Exhibit 99.1
News Release
nVent Announces Second Quarter 2023 Financial Results
Record sales and strong EPS; raising full-year guidance
•Reported sales of $803 million up 10%, organically up 4%
•Reported EPS of $0.67, up 40%; Adjusted EPS of $0.77, up 35%
•Cash Flows from Operations of $77 million, up 34%; Free Cash Flow of $62 million, up 29%
•Raising full-year reported sales and adjusted EPS guidance
◦Reported sales growth of 13% to 15%; Organic sales growth of 4% to 6%
◦Reported EPS of $2.30 to $2.36; Adjusted EPS of $2.85 to $2.91
Reconciliations of GAAP (reported) to Non-GAAP measures are in the attached financial tables.
LONDON, UNITED KINGDOM – July 28, 2023 – nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced financial results for the second quarter of 2023 and provided guidance for the third quarter and full-year 2023.
“We had another strong quarter, with record sales, impressive margin expansion and robust cash flow. We saw growth across all verticals and had strong contribution from new products. We completed the acquisition of ECM Industries, expanding our electrical power connection and grounding solutions portfolio. We also published our 2022 ESG report, highlighting significant progress on our goals. We believe we are well positioned with the electrification, sustainability and digitalization trends,” said nVent Chair and Chief Executive Officer Beth Wozniak.
“I am excited about our recent acquisitions, including TEXA Industries. These acquisitions strengthen our portfolio and further position nVent with the electrification of everything. Also, the acceleration of artificial intelligence is driving significant demand for our data solutions offerings, particularly liquid cooling, and we are investing for future growth. As a result of our first half performance and acquisitions, we are raising our full-year reported sales and adjusted EPS guidance.”
Second quarter 2023 sales of $803 million were up 10 percent relative to second quarter 2022 and increased 4 percent organically, which excludes the impact from currency fluctuations and acquisitions. Second quarter 2023 earnings per diluted share (“EPS”) were $0.67, up 40 percent, while on an adjusted basis, the company had EPS of $0.77, up 35 percent. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.
Second quarter 2023 operating income was $147 million, up 40 percent, compared to $105 million in the prior year period. On an adjusted basis, segment income was $181 million, up 45 percent, compared to $125 million in the prior year period.
nVent had net cash provided by operating activities of $77 million in the second quarter compared to $57 million in the prior year period. Free cash flow generated was $62 million compared to $48 million in the prior year period.
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SECOND QUARTER PERFORMANCE ($ in millions)
| nVent Electric plc | |||||||||||
| Three months ended | |||||||||||
| June 30, 2023 | June 30, 2022 | % / point change | |||||||||
| Net Sales | $803 | $728 | 10% | ||||||||
| Organic | 4% | ||||||||||
| Operating Income | $147 | $105 | 40% | ||||||||
| Reported ROS | 18.3% | 14.4% | |||||||||
| Segment Income | $181 | $125 | 45% | ||||||||
| Adjusted ROS | 22.6% | 17.2% | 540 bps | ||||||||
| Enclosures | |||||||||||
| Three months ended | |||||||||||
| June 30, 2023 | June 30, 2022 | % / point change | |||||||||
| Net Sales | $400 | $381 | 5% | ||||||||
| Organic | 5% | ||||||||||
| ROS | 22.5% | 16.2% | 630 bps | ||||||||
| Electrical & Fastening Solutions ("EFS") | |||||||||||
| Three months ended | |||||||||||
| June 30, 2023 | June 30, 2022 | % / point change | |||||||||
| Net Sales | $267 | $201 | 33% | ||||||||
| Organic | 8% | ||||||||||
| ROS | 32.4% | 29.3% | 310 bps | ||||||||
| Thermal Management | |||||||||||
| Three months ended | |||||||||||
| June 30, 2023 | June 30, 2022 | % / point change | |||||||||
| Net Sales | $136 | $146 | -6% | ||||||||
| Organic | -5% | ||||||||||
| ROS | 21.0% | 19.4% | 160 bps | ||||||||
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GUIDANCE FOR FULL-YEAR AND THIRD QUARTER 2023
The company now estimates reported sales growth for full-year 2023 of 13% to 15% versus prior guidance of 4% to 6%. This new guidance range includes the acquisitions of ECM Industries and TEXA Industries. Organic sales growth expectations remain unchanged at 4% to 6%. The company now expects full-year 2023 EPS of $2.30 to $2.36 on a GAAP basis and adjusted EPS of $2.85 to $2.91, versus prior guidance of $2.27 to $2.35 on a GAAP basis and adjusted EPS of $2.65 to $2.73.
