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nVent Electric (NVT) Q3 FY2023 earnings: revenue $715 million, down 4.1% on the year

nVent Electric plc (NVT) reported revenue of $715 million for Q3 FY2023, the quarter ended 30 September 2023, down 4.1% on the same quarter a year earlier. Net income was $106 million, up 13.0% on the year, and diluted earnings per share $0.63. The figures are the company's own, from the 10-Q it filed with the SEC on 27 October 2023.

Revenue$715 milliondown 4.1%
Net income$106 millionup 13.0%
Diluted EPS$0.63
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue715n/an/an/a
Cost of revenue426n/an/an/a
Gross profit289n/an/an/a
Gross margin40.4%n/an/a
Research and development14.5n/an/an/a
Selling, general and administrative148n/an/an/a
Operating income126n/an/an/a
Operating margin17.7%n/an/a
Pre-tax income99.4n/an/an/a
Income tax17.5n/an/an/a
Effective tax rate17.6%n/an/a
Net income106n/an/an/a
Net margin14.8%n/an/a
Diluted EPS$0.63n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow145n/an/an/a
Capital expenditure16.6n/an/an/a
Free cash flow128n/an/an/a
Free cash flow margin18.0%n/an/a
Cash from investing-23.3n/an/an/a
Cash from financing-139n/an/an/a
Depreciation and amortisation38.7n/an/an/a
Share-based compensation5.7n/an/an/a
Buybacks0.0n/an/an/a
Dividends paid29.1n/an/an/a
Dividend per share$0.17n/an/an/a
Diluted shares, weighted169mn/an/an/a
Shares outstanding at period end166mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity2,945n/an/an/a
Debt1,832n/an/an/a
Operating lease liabilities75.2n/an/an/a
Other liabilities1,074n/an/an/a
Total liabilities and equity5,926n/an/an/a
Fixed assets372n/an/an/a
Goodwill2,560n/an/an/a
Intangible assets1,538n/an/an/a
Cash and equivalents113n/an/an/a
Inventory465n/an/an/a
Other assets877n/an/an/a
Total assets5,926n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023 †Q4 FY2023 *Q1 FY2024 †Q2 FY2024 †Q3 FY2024Q4 FY2024 * †Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue7158617327407827528099631,0541,0671,2421,471
Cost of revenue426507441432471453496591659678796913
Gross profit289354291308311300314372395389446558
Gross margin40%41%40%42%40%40%39%39%37%36%36%38%
R&D14.519.016.316.516.117.217.519.120.621.322.724.5
SG&A148174143146162165166196208204227233
Operating income126160132145133117130157166164196301
Operating margin18%19%18%20%17%16%16%16%16%15%16%20%
Pre-tax income99.412110812010299.1112138144156177282
Tax rate18%-111%21%22%22%117%22%23%17%26%21%23%
Net income10625510511110510.7361110121119142216
Net margin15%30%14%15%13%1%45%11%11%11%11%15%
Diluted EPS$0.63$1.51$0.62$0.66$0.62$0.07$2.16$0.67$0.74$0.73$0.87$1.32
Operating cash flow14523690.013119822560.2-16.922020285.2184
Capital expenditure16.622.115.318.512.926.521.116.918.636.736.121.5
Free cash flow12821474.711218519839.1-33.820116649.1162
Buybacks0.045.60.00.01000.053.12000.00.050.40.0
Dividends paid29.129.231.931.731.731.533.432.332.332.434.234.0
Shares outstanding166m165m166m166m165m165m165m161m161m162m162m162m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 27 October 2023, accession 0001720635-23-000057: the filing on EDGAR. All of nVent Electric plc's filings: EDGAR company page.

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