nvt-20220208

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 8, 2022

Commission file number 001-38265

nVent Electric plc

(Exact name of Registrant as specified in its charter)



Ireland						98-1391970
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification number)

The Mille, 1000 Great West Road, 8th Floor (East), London, TW8 9DW, United Kingdom

(Address of principal executive offices)

Registrant's telephone number, including area code: 44-20-3966-0279

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of each exchange on which registered
Ordinary Shares, nominal value $0.01 per share	NVT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

ITEM 2.02 Results of Operations and Financial Condition

On February 8, 2022, nVent Electric plc (the "Company") issued a press release announcing earnings results for the fourth quarter and full year of 2021 and a conference call in connection therewith. A copy of the release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

This press release refers to certain non-GAAP financial measures (organic sales, segment income, return on sales, adjusted net income, adjusted diluted earnings per share and free cash flow) and a reconciliation of those non-GAAP financial measures to the corresponding financial measures contained in the Company's financial statements prepared in accordance with generally accepted accounting principles.

The 2021 and 2020 segment income, return on sales, adjusted net income and adjusted diluted earnings per share eliminate, where applicable:

•Expense related to certain targeted restructuring activities.

•Expense related to certain acquisition and integration activities associated with our business acquisitions.

•Amortization of all intangible assets associated with our business acquisitions, including inventory step-up amortization associated with those acquisitions. The Company excludes these non-cash expenses because the Company believes it (i) enhances management’s and investors’ ability to analyze underlying business performance, (ii) facilitates comparisons of our financial results over multiple periods, and (iii) provides more relevant comparisons of the Company's results with the results of other companies as the amortization expense, inventory step-up amortization, and acquisition related expenses may fluctuate significantly from period to period based on the timing, size, nature, and number of acquisitions. Although the Company excludes amortization of these acquired intangible assets and inventory step-up from its non-GAAP results, the Company believe that it is important for investors to understand that revenue generated, in part, from such intangibles is included within revenue in determining adjusted results.

•Impairment expense related to intangible assets.

•Expense related to the early extinguishment of debt instruments.

•Pension and other postretirement mark-to-market (gain) loss. The Company recognizes changes in the fair value of plan assets and net actuarial gains or losses for pension and other post-retirement benefits as a mark-to-market adjustment. Net actuarial gains and losses occur when the actual experience differs from any of the various assumptions used to value the Company's pension and other post-retirement plans or when assumptions change. This accounting method also results in the potential for volatile and difficult to forecast mark-to-market adjustments. The Company believes that the exclusion of pension and other postretirement mark-to-market (gain) loss better reflects the ongoing costs of providing pension and postretirement benefits to its employees.

•Income tax effects of the above adjustments, which are calculated using the Company's estimated non-GAAP tax rate. This non-GAAP tax approach eliminates the effects of period specific items, which can vary in size and frequency and do not necessarily reflect our long-term operations. The non-GAAP tax rate could be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in the Company's geographic earnings mix including due to acquisition activity or other changes in our strategy or business operations.

The Company uses the term "organic sales" to refer to GAAP net sales excluding 1) the impact of currency translation and 2) the impact of revenue from acquired businesses recorded prior to the first anniversary of the acquisition less the amount of sales attributable to divested product lines not considered discontinued operations ("acquisition sales"). The portion of GAAP net sales attributable to currency translation is calculated as the difference between (a) the period-to-period change in net sales (excluding acquisition sales) and (b) the period-to-period change in net sales (excluding acquisition sales) after applying prior period foreign exchange rates to the current year period. The Company uses the term "organic sales growth" to refer to the measure of comparing current period organic net sales with the corresponding period of the prior year.

Management utilizes these adjusted financial measures to assess the run-rate of its continuing operations against those of prior periods without the distortion of these factors that the Company does not consider components of our core operating performance. The Company believes that these non-GAAP financial measures will be useful to investors as well to assess the continuing strength of the Company's underlying operations. In addition, adjusted diluted earnings per share is used as a criterion to measure and annual incentive compensation. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

The Company uses free cash flow to assess its cash flow performance. The Company believes free cash flow is an important measure of liquidity because it provides the Company and its investors a measurement of cash generated from operations that is available to pay dividends, make acquisitions, repay debt and repurchase shares. In addition, free cash flow is used as criterion to measure and pay annual incentive compensation. The Company's measure of free cash flow may not be comparable to similarly titled measures reported by other companies.

