NVent Electric Q3 Profit Gains, Lifts FY23 Outlook

(RTTNews) - Electrical connection and protection solutions provider nVent Electric plc (NVT) Friday announced a slight increase in third quarter earnings on improved revenues. The company raised its full year earnings outlook.

The quarterly earnings were $105.5 million, up from $93.4 million in the prior year. On a per share basis, earnings increased to $0.63 from $0.55 last year.

On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.73 per share. Analysts estimates usually excludes special items.

Net sales for the third quarter climbed to $858.8 million from $745.2 million a year ago. Analysts were looking for $881.14 million.

Looking ahead to the fourth quarter, the company expects earnings to be in a range of $0.61 to $0.63 per share and adjusted earnings of $0.73 to $0.75 per share.

Fourth quarter sales is projected to be up 15 to 17 percent.

For the full year, the company now expects full-year 2023 earnings per share of $2.46 to $2.48 and on an adjusted basis, earnings in a range of $3.01 to $3.03. Earlier, the company's earnings outlook was $2.30 to $2.36 per share and $2.85 to $2.91 per share on an adjusted basis.

The company now estimates reported sales growth for full-year 2023 of 12 to 13 percent versus prior guidance of 13 to 15 percent.