Q2 2024 nVent Electric PLC Earnings Call Transcript
Key Points
- nVent Electric PLC (NVT) delivered record sales in Q2 2024, up 10% year-over-year.
- Adjusted EPS increased by 6%, reflecting strong financial performance.
- The company generated $112 million in free cash flow, up over 80% from the previous year.
- nVent Electric PLC (NVT) raised its full-year sales guidance, indicating confidence in continued growth.
- The company received numerous awards, including being certified as a great place to work for the third consecutive year.
- Organic orders in Q2 declined year-over-year due to the timing of data solutions orders.
- Commercial residential sales declined low single digits due to continued end market softness.
- The Electrical and Fastening Solutions (EFS) segment saw a decline in organic sales by 5%, reflecting lower volumes.
- Thermal management segment income decreased by 2%, impacted by sales mix due to projects.
- The company expects increased investments in data solutions in Q3, which may impact short-term profitability.
Good day, and welcome to the nVent second-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Tony Riter, Vice President, Investor Relations. Please go ahead.
Thank you, and welcome to nVent's second-quarter 2024 call. On the call with me are Beth Wozniak, our Chair and Chief Executive Officer; and Sara Zawoyski, our Chief Financial Officer. Today, we'll provide details on our second-quarter performance and outlook for the third quarter and an update to our full-year 2024 outlook.
Before we begin, let me remind you that any statements made about the company's anticipated financial results are forward-looking statements subject to future risks and uncertainties, such as the risks outlined in today's press release and filings with the Securities and Exchange Commission. Forward-looking statements are made as of today, and the company undertakes no obligation to update publicly
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