117.3  
Changes in cumulative translation adjustment6.6  3.2  (16.9) 6.2  
Changes in market value of derivative financial instruments, net of tax
(4.8) 12.7  12.2  6.5  
Comprehensive income
$27.6  $76.8  $39.7  $130.0  
Earnings per ordinary share
Basic
$0.15  $0.36  $0.26  $0.67  
Diluted
$0.15  $0.35  $0.26  $0.67  
Weighted average ordinary shares outstanding
Basic169.9  171.5  169.9  174.0  
Diluted170.4  173.0  170.7  175.6  
Cash dividends paid per ordinary share$0.175  $0.175  $0.35  $0.35  
See accompanying notes to condensed consolidated financial statements.
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nVent Electric plc
Condensed Consolidated Balance Sheets (Unaudited)
 June 30,
2020
December 31,
2019
In millions, except per-share data
Assets
Current assets
Cash and cash equivalents$235.0  $106.4  
Accounts and notes receivable, net of allowances of $6.5 and $5.4, respectively300.2  334.3  
Inventories247.5  244.7  
Other current assets100.4  113.3  
Total current assets883.1  798.7  
Property, plant and equipment, net276.8  284.5  
Other assets
Goodwill2,297.3  2,279.1  
Intangibles, net1,139.6  1,160.5  
Other non-current assets115.6  117.5  
Total other assets3,552.5  3,557.1  
Total assets$4,712.4  $4,640.3  
Liabilities and Equity
Current liabilities
Current maturities of long-term debt and short-term borrowings$20.0  $17.5  
Accounts payable134.9  187.1  
Employee compensation and benefits61.5  71.9  
Other current liabilities169.8  185.7  
Total current liabilities386.2  462.2  
Other liabilities
Long-term debt1,187.6  1,047.1  
Pension and other post-retirement compensation and benefits211.0  207.2  
Deferred tax liabilities253.8  237.8  
Other non-current liabilities95.6  93.5  
Total liabilities2,134.2  2,047.8  
Equity
Ordinary shares $0.01 par value, 400.0 authorized, 169.9 and 169.5 issued at June 30, 2020 and December 31, 2019, respectively1.7  1.7  
Additional paid-in capital2,508.3  2,502.7  
Retained earnings171.5  186.7  
Accumulated other comprehensive loss(103.3) (98.6) 
Total equity 2,578.2  2,592.5  
Total liabilities and equity$4,712.4  $4,640.3  
See accompanying notes to condensed consolidated financial statements.
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nVent Electric plc
Condensed Consolidated Statements of Cash Flows (Unaudited)
 Six months ended
In millionsJune 30,
2020
June 30,
2019
Operating activities
Net income $44.4  $117.3  
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Depreciation19.0  17.2  
Amortization32.0  30.2  
Deferred income taxes26.2  (2.2) 
Share-based compensation6.1  8.4  
Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable31.9  (7.6) 
Inventories(2.9) (19.7) 
Other current assets10.0  (7.5) 
Accounts payable(49.3) (44.0) 
Employee compensation and benefits(9.4) (11.9) 
Other current liabilities(16.5) (21.5) 
Other non-current assets and liabilities(1.0) (0.9) 
Net cash provided by (used for) operating activities90.5  57.8  
Investing activities
Capital expenditures(17.2) (17.6) 
Proceeds from sale of property and equipment1.4  6.1  
Acquisitions, net of cash acquired(27.0)   
Net cash provided by (used for) investing activities(42.8) (11.5) 
Financing activities
Net receipts of revolving long-term debt150.0  119.0  
Repayments of long-term debt(7.5) (5.0) 
Dividends paid(59.5) (61.5) 
Shares issued to employees, net of shares withheld2.7  5.2  
Repurchases of ordinary shares(3.2) (235.7) 
Net cash provided by (used for) financing activities82.5  (178.0) 
Effect of exchange rate changes on cash and cash equivalents(1.6) (2.0) 
Change in cash and cash equivalents128.6  (133.7) 
Cash and cash equivalents, beginning of period106.4  159.0  
Cash and cash equivalents, end of period$235.0  $25.3  
See accompanying notes to condensed consolidated financial statements.
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nVent Electric plc
Condensed Consolidated Statements of Changes in Equity (Unaudited)
In millionsOrdinary sharesAdditional paid-in capitalRetained earningsAccumulated
other
comprehensive loss
 Total
NumberAmount
Balance - December 31, 2019169.5  $1.7  $2,502.7  $186.7  $(98.6) $2,592.5  
Net income —  —  —  18.6  —  18.6  
Other comprehensive income (loss), net of tax
—  —  —  —  (6.5) (6.5) 
Dividends declared—  —  —  (29.8) —  (29.8) 
Share repurchases
(0.2)   (3.2) —  —  (3.2) 
Exercise of options, net of shares tendered for payment
0.3  —  6.4  —  —  6.4  
Issuance of restricted shares, net of cancellations
0.3  —  —  —  —    
Shares surrendered by employees to pay taxes(0.1) —  (3.3) —  —  (3.3) 
Share-based compensation—  —  1.9  —  —  1.9  
Balance - March 31, 2020169.8  $1.7  $2,504.5  $175.5  $(105.1) $2,576.6  
Net income —  —  —  25.8  —  25.8  
Other comprehensive income (loss), net of tax—  —  —  —  1.8  1.8  
Dividends declared—  —  —  (29.8) —  (29.8) 
Exercise of options, net of shares tendered for payment
  —  0.2  —  —  0.2  
Issuance of restricted shares, net of cancellations
0.1  —  —  —  —  —  
Shares surrendered by employees to pay taxes  —  (0.6) —  —  (0.6) 
Share-based compensation—  —  4.2  —  —  4.2  
Balance - June 30, 2020169.9  $1.7  $2,508.3  $171.5  $(103.3) $2,578.2  
 
