nVent(US:NVT)2025-02-06 11:38Financial Performance - Fourth quarter 2024 sales were $752 million, up 9% compared to Q4 2023, but down 1% organically[5] - Full-year 2024 sales reached $3.0 billion, representing a 13% increase from 2023, with a 2% organic growth[5] - Fourth quarter 2024 adjusted EPS was $0.59, up 7% from $0.55 in the prior year, while reported EPS was $(0.10), down 108%[5] - Full-year 2024 adjusted EPS was $2.49, up 7% from $2.32, while reported EPS decreased by 48% to $1.43[5] - Net sales for Q4 2024 reached $752.2 million, a 8.9% increase from $690.5 million in Q4 2023[26] - Operating income for the twelve months ended December 31, 2024, was $527.1 million, up from $462.7 million in 2023, reflecting a 13.9% increase[26] - Net income from continuing operations for 2024 was $240.8 million, down from $459.7 million in 2023[31] - The diluted earnings per share from continuing operations for 2024 was $1.43, compared to $1.53 in 2023[46] Cash Flow and Assets - The company generated free cash flow of $150 million in Q4 2024 and $427 million for the full year[7] - Cash and cash equivalents decreased to $131.2 million in 2024 from $179.6 million in 2023[29] - Total assets increased to $6,734.9 million in 2024, compared to $6,161.7 million in 2023[29] - Long-term debt rose to $2,117.5 million in 2024 from $1,748.8 million in 2023, indicating increased leverage[29] - Free cash flow for the full year 2023 was $356.7 million, with $427.5 million reported for the twelve months ended December 31, 2024[56] - Total free cash flow for the full year 2023 was $464.6 million, with $562.0 million reported for the twelve months ended December 31, 2024[56] Product Development and Market Strategy - nVent launched approximately 90 new products in 2024, with the Data Solutions business growing approximately 30%[4] - The company is focused on expanding its product portfolio in the infrastructure vertical, particularly in data centers and power utilities[4] - The company plans to continue focusing on organic sales growth and strategic acquisitions to enhance its market position[40] Future Projections - The company expects 2025 reported sales growth of 8% to 10% and organic sales growth of 4% to 6%[15] - Full-year 2025 EPS guidance is projected to be between $2.45 to $2.55 on a GAAP basis and $2.98 to $3.08 on an adjusted basis[15] - The company forecasts adjusted net income from continuing operations of $503 million for the full year 2025, with a first-quarter forecast of $110 million[50] - Diluted earnings per ordinary share from continuing operations for the full year 2025 is projected to be between $2.45 and $2.55, with a first-quarter estimate of $0.52 to $0.54[50] - The company expects organic net sales growth of 7% to 9% for the full year 2025, with a first-quarter forecast of 0% to 2%[55] Segment Performance - In 2024, nVent Electric plc reported total net sales of $3,006.1 million, a 12.6% increase from $2,668.9 million in 2023[35] - The Enclosures segment generated net sales of $1,823.3 million in 2024, up from $1,605.9 million in 2023, reflecting a growth of 13.5%[35] - The Electrical & Fastening Solutions segment achieved net sales of $1,182.8 million in 2024, up from $1,063.0 million in 2023, marking a growth of 11.2%[35] - The company reported a total reportable segment income of $757.6 million for 2024, compared to $677.2 million in 2023, indicating a 11.9% increase[35] - The return on sales for the Enclosures segment was 22.1% in 2024, compared to 21.6% in 2023[35] Operating Metrics - Fourth quarter 2024 operating income was $117 million, flat compared to Q4 2023, while adjusted operating income increased by 12% to $158 million[6] - Adjusted operating income for 2024 was $652.0 million, compared to $566.6 million in 2023, representing a 15.1% increase[46] - The adjusted return on sales for 2024 was 21.7%, an improvement from 21.2% in 2023[46] - The company achieved an adjusted return on sales of 21.2% for the full year 2023, with quarterly figures of 19.1% in Q1, 22.3% in Q2, 22.7% in Q3, and 20.5% in Q4[47]