ITEM 9.01 Financial Statements and Exhibits


(a)			Financial Statements of Businesses Acquired
			Not applicable.
(b)			Pro Forma Financial Information
			Not applicable.
(c)			Shell Company Transactions
			Not applicable.
(d)			Exhibits

EXHIBIT INDEX


Exhibit						Description
99.1						nVent Electric plc press release dated February 8, 2022 announcing earnings results for the fourth quarter and full year of 2021

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 8, 2022.




			nVent Electric plc
			Registrant

			By			/s/ Sara E. Zawoyski
						Sara E. Zawoyski
						Executive Vice President and Chief Financial Officer

Exhibit 99.1

News Release

nVent Announces Fourth Quarter and Full-Year 2021 Financial Results

Growth initiatives and execution driving another quarter of strong results

•Fourth quarter reported sales of $669 million, up 28%; Organic sales up 24%

•Fourth quarter reported EPS of $0.39, up 39%; Adjusted EPS of $0.50, up 16%

•Full-year reported sales of $2.5 billion, up 23%; Organic sales up 18%

•Full-year reported EPS of $1.61 versus prior-year EPS of $(0.28); Adjusted EPS of $1.96, up 31%

•Full-year Cash Flows from Operations of $373 million; Free Cash Flow of $334 million

•Company issues full-year 2022 guidance:

◦Reported sales growth of 6% to 10%; Organic sales growth of 6% to 9%

◦Reported EPS of $1.75 to $1.85; Adjusted EPS of $2.10 to $2.20

Reconciliations of GAAP (reported) to Non-GAAP measures are in the attached financial tables.

LONDON, UNITED KINGDOM – February 8, 2022 – nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced financial results for the fourth quarter and full-year 2021 and provides guidance for the first quarter and full-year 2022.

"2021 was an outstanding year. I'm incredibly proud of the dedication and teamwork of our nearly 10,000 global employees as they continued to deliver for our customers. Fourth quarter sales grew 28% with broad-based growth across all segments and verticals. For the full year, we had record sales of $2.5 billion, demonstrating impressive growth and execution. We overcame supply chain and inflationary challenges to deliver ROS expansion for the year, and we continued to generate strong free cash flow," said Beth Wozniak, nVent's chief executive officer.

“We executed well on our strategy. We completed two acquisitions, Vynckier and CIS Global, launched 58 new products and continued to accelerate our digital transformation. We prioritized the safety and well-being of employees and focused on inclusion and diversity, making nVent a great place to work. I’m proud that we were part of an exclusive group named to Bloomberg’s Gender-Equality Index as well as the RippleMatch NextGen 100 list."

"With the electrification of everything driving demand for our products and solutions, nVent is well positioned to grow. While we expect external challenges to continue in 2022, I’m confident in our strategy and our team’s ability to execute. Our future is bright, and I’m excited about the opportunities ahead for nVent."

Fourth quarter sales of $669 million were up 28 percent relative to the fourth quarter 2020 and increased 24 percent organically, which excludes the impact from currency fluctuations and acquisitions. Fourth quarter 2021 earnings per diluted share (“EPS”) were $0.39, while on an adjusted basis, the company had EPS of $0.50. Full-year sales of $2.5 billion were up 23 percent relative to full-year 2020. Acquisitions contributed approximately $56 million in sales for the year. Full-year 2021 EPS were $1.61, while on an adjusted basis, the company had EPS of $1.96. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.

Fourth quarter 2021 operating income was $89 million, up from $74 million in the fourth quarter of 2020. On an adjusted basis, segment income of $110 million was up from $97 million in the fourth quarter of 2020. Full-year 2021 operating income was $355 million versus $38 million in 2020. On an adjusted basis, segment income was $436 million, up from $348 million in full-year 2020.

nVent had net cash provided by operating activities of $115 million in the fourth quarter and free cash flow of $101 million, which is approximately 120 percent of adjusted net income. Full-year net cash provided by operating activities was $373 million and free cash flow was $334 million. The company delivered full-year free cash flow of approximately 100 percent of adjusted net income.