The company estimates reported sales for the third quarter of 2023 to be up 16% to 18%, which represents an increase of 1% to 3% on an organic basis. The company estimates third quarter 2023 EPS on a GAAP basis of $0.54 to $0.56 and adjusted EPS of $0.72 to $0.74.
DIVIDENDS
nVent previously announced on May 12, 2023 that its Board of Directors approved a regular cash dividend of $0.175 per share, payable during the third quarter on August 4, 2023.
EARNINGS CONFERENCE CALL
nVent’s management team will discuss the company’s second quarter performance on a conference call with analysts and investors at 9:00 a.m. Eastern today. A live audio webcast of the conference call and materials will be available through the “Investor Relations” section of the company’s website (http://investors.nvent.com). To participate, please dial 1-833-630-1071 or 1-412-317-1832 approximately ten minutes before the 9:00 a.m. ET start. A replay of the conference call will be made accessible once it becomes available and will remain accessible through August 11, 2023 by dialing 1-877-344-7529 or 1-412-317-0088, along with the access code 2806458.
About nVent
nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We design, manufacture, market, install and service high performance products and solutions that connect and protect some of the world's most sensitive equipment, buildings and critical processes. We offer a comprehensive range of enclosures, electrical connections and fastening and thermal management solutions across industry-leading brands that are recognized globally for quality, reliability and innovation. Our principal office is in London and our management office is in Minneapolis. Our robust portfolio of leading electrical product brands dates back more than 100 years and includes nVent CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER.
nVent, CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER are trademarks owned or licensed by nVent Services GmbH or its affiliates.
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CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “forecasts,” “should,” “would,” “could,” “positioned,” “strategy,” “future,” “are confident,” or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. All projections in this press release are also forward-looking statements. All statements made about the ECM Industries acquisition, including the expected financial results of the acquired business and the anticipated benefits of the acquisition, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include our ability to integrate the ECM Industries acquisition successfully; our ability to retain customers and employees of the acquired business; adverse effects on our business operations or financial results, including due to the overall global economic and business conditions impacting our business; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions; competition and pricing pressures in the markets we serve, including the impacts of tariffs; volatility in currency exchange rates, interest rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; inability to mitigate material and other cost inflation; risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation; increased risks associated with operating foreign businesses, including risks associated with the conflict between Russia and Ukraine and related sanctions; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the impact of the novel coronavirus 2019 (“COVID-19”) pandemic; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. All forward-looking statements speak only as of the date of this press release. nVent assumes no obligation, and disclaims any obligation, to update the information contained in this press release.
