NVent Electric : Announces Third Quarter 2020 Financial ResultsOpen link in a new window

Exhibit 99.1

News Release

nVent Announces Third Quarter 2020 Financial Results

Sales and margin improved sequentially across all three segments

• Reported sales of $509 million were down 9%; Organic sales down 14%
• Reported EPS of $(0.82), which includes a $212 million non-cash goodwill impairment charge; Adjusted EPS of $0.45
• Year-to-dateCash Flows from Operations of $204 million; $180 million of Free Cash Flow, up vs 2019
• Continued investments in new products and digital; 33 new product launches year-to-date
• Company issues guidance for the remainder of the year

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

LONDON, UNITED KINGDOM - October 30, 2020 - nVent Electric plc (NYSE:NVT) ("nVent"), a global leader in electrical connection and protection solutions, today announced financial results for the third quarter of 2020 and provided guidance for the fourth quarter and full-year 2020.

"I am pleased with our third quarter results and our strong execution. Across all our segments, we had sequential improvement in sales and margins," said Beth Wozniak, nVent's chief executive officer. "We continue to invest in our growth priorities with 33 new products launched this year and our digital transformation is accelerating. We have delivered strong cash flow well ahead of the prior year. I am confident that we can emerge stronger from these challenging times and are building a high performance electrical company at nVent."

Third quarter sales of $509 million were down 9 percent relative to the third quarter 2019 and declined 14 percent organically, which excludes the impact from currency fluctuations and acquisitions. Eldon and WBT contributed approximately $20 million in sales during the third quarter. Third quarter 2020 earnings (loss) per diluted share ("EPS") were $(0.82), down 334 percent, while on an adjusted basis, the company had EPS of $0.45, down 8 percent. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.

Third quarter results included a $212 million non-cash goodwill impairment charge within the Thermal Management segment due to the prolonged deterioration in macroeconomic and industry conditions, and continued decline in financial performance. As a result, third quarter 2020 operating loss was $142 million compared to operating income of $86 million in the third quarter of 2019. On an adjusted basis, segment income was $101 million versus $115 million in the third quarter of 2019, largely due to the impact of volume declines.

nVent had net cash provided by operating activities of $113 million in the third quarter and free cash flow was $105 million, converting approximately 140 percent of adjusted net income. As of September 30, 2020, nVent continued to have a strong liquidity position with $160 million in cash on hand, $465 million undrawn on its revolving credit facility and a net debt to adjusted EBITDA leverage of 2.3x.

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THIRD QUARTER PERFORMANCE ($ in millions)
nVent Electric plc
	Three months ended
	September 30,	September 30,	% / point
	2020	2019	change
Net Sales	$509	$560	-9%
Organic			-14%
Operating Income (loss)	$(142)	$86	-264%
Reported ROS	(27.8)%	15.4%
Segment Income	$101	$115	-12%
Adjusted ROS	19.8%	20.5%	-70 bps
Enclosures
	Three months ended
	September 30,	September 30,	% / point
	2020	2019	change
Net Sales	$245	$263	-7%
Organic			-14%
ROS	18.0%	18.1%	-10 bps
Electrical & Fastening Solutions ("EFS")
	Three months ended
	September 30,	September 30,	% / point
	2020	2019	change
Net Sales	$148	$150	-1%
Organic			-5%
ROS	27.6%	27.6%	0 bps
Thermal Management
	Three months ended
	September 30,	September 30,	% / point
	2020	2019	change
Net Sales	$117	$148	-21%
Organic			-22%
ROS	21.8%	26.1%	-430 bps

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GUIDANCE FOR FULL-YEAR AND FOURTH QUARTER 2020

The company estimates reported sales growth for the full-year 2020 of down 10 percent to down 9 percent, which represents a 14 percent to 13 percent organic decline versus the prior year. The company expects full-year 2020 EPS of $(0.25) to $(0.20) on a GAAP basis and adjusted EPS of $1.46 to $1.51.

The company estimates reported sales for the fourth quarter of 2020 to be down 12 percent to down 8 percent, which represents down 14 percent to down 10 percent on an organic basis. The company estimates fourth quarter 2020 EPS on a GAAP basis of $0.30 to $0.35 and adjusted EPS of $0.38 to $0.43.

DIVIDENDS

nVent previously announced on September 28, 2020 that its Board of Directors approved a regular cash dividend of $0.175 per share, payable on November 6, 2020.

EARNINGS CONFERENCE CALL

nVent's management team will discuss the company's third quarter performance on a conference call with analysts and investors at 9:45 a.m. EDT 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 855-493-3495 or 720-405-2160 along with conference number 4748449 approximately ten minutes before the 9:45 a.m. EDT start. A replay of the conference call will be made accessible once it becomes available and will remain accessible through midnight on December 11, 2020 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," 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; 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

J.C. Weigelt

Vice President, Investor Relations nVent

763.204.7750

[e-mail]

Media Contact

Jill Saletta

Vice President, Communications nVent

763.203.2880

[e-mail]

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