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FOURTH QUARTER PERFORMANCE ($ in millions)


nVent Electric plc
	Three months ended
	December 31, 2021	December 31, 2020	% / point change
Net Sales	$669	$521	28%
Organic			24%
Operating Income	$89	$74	20%
Reported ROS	13.3%	14.3%
Segment Income	$110	$97	14%
Adjusted ROS	16.5%	18.6%	-210 bps


Enclosures
	Three months ended
	December 31, 2021	December 31, 2020	% / point change
Net Sales	$332	$230	44%
Organic			35%
ROS	13.0%	15.4%	-240 bps


Electrical & Fastening Solutions
	Three months ended
	December 31, 2021	December 31, 2020	% / point change
Net Sales	$171	$147	16%
Organic			17%
ROS	26.3%	28.0%	-170bps


Thermal Management
	Three months ended
	December 31, 2021	December 31, 2020	% / point change
Net Sales	$166	$143	16%
Organic			16%
ROS	26.4%	23.5%	290 bps

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FULL-YEAR PERFORMANCE ($ in millions)


nVent Electric plc
	Full-Year
	December 31, 2021	December 31, 2020	% / point change
Net Sales	$2,462	$1,999	23%
Organic			18%
Operating Income	$355	$38	826%
Reported ROS	14.4%	1.9%
Segment Income	$436	$348	25%
Adjusted ROS	17.7%	17.4%	30 bps


Enclosures
	Full-Year
	December 31, 2021	December 31, 2020	% / point change
Net Sales	$1,245	$953	31%
Organic			23%
ROS	16.2%	15.6%	60 bps


Electrical & Fastening Solutions
	Full-Year
	December 31, 2021	December 31, 2020	% / point change
Net Sales	$658	$569	16%
Organic			14%
ROS	27.6%	26.4%	120 bps


Thermal Management
	Full-Year
	December 31, 2021	December 31, 2020	% / point change
Net Sales	$560	$477	17%
Organic			15%
ROS	21.7%	19.7%	200 bps

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GUIDANCE FOR FULL-YEAR AND FIRST QUARTER 2022

The company introduces 2022 sales guidance of up 6 to 10 percent, which represents a range of a 6 to 9 percent increase in organic sales versus the prior year. The company expects full-year 2022 EPS on a GAAP basis of $1.75 to $1.85 and $2.10 to $2.20 on an adjusted basis.

In addition, the company estimates reported sales for the first quarter of 2022 to be in the range of up 13 to 15 percent, which represents a 10 to 12 percent increase on an organic basis. The company estimates first quarter 2022 EPS on a GAAP basis of $0.33 to $0.35 and adjusted EPS of $0.42 to $0.44.

DIVIDENDS

nVent previously announced on September 27, 2021 that its Board of Directors approved a regular cash dividend of $0.175 per ordinary share, which was paid during the fourth quarter on November 5, 2021. The company also announced on December 13, 2021 that its Board of Directors approved a regular cash dividend of $0.175 per ordinary share, paid during the first quarter on February 4, 2022.

EARNINGS CONFERENCE CALL

nVent’s management team will discuss the company’s fourth quarter and full-year 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 (https://investors.nvent.com). To participate, please dial 855-493-3495 or 720-405-2160 along with conference number 9456546 approximately ten minutes before the 9:00 a.m. ET start. Once available, a replay of the conference call will be made accessible through midnight on May 8, 2022 by dialing 855-859-2056 or 404-537-3406, along with the above conference number.

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,” “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. 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 adverse effects on our business operations or financial results, including due to the impact of the COVID-19 pandemic and potential impairment of goodwill and trade names; 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; the strength of housing and related markets; volatility in currency exchange 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; 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 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

[email protected]

Media Contact

Stacey Wempen

Director, External Communications

nVent

763.204.7857

[email protected]

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nVent Electric plc
Condensed Consolidated Statements of Income (Unaudited)

	Three months ended						Twelve months ended
In millions, except per-share data	December 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020
Net sales	$	669.0		$	521.2		$	2,462.0		$	1,998.6
Cost of goods sold	421.8			324.2			1,520.1			1,249.2
Gross profit	247.2			197.0			941.9			749.4
% of net sales	37.0		%	37.8		%	38.3		%	37.5		%
Selling, general and administrative	145.8			112.2			537.9			447.0
% of net sales	21.8		%	21.5		%	21.8		%	22.4		%
Research and development	12.4			10.4			48.6			43.5
% of net sales	1.9		%	2.0		%	2.0		%	2.2		%
Impairment of goodwill and trade names	—			—			—			220.5


Operating income	89.0			74.4			355.4			38.4
% of net sales	13.3		%	14.3		%	14.4		%	1.9		%




