nVent Electric plc Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Q1 2020 sales were 520 million dollars, down 3 percent reported and down 8 percent organically compared to Q1 2019.
  • Adjusted EPS was 0.34 dollars, down 13 percent year-over-year.
  • Free cash flow improved versus Q1 2019 due to early success in working capital initiatives.
  • COVID-19 significantly disrupted demand late in the quarter, spreading from China to Europe and North America.
  • Acquisitions Eldon and WBT performed well, contributing to growth and margin expansion.

COVID-19 Business Impact and Priorities

  • Company’s three immediate goals:
    • Protect employee health and safety through social distancing, enhanced hygiene, remote work, temperature checks, and communication programs.
    • Continue operations to support mission-critical infrastructure; all plants remain operational worldwide.
    • Position the company to emerge stronger through continued investment in digital capabilities, new products, and customer experience improvements.
  • April 2020 daily organic sales declined about 20 percent year-over-year:
    • Enclosures: down 20 percent
    • Thermal Management: down 15 percent
    • EFS: down 25 percent

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Operator: Ladies and gentlemen, thank you for standing by, and welcome to the nVent Q1 Earnings Conference Call. At this time, all participants are in a listen-only. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to Mr. J.C. Weigelt. Thank you. Please go ahead, sir. J.C. Weigelt: Thank you, Shelby, and welcome, everyone to nVent's First Quarter 2020 Earnings Call. I'm J.C. Weigelt, Vice President of Investor Relations; and also on the call are Beth Wozniak, our Chief Executive Officer; and Sara Zawoyski, our Chief Financial Officer. Today, we will provide details on our first quarter performance as well as a COVID-19 business update on actions we are taking and what we are seeing in our business. Before we begin, let me remind you that any statements made about the company's anticipated financial results are forward-looking statements subject to future risks and uncertainties, such as the risks outlined in today's press release and nVent's filings with the Securities and Exchange Commission. Forward-looking statements are made as of today, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results. Today's webcast is accompanied by a presentation, which can be found in the Investors section of nVent's website. References to non-GAAP financials are reco

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