In millionsOrdinary sharesAdditional paid-in capitalRetained earningsAccumulated
other
comprehensive loss
 Total
NumberAmount
Balance - December 31, 2018177.2  $1.8  $2,709.7  $83.4  $(107.8) $2,687.1  
Net income—  —  —  56.4  —  56.4  
Other comprehensive income (loss), net of tax—  —  —  —  (3.2) (3.2) 
Dividends declared—  —  —  (30.6) —  (30.6) 
Share repurchases(3.0) (0.1) (79.8) —  —  (79.9) 
Exercise of options, net of shares tendered for payment
0.3  —  3.6  —  —  3.6  
Issuance of restricted shares, net of cancellations
0.3  —  —  —  —    
Shares surrendered by employees to pay taxes(0.1) —  (2.6) —  —  (2.6) 
Share-based compensation—  —  4.3  —  —  4.3  
Balance - March 31, 2019174.7  $1.7  $2,635.2  $109.2  $(111.0) $2,635.1  
Net income—  —  —  60.9  —  60.9  
Other comprehensive income (loss), net of tax—  —  —  —  15.9  15.9  
Dividends declared—  —  —  (29.6) —  (29.6) 
Share repurchases(5.9)   (152.8) —  —  (152.8) 
Exercise of options, net of shares tendered for payment
0.3  —  4.8  —  —  4.8  
Shares surrendered by employees to pay taxes  —  (0.6) —  —  (0.6) 
Share-based compensation—  —  4.1  —  —  4.1  
Balance - June 30, 2019169.1  $1.7  $2,490.7  $140.5  $(95.1) $2,537.8  
See accompanying notes to condensed consolidated financial statements.
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nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)


1.Basis of Presentation and Responsibility for Interim Financial Statements
Business
nVent Electric plc ("nVent," "we," "us," "our" or the "Company") is a leading global provider of electrical connection and protection solutions. The Company is comprised of three reporting segments: Enclosures, Thermal Management and Electrical & Fastening Solutions.
The Company was incorporated in Ireland on May 30, 2017. Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the "U.K.") and have tax residency in the U.K.
Separation from Pentair
On April 30, 2018, Pentair plc ("Pentair" or "former Parent") completed the separation of its Water business and its Electrical business into two independent, publicly-traded companies (the "separation"). To effect the separation, Pentair distributed to its shareholders one ordinary share of nVent for every ordinary share of Pentair held as of the record date of April 17, 2018. As a result of the distribution, nVent is an independent publicly-traded company and began "regular way" trading under the symbol "NVT" on the New York Stock Exchange on May 1, 2018.
Basis of presentation
The accompanying unaudited condensed consolidated financial statements of nVent have been prepared following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America ("GAAP") can be condensed or omitted.
We are responsible for the unaudited condensed consolidated financial statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated and combined financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2019.
Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Additionally, in March 2020, the World Health Organization declared novel coronavirus 2019 (“COVID-19”) a pandemic. The effects of the COVID-19 pandemic have had and may continue to have an unfavorable impact on our business. The broader implication of COVID-19 on our results of operations and overall financial performance remains uncertain. We may experience reduced customer demand or constrained supply that could materially adversely impact our business, financial condition, results of operations and overall financial performance in future periods. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year.
Adoption of new accounting standards
In March 2020, the SEC amended Rule 3-10 of Regulation S-X regarding financial disclosure requirements for registered debt offerings involving subsidiaries as either issuers or guarantors. This amended rule narrows the circumstances that require separate financial statements or summarized financial disclosures of subsidiary issuers and guarantors and simplifies the summarized disclosures required in lieu of those statements. As a result of this amended rule, we have included narrative disclosures in lieu of separate financial statements and summarized financial disclosures as amounts presented would not be material because the guarantor and subsidiary issuer do not have material independent assets and operations unrelated to investments in consolidated subsidiaries.
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nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)