Net interest expense	7.9			8.6			32.3			36.4
Loss on early extinguishment of debt	15.2			—			15.2			—
Other expense (income)	(14.6)			9.3			(12.8)			11.5

Income (loss) before income taxes	80.5			56.5			320.7			(9.5)
Provision for income taxes	13.5			9.4			47.8			37.7
Effective tax rate	16.8		%	16.6		%	14.9		%	(396.8		%)



Net income (loss)	$	67.0		$	47.1		$	272.9		$	(47.2)
Earnings (loss) per ordinary share
Basic	$	0.40		$	0.28		$	1.63		$	(0.28)



Diluted	$	0.39		$	0.28		$	1.61		$	(0.28)



Weighted average ordinary shares outstanding
Basic	167.7			168.6			167.9			169.6
Diluted	170.1			169.4			169.7			169.6
Cash dividends paid per ordinary share	$	0.175		$	0.175		$	0.70		$	0.70

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nVent Electric plc
Condensed Consolidated Balance Sheets (Unaudited)

	December 31, 2021		December 31, 2020
In millions
Assets
Current assets
Cash and cash equivalents	$	49.5	$	122.5
Accounts and notes receivable, net	438.1		313.8
Inventories	321.9		235.2
Other current assets	102.0		92.9

Total current assets	911.5		764.4
Property, plant and equipment, net	291.1		289.4
Other assets
Goodwill	2,186.7		2,098.2
Intangibles, net	1,143.8		1,105.5
Other non-current assets	141.1		108.6

Total other assets	3,471.6		3,312.3
Total assets	$	4,674.2	$	4,366.1
Liabilities and Equity
Current liabilities
Current maturities of long-term debt and short-term borrowings	$	5.0	$	20.0
Accounts payable	261.0		171.1
Employee compensation and benefits	113.9		70.4
Other current liabilities	256.4		188.5

Total current liabilities	636.3		450.0
Other liabilities
Long-term debt	994.2		928.0
Pension and other post-retirement compensation and benefits	208.1		237.9
Deferred tax liabilities	210.3		230.1
Other non-current liabilities	129.2		110.3

Total liabilities	2,178.1		1,956.3








Equity	2,496.1		2,409.8
Total liabilities and equity	$	4,674.2	$	4,366.1

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nVent Electric plc
Condensed Consolidated Statements of Cash Flows (Unaudited)

	Twelve months ended
In millions	December 31, 2021		December 31, 2020
Operating activities



Net income (loss)	$	272.9	$	(47.2)
Adjustments to reconcile net income to net cash provided by (used for) operating activities

Depreciation	40.9		38.4
Amortization	67.5		64.2
Deferred income taxes	(18.8)		(2.9)

Share-based compensation	16.6		13.9
Loss on early extinguishment of debt	15.2		—
Impairment of goodwill and trade names	—		220.5


Pension and other post-retirement expense (income)	(9.5)		17.2
Pension and other post-retirement contributions	(6.5)		(6.8)

Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable	(104.2)		28.3
Inventories	(74.0)		18.3
Other current assets	(7.6)		21.5
Accounts payable	73.7		(18.6)
Employee compensation and benefits	43.6		(4.2)
Other current liabilities	59.3		1.5
Other non-current assets and liabilities	4.2		(0.1)
Net cash provided by (used for) operating activities	373.3		344.0


Investing activities
Capital expenditures	(39.5)		(40.0)
Proceeds from sale of property and equipment	0.6		2.0

Acquisitions, net of cash acquired	(235.1)		(27.0)

Net cash provided by (used for) investing activities	(274.0)		(65.0)


Financing activities



Net receipts (repayments) of revolving credit facility	72.1		(100.0)
Proceeds from long-term debt	300.0		—
Repayments of long-term debt	(318.7)		(17.5)
Debt issuance costs	(5.4)		—
Premium paid on early extinguishment of debt	(15.2)		—
Settlement of interest rate swap	9.6		—
Dividends paid	(117.7)		(119.0)
Shares issued to employees, net of shares withheld	20.0		7.2
Repurchases of ordinary shares	(111.5)		(43.2)

Net cash provided by (used for) financing activities	(166.8)		(272.5)
Effect of exchange rate changes on cash and cash equivalents	(5.5)		9.6
Change in cash and cash equivalents	(73.0)		16.1
Cash and cash equivalents, beginning of period	122.5		106.4
Cash and cash equivalents, end of period	$	49.5	$	122.5

