nVent Electric (NVT) Q1 FY2024 earnings: revenue $732 million, down 1.1% on the year

nVent Electric plc (NVT) reported revenue of $732 million for Q1 FY2024, the quarter ended 31 March 2024, down 1.1% on the same quarter a year earlier. Net income was $105 million, up 12.0% on the year, and diluted earnings per share $0.62. The figures are the company's own, from the 10-Q it filed with the SEC on 3 May 2024.

Revenue$732 milliondown 1.1%

Net income$105 millionup 12.0%

Diluted EPS$0.62

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	732	861	n/a	n/a
Cost of revenue	441	507	n/a	n/a
Gross profit	291	354	n/a	n/a
Gross margin	39.7%	41.1%	n/a
Research and development	16.3	19.0	n/a	n/a
Selling, general and administrative	143	174	n/a	n/a
Operating income	132	160	n/a	n/a
Operating margin	18.0%	18.6%	n/a
Pre-tax income	108	121	n/a	n/a
Income tax	23.3	-134	n/a	n/a
Effective tax rate	21.5%	-110.7%	n/a
Net income	105	255	n/a	n/a
Net margin	14.4%	29.6%	n/a
Diluted EPS	$0.62	$1.51	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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. 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

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	90.0	236	n/a	n/a
Capital expenditure	15.3	22.1	n/a	n/a
Free cash flow	74.7	214	n/a	n/a
Free cash flow margin	10.2%	24.9%	n/a
Cash from investing	-15.8	-20.6	n/a	n/a
Cash from financing	-40.2	-155	n/a	n/a
Depreciation and amortisation	32.8	40.8	n/a	n/a
Share-based compensation	6.3	6.0	n/a	n/a
Buybacks	0.0	45.6	n/a	n/a
Dividends paid	31.9	29.2	n/a	n/a
Dividend per share	$0.19	$0.17	n/a	n/a
Diluted shares, weighted	168m	168m	n/a	n/a
Shares outstanding at period end	166m	165m	n/a	n/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

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	3,212	3,142	n/a	n/a
Debt	1,774	1,781	n/a	n/a
Operating lease liabilities	100	98.4	n/a	n/a
Finance lease liabilities	n/a	0.0	n/a	n/a
Other liabilities	1,083	1,140	n/a	n/a
Total liabilities and equity	6,170	6,162	n/a	n/a
Fixed assets	384	390	n/a	n/a
Goodwill	2,571	2,571	n/a	n/a
Intangible assets	1,490	1,517	n/a	n/a
Cash and equivalents	211	185	n/a	n/a
Inventory	441	441	n/a	n/a
Other assets	1,073	1,057	n/a	n/a
Total assets	6,170	6,162	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	715	861	732	740	782	752	809	963	1,054	1,067	1,242	1,471
Cost of revenue	426	507	441	432	471	453	496	591	659	678	796	913
Gross profit	289	354	291	308	311	300	314	372	395	389	446	558
Gross margin	40%	41%	40%	42%	40%	40%	39%	39%	37%	36%	36%	38%
R&D	14.5	19.0	16.3	16.5	16.1	17.2	17.5	19.1	20.6	21.3	22.7	24.5
SG&A	148	174	143	146	162	165	166	196	208	204	227	233
Operating income	126	160	132	145	133	117	130	157	166	164	196	301
Operating margin	18%	19%	18%	20%	17%	16%	16%	16%	16%	15%	16%	20%
Pre-tax income	99.4	121	108	120	102	99.1	112	138	144	156	177	282
Tax rate	18%	-111%	21%	22%	22%	117%	22%	23%	17%	26%	21%	23%
Net income	106	255	105	111	105	10.7	361	110	121	119	142	216
Net margin	15%	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 flow	145	236	90.0	131	198	225	60.2	-16.9	220	202	85.2	184
Capital expenditure	16.6	22.1	15.3	18.5	12.9	26.5	21.1	16.9	18.6	36.7	36.1	21.5
Free cash flow	128	214	74.7	112	185	198	39.1	-33.8	201	166	49.1	162
Buybacks	0.0	45.6	0.0	0.0	100	0.0	53.1	200	0.0	0.0	50.4	0.0
Dividends paid	29.1	29.2	31.9	31.7	31.7	31.5	33.4	32.3	32.3	32.4	34.2	34.0
Shares outstanding	166m	165m	166m	166m	165m	165m	165m	161m	161m	162m	162m	162m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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 31 March 2024, filed 3 May 2024, accession 0001720635-24-000021: the filing on EDGAR. All of nVent Electric plc's filings: EDGAR company page.

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