Investor Contact
Tony Riter
Vice President, Investor Relations
nVent
763.204.7750
Tony.Riter@nVent.com
Media Contact
Stacey Wempen
Director, External Communications
nVent
763.204.7857
Stacey.Wempen@nVent.com
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| nVent Electric plc | |||||||||||||||||
| Condensed Consolidated Statements of Income (Unaudited) | |||||||||||||||||
| Three months ended | Six months ended | ||||||||||||||||
| In millions, except per-share data | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||
| Net sales | $ | 803.0 | $ | 727.5 | $ | 1,543.6 | $ | 1,422.2 | |||||||||
| Cost of goods sold | 471.1 | 459.7 | 908.5 | 907.1 | |||||||||||||
| Gross profit | 331.9 | 267.8 | 635.1 | 515.1 | |||||||||||||
| % of net sales | 41.3 | % | 36.8 | % | 41.1 | % | 36.2 | % | |||||||||
| Selling, general and administrative | 167.7 | 148.5 | 330.1 | 290.5 | |||||||||||||
| % of net sales | 20.9 | % | 20.4 | % | 21.4 | % | 20.4 | % | |||||||||
| Research and development | 17.5 | 14.6 | 34.2 | 29.8 | |||||||||||||
| % of net sales | 2.2 | % | 2.0 | % | 2.2 | % | 2.1 | % | |||||||||
| Operating income | 146.7 | 104.7 | 270.8 | 194.8 | |||||||||||||
| % of net sales | 18.3 | % | 14.4 | % | 17.5 | % | 13.7 | % | |||||||||
| Net interest expense | 21.7 | 7.5 | 29.5 | 14.7 | |||||||||||||
| Gain on sale of investment | (10.2) | — | (10.2) | — | |||||||||||||
| Other expense | 1.1 | 1.2 | 2.3 | 1.8 | |||||||||||||
Income before income taxes | 134.1 | 96.0 | 249.2 | 178.3 | |||||||||||||
| Provision for income taxes | 21.2 | 16.1 | 42.5 | 30.6 | |||||||||||||
| Effective tax rate | 15.8 | % | 16.8 | % | 17.1 | % | 17.2 | % | |||||||||
| Net income | $ | 112.9 | $ | 79.9 | $ | 206.7 | $ | 147.7 | |||||||||
| Earnings per ordinary share | |||||||||||||||||
| Basic | $ | 0.68 | $ | 0.48 | $ | 1.25 | $ | 0.89 | |||||||||
| Diluted | $ | 0.67 | $ | 0.48 | $ | 1.23 | $ | 0.88 | |||||||||
| Weighted average ordinary shares outstanding | |||||||||||||||||
| Basic | 165.7 | 166.4 | 165.5 | 166.3 | |||||||||||||
| Diluted | 168.0 | 168.2 | 167.9 | 168.2 | |||||||||||||
| Cash dividends paid per ordinary share | $ | 0.175 | $ | 0.175 | $ | 0.35 | $ | 0.35 | |||||||||
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| nVent Electric plc | ||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
| June 30, 2023 | December 31, 2022 | |||||||
| In millions | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 138.5 | $ | 297.5 | ||||
| Accounts and notes receivable, net | 546.5 | 472.5 | ||||||
| Inventories | 475.3 | 346.7 | ||||||
| Other current assets | 135.8 | 112.5 | ||||||
| Total current assets | 1,296.1 | 1,229.2 | ||||||
| Property, plant and equipment, net | 378.1 | 289.2 | ||||||
| Other assets | ||||||||
| Goodwill | 2,543.3 | 2,178.1 | ||||||
| Intangibles, net | 1,547.5 | 1,066.1 | ||||||
| Other non-current assets | 157.1 | 139.6 | ||||||
| Total other assets | 4,247.9 | 3,383.8 | ||||||
| Total assets | $ | 5,922.1 | $ | 4,902.2 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities | ||||||||
| Current maturities of long-term debt and short-term borrowings | $ | 30.0 | $ | 15.0 | ||||
| Accounts payable | 241.3 | 252.1 | ||||||
| Employee compensation and benefits | 99.1 | 109.3 | ||||||
| Other current liabilities | 250.2 | 273.1 | ||||||
| Total current liabilities | 620.6 | 649.5 | ||||||
| Other liabilities | ||||||||
