$NVT

nVent Electric plc

CIK:0001720635|SEC Filings

Condensed Consolidated and Combined Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 1,471.3	$ 963.1	$ 2,713.3	$ 1,772.4
Cost of goods sold	913.3	591.3	1,709.7	1,086.9
Gross profit	558.0	371.8	1,003.6	685.5
Selling, general and administrative	232.8	196.0	460.0	362.2
Research and development	24.5	19.1	47.2	36.6
Operating income	300.7	156.7	496.4	286.7
Net interest expense	17.4	17.6	34.9	35.0
Other expense	1.3	1.1	2.6	2.2
Income from continuing operations before income taxes	282.0	138.0	458.9	249.5
Provision for income taxes	66.2	31.3	102.7	55.8
Net income from continuing operations	215.8	106.7	356.2	193.7
Income from discontinued operations, net of tax (Note 6)	0.1	2.8	2.1	276.5
Net income	215.9	109.5	358.3	470.2
Comprehensive income, net of tax
Changes in cumulative translation adjustment (six months ended June 30, 2025 includes $92.7 million reclassified to gain on sale included in Income from discontinued operations, net of tax)	1.4	22.6	1.0	125.6
Changes in market value of derivative financial instruments, net of tax	(1.2)	(12.2)	2.4	(15.7)
Comprehensive income	$ 216.1	$ 119.9	$ 361.7	$ 580.1
Basic
Continuing operations (in dollars per share)	$ 1.33	$ 0.66	$ 2.20	$ 1.19
Discontinued operations (in dollars per share)	0	0.02	0.01	1.69
Basic earnings per ordinary share (in dollars per share)	1.33	0.68	2.21	2.88
Diluted
Continuing operations (in dollars per share)	1.32	0.65	2.17	1.17
Discontinued operations (in dollars per share)	0	0.02	0.01	1.67
Diluted earnings per ordinary share (in dollars per share)	$ 1.32	$ 0.67	$ 2.18	$ 2.84
Weighted average ordinary shares outstanding
Basic (shares)	161.8	161.7	161.8	163.4
Diluted (shares)	164.1	163.6	164.1	165.4
Cash dividends paid per ordinary share (in usd per share)	$ 0.21	$ 0.20	$ 0.42	$ 0.40

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 358.3	$ 470.2
Less: Income from discontinued operations, net of tax	2.1	276.5
Net income from continuing operations	356.2	193.7
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities of continuing operations
Depreciation	34.2	28.2
Amortization	82.2	64.1
Deferred income taxes	1.4	2.0
Share-based compensation	23.1	20.1
Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable	(280.2)	(152.8)
Inventories	(56.0)	(23.0)
Other current assets	(12.2)	7.2
Contract assets and liabilities	(24.6)	22.5
Accounts payable	145.7	22.9
Employee compensation and benefits	(24.7)	0.8
Other current liabilities	32.3	(32.2)
Other non-current assets and liabilities	1.3	1.4
Net cash provided by (used for) operating activities of continuing operations	278.7	154.9
Net cash provided by (used for) operating activities of discontinued operations	(10.0)	(111.6)
Net cash provided by (used for) operating activities	268.7	43.3
Investing activities
Capital expenditures	(57.6)	(38.0)
Proceeds from sale of property and equipment	0.0	1.6
Acquisitions, net of cash acquired	0.0	(971.6)
Net cash provided by (used for) investing activities of continuing operations	(57.6)	(1,008.0)
Net cash provided by (used for) investing activities of discontinued operations	1.7	1,584.6
Net cash provided by (used for) investing activities	(55.9)	576.6
Financing activities
Net receipts of revolving credit facility	0.0	200.0
Proceeds from long-term debt	0.0	275.0
Repayments of long-term debt	(68.3)	(866.3)
Debt issuance costs	0.0	(1.9)
Dividends paid	(68.2)	(65.7)
Shares issued to employees, net of shares withheld	(9.6)	(2.0)
Repurchases of ordinary shares	(50.4)	(253.1)
Net cash provided by (used for) financing activities	(196.5)	(714.0)
Effect of exchange rate changes on cash and cash equivalents	2.2	30.0
Change in cash and cash equivalents	18.5	(64.1)
Cash and cash equivalents, beginning of period	237.5	131.2
Cash and cash equivalents within assets held for sale, beginning of period	0.0	58.7
Less: Cash and cash equivalents within assets held for sale, end of period	0.0	0.0
Cash and cash equivalents, end of period	$ 256.0	$ 125.8

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 256.0	$ 237.5
Accounts and notes receivable, net of allowances of $16.7 and $13.7, respectively	969.3	693.0
Inventories	522.4	471.9
Other current assets	256.5	237.2
Total current assets	2,004.2	1,639.6
Property, plant and equipment, net	447.9	434.5
Other assets
Goodwill	2,676.3	2,678.0
Intangibles, net	1,793.3	1,876.5
Other non-current assets	224.6	223.3
Total other assets	4,694.2	4,777.8
Total assets	7,146.3	6,851.9
Current liabilities
Current maturities of long-term debt and short-term borrowings	13.8	13.8
Accounts payable	496.0	358.9
Employee compensation and benefits	131.1	156.6
Other current liabilities	472.5	474.2
Total current liabilities	1,113.4	1,003.5
Other liabilities
Long-term debt	1,478.6	1,546.0
Pension and other post-retirement compensation and benefits	133.3	135.6
Deferred tax liabilities	232.0	232.0
Other non-current liabilities	202.1	204.6
Total liabilities	3,159.4	3,121.7
Equity
Ordinary shares $0.01 par value, 400.0 million authorized, 161.9 million and 161.7 million issued at June 30, 2026 and December 31, 2025, respectively	1.6	1.6
Additional paid-in capital	2,035.4	2,072.3
Retained earnings	1,977.7	1,687.5
Accumulated other comprehensive loss	(27.8)	(31.2)
Total equity	3,986.9	3,730.2
Total liabilities and equity	$ 7,146.3	$ 6,851.9
Ordinary shares issued (in shares)	161.9	161.7