LONDON - nVent Electric plc (NYSE:NVT) reported third quarter earnings that beat analyst expectations, but shares fell 3.73% as the company's fourth quarter guidance came in below estimates.
The electrical connection and protection solutions provider posted adjusted earnings per share of $0.84, surpassing the analyst consensus of $0.81. Revenue for the quarter reached $939 million, slightly above the $937.37 million analysts had forecast.
Despite the earnings beat, nVent's outlook for the fourth quarter fell short of expectations. The company guided for fourth quarter EPS between $0.58 and $0.60, well below the $0.86 consensus estimate. For the full year 2024, nVent projects EPS of $2.49 to $2.51, also missing the $3.27 analyst forecast.
"We delivered another strong quarter of performance," said Beth Wozniak, nVent's Chief Executive Officer. "Our teams continue to execute well in a dynamic environment."
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