| Long-term debt | 1,938.8 | 1,068.2 | ||||||
| Pension and other post-retirement compensation and benefits | 135.9 | 128.5 | ||||||
| Deferred tax liabilities | 205.2 | 199.6 | ||||||
| Other non-current liabilities | 145.9 | 124.7 | ||||||
| Total liabilities | 3,046.4 | 2,170.5 | ||||||
| Equity | 2,875.7 | 2,731.7 | ||||||
| Total liabilities and equity | $ | 5,922.1 | $ | 4,902.2 | ||||
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| nVent Electric plc | ||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
| Six months ended | ||||||||
| In millions | June 30, 2023 | June 30, 2022 | ||||||
| Operating activities | ||||||||
| Net income | $ | 206.7 | $ | 147.7 | ||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||||||||
| Depreciation | 23.0 | 21.6 | ||||||
| Amortization | 38.9 | 35.5 | ||||||
| Deferred income taxes | (3.8) | (0.4) | ||||||
| Share-based compensation | 11.4 | 11.9 | ||||||
| Gain on sale of investment | (10.2) | — | ||||||
| Amortization of bridge financing debt issuance costs | 3.6 | — | ||||||
| Changes in assets and liabilities, net of effects of business acquisitions | ||||||||
| Accounts and notes receivable | 7.7 | (53.0) | ||||||
| Inventories | (18.5) | (61.1) | ||||||
| Other current assets | (16.6) | (34.3) | ||||||
| Accounts payable | (25.1) | 28.6 | ||||||
| Employee compensation and benefits | (19.5) | (21.4) | ||||||
| Other current liabilities | (45.2) | (12.2) | ||||||
| Other non-current assets and liabilities | (5.8) | 1.0 | ||||||
| Net cash provided by (used for) operating activities | 146.6 | 63.9 | ||||||
| Investing activities | ||||||||
| Capital expenditures | (32.3) | (20.8) | ||||||
| Proceeds from sale of property and equipment | 0.2 | 2.0 | ||||||
| Settlement of net investment hedge | 3.1 | — | ||||||
| Acquisitions, net of cash acquired | (1,091.8) | (8.6) | ||||||
| Net cash provided by (used for) investing activities | (1,120.8) | (27.4) | ||||||
| Financing activities | ||||||||
| Net receipts of revolving long-term debt | 100.0 | 51.2 | ||||||
| Proceeds from long-term debt | 800.0 | — | ||||||
| Repayments of long-term debt | (7.5) | (2.7) | ||||||
| Settlement of cash flow hedge | 4.5 | — | ||||||
| Debt issuance costs | (10.8) | — | ||||||
| Dividends paid | (58.5) | (58.4) | ||||||
| Shares issued to employees, net of shares withheld | (1.3) | (1.3) | ||||||
| Repurchases of ordinary shares | (15.2) | (8.5) | ||||||
| Net cash provided by (used for) financing activities | 811.2 | (19.7) | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 4.0 | (10.5) | ||||||
| Change in cash and cash equivalents | (159.0) | 6.3 | ||||||
| Cash and cash equivalents, beginning of period | 297.5 | 49.5 | ||||||
| Cash and cash equivalents, end of period | $ | 138.5 | $ | 55.8 | ||||
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| nVent Electric plc | |||||||||||||||||||||||
| Supplemental Financial Information by Reportable Segment (Unaudited) | |||||||||||||||||||||||
| 2023 | 2022 | ||||||||||||||||||||||
| In millions | First Quarter | Second Quarter | Six Months | First Quarter | Second Quarter | Six Months | |||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Enclosures | $ | 391.0 | $ | 400.0 | $ | 791.0 | $ | 359.4 | $ | 380.8 | $ | 740.2 | |||||||||||
| Electrical & Fastening Solutions | 205.7 | 266.7 | 472.4 | 187.6 | 200.9 | 388.5 | |||||||||||||||||
