NVent Electric plc Provides Earnings Guidance for the First Quarter and Full-Year 2024
February 06, 2024 at 06:38 am EST
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nVent Electric plc provided earnings guidance for the first quarter and full-year 2024. The company introduces 2024 sales guidance of up 8 to 10%, which represents a range of a 3% to 5% increase in organic sales versus the prior year. The company expects full-year 2024 EPS on a GAAP basis of $2.73 to $2.83 and $3.17 to $3.27 on an adjusted basis, which both include an approximate $0.11 negative impact due to changes in global tax standards. The company expects net income of $104 million.
In addition, the company estimates reported sales for the first quarter of 2024 to be in the range of up 16 to 18%, which represents a 2 to 4% increase on an organic basis. The company estimates first quarter 2024 EPS on a GAAP basis of $0.61 to $0.63 and adjusted EPS of $0.72 to $0.74, which both include an approximate $0.03 negative impact due to changes in global tax standards. The company expects net income of $468 million.
nVent Electric plc is a global provider of electrical connection and protection solutions. The Company designs, manufactures, markets, installs and services products and solutions. It operates in three segments: Enclosures, Electrical & Fastening Solutions, and Thermal Management. The Enclosures segment provides solutions to connect and protect critical electronics, communication, control and power equipment. Its cooling, power distribution and enclosures solutions manage power and create protected operating environments for applications. The Electrical & Fastening Solutions segment provides fastening solutions that connect and protect electrical and mechanical systems and civil structures. The Thermal Management segment provides electric thermal solutions that connect and protect critical buildings, infrastructure, industrial processes and people. It has a portfolio of brands, including nVent CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF, TRACER, ILSCO, Gardner Bender, and King Innovation.