LONDON - nVent Electric plc (NYSE:NVT), a prominent player in electrical connection and protection solutions, has outperformed analyst expectations for the first quarter of 2024.
The company reported an adjusted earnings per share (EPS) of $0.77, surpassing the consensus estimate by $0.03. nVent's revenue for the quarter stood at $875 million, also exceeding the analyst forecast of $864.14 million.
The company's guidance for the full year 2024 indicates adjusted EPS in the range of $3.17 to $3.27. The midpoint of this range, $3.22, is slightly below the consensus estimate of $3.26. For the second quarter of 2024, nVent anticipates adjusted EPS between $0.81 and $0.83, with the midpoint at $0.82, aligning with the consensus estimate of $0.83.
nVent's leadership expressed confidence in their performance and outlook. "Our strong first-quarter results reflect the robust demand for our electrical connection and protection solutions," stated the CEO. "We are well-positioned to continue delivering innovative products and services to our customers while driving shareholder value."
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