| Thermal Management | 143.9 | 136.3 | 280.2 | 147.7 | 145.8 | 293.5 | |||||||||||||||||
| Total | $ | 740.6 | $ | 803.0 | $ | 1,543.6 | $ | 694.7 | $ | 727.5 | $ | 1,422.2 | |||||||||||
| Segment income (loss) | |||||||||||||||||||||||
| Enclosures | $ | 82.5 | $ | 90.0 | $ | 172.5 | $ | 50.3 | $ | 61.5 | $ | 111.8 | |||||||||||
| Electrical & Fastening Solutions | 61.3 | 86.5 | 147.8 | 47.1 | 58.8 | 105.9 | |||||||||||||||||
| Thermal Management | 30.9 | 28.6 | 59.5 | 32.4 | 28.3 | 60.7 | |||||||||||||||||
| Other | (26.7) | (23.8) | (50.5) | (19.6) | (23.4) | (43.0) | |||||||||||||||||
| Total | $ | 148.0 | $ | 181.3 | $ | 329.3 | $ | 110.2 | $ | 125.2 | $ | 235.4 | |||||||||||
| Return on sales | |||||||||||||||||||||||
| Enclosures | 21.1 | % | 22.5 | % | 21.8 | % | 14.0 | % | 16.2 | % | 15.1 | % | |||||||||||
| Electrical & Fastening Solutions | 29.8 | % | 32.4 | % | 31.3 | % | 25.1 | % | 29.3 | % | 27.3 | % | |||||||||||
| Thermal Management | 21.5 | % | 21.0 | % | 21.2 | % | 21.9 | % | 19.4 | % | 20.7 | % | |||||||||||
| Total | 20.0 | % | 22.6 | % | 21.3 | % | 15.9 | % | 17.2 | % | 16.6 | % | |||||||||||
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| nVent Electric plc | |||||||||||||||||
Reconciliation of GAAP to non-GAAP financial measures for the year ending December 31, 2023 | |||||||||||||||||
| excluding the effect of adjustments (Unaudited) | |||||||||||||||||
| Actual | Forecast (1) | ||||||||||||||||
| In millions, except per-share data | First Quarter | Second Quarter | Third Quarter | Full Year | |||||||||||||
| Net sales | $ | 740.6 | $ | 803.0 | |||||||||||||
| Operating income | 124.1 | 146.7 | |||||||||||||||
| % of net sales | 16.8 | % | 18.3 | % | |||||||||||||
| Adjustments: | |||||||||||||||||
| Restructuring and other | $ | 4.0 | 2.5 | ||||||||||||||
Acquisition transaction and integration costs | 2.3 | 4.9 | |||||||||||||||
| Intangible amortization | 17.6 | 21.3 | |||||||||||||||
| Inventory step-up amortization | — | 5.9 | |||||||||||||||
| Segment income | $ | 148.0 | $ | 181.3 | |||||||||||||
| Return on sales | 20.0 | % | 22.6 | % | |||||||||||||
Net income - as reported | $ | 93.8 | $ | 112.9 | $ | 93 | $ | 392 | |||||||||
| Adjustments to operating income | 23.9 | 34.6 | 37 | 120 | |||||||||||||
| Gain on sale of investment | — | (10.2) | — | (10) | |||||||||||||
| Amortization of bridge financing debt issuance costs | — | 3.6 | — | 4 | |||||||||||||
| Income tax adjustments | (4.4) | (12.0) | (7) | (22) | |||||||||||||
Net income - as adjusted | $ | 113.3 | $ | 128.9 | $ | 123 | $ | 484 | |||||||||
| Diluted earnings per ordinary share | |||||||||||||||||
| Diluted earnings per ordinary share - as reported | $ | 0.56 | $ | 0.67 | $0.54 - $0.56 | $2.30 - $2.36 | |||||||||||
| Adjustments | 0.11 | 0.10 | 0.18 | 0.55 | |||||||||||||
| Diluted earnings per ordinary share - as adjusted | $ | 0.67 | $ | 0.77 | $0.72 - $0.74 | $2.85 - $2.91 | |||||||||||
(1) Forecast information represents an approximation | |||||||||||||||||
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| nVent Electric plc | |||||||||||||||||
Reconciliation of GAAP to non-GAAP financial measures for the year ended December 31, 2022 | |||||||||||||||||
excluding the effect of 2022 adjustments (Unaudited) | |||||||||||||||||
| Actual | |||||||||||||||||
| In millions, except per-share data | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