2.Revenue
Disaggregation of revenue
We disaggregate our revenue from contracts with customers by geographic location and vertical for each of our segments, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.
Geographic net sales information, based on geographic destination of the sale, was as follows:
Three months ended June 30, 2020
In millionsEnclosuresThermal ManagementElectrical & Fastening SolutionsTotal
U.S. and Canada$140.8  $51.2  $100.6  $292.6  
Developed Europe (1)
55.5  24.0  21.4  100.9  
Developing (2)
19.6  16.4  6.3  42.3  
Other Developed (3)
3.4  4.2  3.8  11.4  
Total$219.3  $95.8  $132.1  $447.2  

Six months ended June 30, 2020
In millionsEnclosuresThermal ManagementElectrical & Fastening SolutionsTotal
U.S. and Canada$314.9  $121.8  $203.1  $639.8  
Developed Europe (1)
117.4  53.6  48.6  219.6  
Developing (2)
39.0  33.3  15.0  87.3  
Other Developed (3)
6.5  7.6  7.3  21.4  
Total$477.8  $216.3  $274.0  $968.1  
Three months ended June 30, 2019
In millionsEnclosuresThermal ManagementElectrical & Fastening SolutionsTotal
U.S. and Canada$186.1  $73.4  $109.6  $369.1  
Developed Europe (1)
47.5  30.2  28.2  105.9  
Developing (2)
23.6  21.9  9.5  55.0  
Other Developed (3)
2.8  3.3  3.4  9.5  
Total$260.0  $128.8  $150.7  $539.5  

Six months ended June 30, 2019
In millionsEnclosuresThermal ManagementElectrical & Fastening SolutionsTotal
U.S. and Canada$366.5  $157.3  $207.0  $730.8  
Developed Europe (1)
98.4  65.3  54.8  218.5  
Developing (2)
45.3  42.9  19.6  107.8  
Other Developed (3)
5.3  8.4  6.7  20.4  
Total$515.5  $273.9  $288.1  $1,077.5  
(1) Developed Europe includes Western Europe and Eastern Europe included in European Union.
(2) Developing includes China, Eastern Europe not included in European Union, Latin America, Middle East and Southeast Asia.
(3) Other Developed includes Australia and Japan.

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nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)

Vertical net sales information was as follows:
Three months ended June 30, 2020
In millionsEnclosuresThermal ManagementElectrical & Fastening SolutionsTotal
Industrial$133.6  $35.7  $25.9  $195.2  
Commercial & Residential23.7  32.8  72.1  128.6  
Energy18.5  26.1  15.4  60.0  
Infrastructure43.5  1.2  18.7  63.4  
Total$219.3  $95.8  $132.1  $447.2  

Six months ended June 30, 2020
In millionsEnclosuresThermal ManagementElectrical & Fastening SolutionsTotal
Industrial$290.1  $82.2  $51.9  $424.2  
Commercial & Residential55.4  72.6  154.2  282.2  
Energy45.3  58.7  30.4  134.4  
Infrastructure87.0  2.8  37.5  127.3  
Total$477.8  $216.3  $274.0  $968.1  
Three months ended June 30, 2019
In millionsEnclosuresThermal ManagementElectrical & Fastening SolutionsTotal
Industrial$154.8  $54.7  $