nVent Electric (NYSE: NVT) reported Q1 EPS of $0.44, $0.07 better than the analyst estimate of $0.37. Revenue for the quarter came in at $543 million versus the consensus estimate of $538.9 million.

• Reported sales of $543 million were up 6%; Organic sales up 4%
• Reported EPS of $0.24; Adjusted EPS of $0.44
• Reported return on sales of 12.0% or 19.7% on an adjusted basis

“nVent grew at the high end of its previously issued sales guidance range. Second quarter growth was driven by strong sales in Enclosures and EFS (Electrical & Fastening Solutions). Enclosures sales grew 9 percent or 7 percent organically as we continued to see broad-based growth. EFS sales grew 6 percent or 5 percent organically and saw steady demand throughout the quarter. We were pleased with 4 percent adjusted segment income growth when excluding corporate and other costs as we continued to make progress optimizing our cost structure during our first quarter as a public company,” said Beth Wozniak, nVent’s Chief Executive Officer.

“During the second quarter we made significant progress on our 2018 initiatives to stand up nVent as an independent, publicly traded company, drive organic growth and sequentially grow Enclosures margin,” Wozniak added.

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