| Net sales | $ | 694.7 | $ | 727.5 | $ | 745.2 | $ | 741.6 | $ | 2,909.0 | |||||||
| Operating income | 90.1 | 104.7 | 120.5 | 125.1 | 440.4 | ||||||||||||
| % of net sales | 13.0 | % | 14.4 | % | 16.2 | % | 16.9 | % | 15.1 | % | |||||||
| Adjustments: | |||||||||||||||||
| Restructuring and other | 2.0 | 2.3 | 5.9 | 1.5 | 11.7 | ||||||||||||
Acquisition transaction and integration costs | 0.3 | 0.5 | — | — | 0.8 | ||||||||||||
Intangible amortization | 17.8 | 17.7 | 17.6 | 17.6 | 70.7 | ||||||||||||
| Segment income | $ | 110.2 | $ | 125.2 | $ | 144.0 | $ | 144.2 | $ | 523.6 | |||||||
| Return on sales | 15.9 | % | 17.2 | % | 19.3 | % | 19.4 | % | 18.0 | % | |||||||
| Net income - as reported | $ | 67.8 | $ | 79.9 | $ | 93.4 | $ | 158.7 | $ | 399.8 | |||||||
| Adjustments to operating income | 20.1 | 20.5 | 23.5 | 19.1 | 83.2 | ||||||||||||
| Pension and other post-retirement mark-to-market gain | — | — | — | (66.3) | (66.3) | ||||||||||||
| Income tax adjustments | (3.4) | (4.3) | (5.2) | 0.1 | (12.8) | ||||||||||||
| Net income - as adjusted | $ | 84.5 | $ | 96.1 | $ | 111.7 | $ | 111.6 | $ | 403.9 | |||||||
| Diluted earnings per ordinary share | |||||||||||||||||
| Diluted earnings per ordinary share - as reported | $ | 0.40 | $ | 0.48 | $ | 0.55 | $ | 0.94 | $ | 2.38 | |||||||
| Adjustments | 0.10 | 0.09 | 0.11 | (0.28) | 0.02 | ||||||||||||
| Diluted earnings per ordinary share - as adjusted | $ | 0.50 | $ | 0.57 | $ | 0.66 | $ | 0.66 | $ | 2.40 | |||||||
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| nVent Electric plc | |||||||||||||||||
| Reconciliation of Net Sales Growth to Organic Net Sales Growth by Segment | |||||||||||||||||
for the quarter ended June 30, 2023 (Unaudited) | |||||||||||||||||
Q2 Net Sales Growth | |||||||||||||||||
| Organic | Currency | Acq./Div. | Total | ||||||||||||||
| nVent | 3.9 | % | (0.3 | %) | 6.8 | % | 10.4 | % | |||||||||
| Enclosures | 5.1 | % | (0.1 | %) | — | % | 5.0 | % | |||||||||
| Electrical & Fastening Solutions | 8.1 | % | — | % | 24.7 | % | 32.8 | % | |||||||||
| Thermal Management | (5.1 | %) | (1.4 | %) | — | % | (6.5 | %) | |||||||||
| Reconciliation of Net Sales Growth to Organic Net Sales Growth | |||||||||||||||||||||||||||||
| for the quarter ending September 30, 2023 and year ending December 31, 2023 (Unaudited) | |||||||||||||||||||||||||||||
Forecast (1) | |||||||||||||||||||||||||||||
| Q3 Net Sales Growth | Full Year Net Sales Growth | ||||||||||||||||||||||||||||
| Organic | Currency | Acq./Div. | Total | Organic | Currency | Acq./Div. | Total | ||||||||||||||||||||||
| nVent | 1 - 3% | 1 | % | 14 | % | 16 - 18% | 4 - 6 % | — | % | 9 | % | 13 - 15% | |||||||||||||||||
(1) Forecast information represents an approximation | |||||||||||||||||||||||||||||
Reconciliation of cash from operating activities to free cash flow (Unaudited) | |||||||||||||||||
| Three months ended | Six months ended | ||||||||||||||||
| In millions | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||
| Net cash provided by (used for) operating activities | $ | 77.2 | $ | 57.4 | $ | 146.6 | $ | 63.9 | |||||||||
| Capital expenditures | (15.2) | (9.7) | (32.3) | (20.8) | |||||||||||||
| Proceeds from sale of property and equipment | — | 0.1 | 0.2 | 2.0 | |||||||||||||
| Free cash flow | $ | 62.0 | $ | 47.8 | $ | 114.5 | $ | 45.1 | |||||||||