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nVent Electric plc
Supplemental Financial Information by Reportable Segment (Unaudited)

	2021
In millions	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Net sales
Enclosures	$	277.0		$	300.4		$	335.2		$	332.2		$	1,244.8
Electrical & Fastening Solutions	147.9			169.2			169.3			171.1			657.5
Thermal Management	124.0			131.7			138.3			165.7			559.7
Total	$	548.9		$	601.3		$	642.8		$	669.0		$	2,462.0
Segment income (loss)
Enclosures	$	48.8		$	53.7		$	56.4		$	43.2		$	202.1
Electrical & Fastening Solutions	39.2			48.9			48.4			45.0			181.5
Thermal Management	21.0			24.9			31.6			43.7			121.2
Other	(11.9)			(17.3)			(18.2)			(21.6)			(69.0)
Total	$	97.1		$	110.2		$	118.2		$	110.3		$	435.8
Return on sales
Enclosures	17.6		%	17.9		%	16.8		%	13.0		%	16.2		%
Electrical & Fastening Solutions	26.5		%	28.9		%	28.6		%	26.3		%	27.6		%
Thermal Management	16.9		%	18.9		%	22.8		%	26.4		%	21.7		%

Total	17.7		%	18.3		%	18.4		%	16.5		%	17.7		%



	2020
In millions	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Net sales
Enclosures	$	258.5		$	219.3		$	244.7		$	230.4		$	952.9
Electrical & Fastening Solutions	141.9			132.1			147.7			147.4			569.1
Thermal Management	120.5			95.8			116.9			143.4			476.6
Total	$	520.9		$	447.2		$	509.3		$	521.2		$	1,998.6
Segment income (loss)
Enclosures	$	40.9		$	28.2		$	44.0		$	35.4		$	148.5
Electrical & Fastening Solutions	33.5			34.7			40.7			41.3			150.2
Thermal Management	20.3			14.4			25.5			33.7			93.9
Other	(13.2)			(9.0)			(9.3)			(13.5)			(45.0)
Total	$	81.5		$	68.3		$	100.9		$	96.9		$	347.6
Return on sales
Enclosures	15.8		%	12.9		%	18.0		%	15.4		%	15.6		%
Electrical & Fastening Solutions	23.6		%	26.3		%	27.6		%	28.0		%	26.4		%
Thermal Management	16.8		%	15.0		%	21.8		%	23.5		%	19.7		%

Total	15.6		%	15.3		%	19.8		%	18.6		%	17.4		%

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nVent Electric plc
Reconciliation of GAAP to non-GAAP financial measures for the year ended December 31, 2021
excluding the effect of adjustments (Unaudited)

	Actual
In millions, except per-share data	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Net sales	$	548.9		$	601.3		$	642.8		$	669.0		2,462.0





Operating income	80.4			88.3			97.7			89.0			355.4
% of net sales	14.6		%	14.7		%	15.2		%	13.3		%	14.4		%
Adjustments:
Restructuring and other	0.8			4.3			1.9			1.8			8.8
Acquisition transaction and integration costs	—			1.6			0.8			1.7			4.1
Intangible amortization	15.9			16.0			17.8			17.8			67.5







Segment income	$	97.1		$	110.2		$	118.2		$	110.3		$	435.8
Return on sales	17.7		%	18.3		%	18.4		%	16.5		%	17.7		%





Net income (loss) - as reported	$	65.4		$	66.2		$	74.3		$	67.0		$	272.9





Adjustments to operating income	16.7			21.9			20.5			21.3			80.4
Pension and other post-retirement mark-to-market gain	—			—			—			(15.1)			(15.1)
Loss on early extinguishment of debt	—			—			—			15.2			15.2
Income tax adjustments	(8.7)			(3.8)			(4.0)			(3.8)			(20.4)
Net income - as adjusted	$	73.4		$	84.3		$	90.8		$	84.6		$	333.0
Diluted earnings per ordinary share
Diluted earnings per ordinary share - as reported	$	0.39		$	0.39		$	0.44		$	0.39		$	1.61
Adjustments	0.04			0.11			0.09			0.11			0.35
Diluted earnings per ordinary share - as adjusted	$	0.43		$	0.50		$	0.53		$	0.50		$	1.96

(more)


nVent Electric plc
Reconciliation of GAAP to non-GAAP financial measures for the year ended December 31, 2020
excluding the effect of 2020 adjustments (Unaudited)

In millions, except per-share data	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Net sales	$	520.9		$	447.2		$	509.3		$	521.2		$	1,998.6
Operating income (loss)	60.3			45.3			(141.6)			74.4			38.4
% of net sales	11.6		%	10.1		%	(27.8		%)	14.3		%	1.9		%
Adjustments:
Restructuring and other	4.3			6.2			5.4			6.1			22.0
Acquisition transaction and integration costs	0.9			0.8			0.5			0.3			2.5
Intangible amortization	16.0			16.0			16.1			16.1			64.2
Impairment of goodwill	—			—			212.3			—			212.3
Impairment of trade names	—			—			8.2			—			8.2
Segment income	$	81.5		$	68.3		$	100.9		$	96.9		$	347.6
Return on sales	15.6		%	15.3		%	19.8		%	18.6		%	17.4		%



Net income (loss) - as reported	$	18.6		$	25.8		$	(138.7)		$	47.1		$	(47.2)
Adjustments to operating income (loss)	21.2			23.0			242.5			22.5			309.2
Pension and other post-retirement mark-to-market loss	—			—			—			8.7			8.7
Income tax adjustments	18.3			0.2			(27.7)			(5.5)			(14.8)
Net income - as adjusted	$	58.1		$	49.0		$	76.1		$	72.8		$	255.9
Diluted earnings (loss) per ordinary share
Diluted earnings (loss) per ordinary share - as reported	$	0.11		$	0.15		$	(0.82)		$	0.28		$	(0.28)
Adjustments	0.23			0.14			1.27			0.15			1.78
Diluted earnings per ordinary share - as adjusted	$	0.34		$	0.29		$	0.45		$	0.43		$	1.50

(more)


nVent Electric plc
Reconciliation of GAAP to non-GAAP financial measures for the year ending December 31, 2022
excluding the effect of 2022 adjustments (Unaudited)

In millions, except per-share data	Forecast (1)
	First Quarter		Full Year
Net income - as reported	$	58	$	305
Intangible amortization	18		72
Income tax adjustments	(3)		(13)
Net income - as adjusted	$	73	$	364
Diluted earnings per ordinary share
Diluted earnings per ordinary share - as reported	$0.33 - $0.35		$1.75 - $1.85
Adjustments	0.09		0.35
Diluted earnings per ordinary share - as adjusted	$0.42 - $0.44		$2.10 - $2.20
(1) Forecast information represents an approximation


nVent Electric plc
Reconciliation of Net Sales Growth to Organic Net Sales Growth by Segment
for the quarter and year ended December 31, 2021 (Unaudited)

	Q4 Net Sales Growth								Full Year Net Sales Growth
	Organic		Currency		Acq./Div.		Total		Organic		Currency		Acq./Div.		Total
nVent	24.4	%	(0.7)	%	4.7	%	28.4	%	18.4	%	2.0	%	2.8	%	23.2	%
Enclosures	34.5	%	(1.0)	%	10.7	%	44.2	%	23.2	%	1.7	%	5.7	%	30.6	%
Electrical & Fastening Solutions	16.8	%	(0.8)	%	—	%	16.0	%	13.7	%	1.5	%	0.3	%	15.5	%
Thermal Management	15.8	%	(0.2)	%	—	%	15.6	%	14.5	%	2.9	%	—	%	17.4	%

nVent Electric plc

Reconciliation of Net Sales Growth to Organic Net Sales Growth

for the quarter ending March 31, 2022 and the year ending December 31, 2022 (Unaudited)

Forecast (1)

Q1 Net Sales Growth

Full Year Net Sales Growth

Organic

Currency

Acq./Div.

Total

Organic

Currency

Acq./Div.

Total

nVent

10 - 12 %

(1 %)

13 - 15 %

6 - 9 %

(1 - 2 %)

6 - 10 %

(1) Forecast information represents an approximation



Reconciliation of cash from operating activities to free cash flow (Unaudited)

	Three months ended				Twelve months ended
In millions	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020

Net cash provided by (used for) operating activities	$	115.2	$	140.3	$	373.3	$	344.0
Capital expenditures	(14.3)		(14.6)		(39.5)		(40.0)
Proceeds from sale of property and equipment	0.5		0.5		0.6		2.0
Free cash flow	$	101.4	$	126.2	$	334.4	$	306.0