nVent Electric plc reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with net sales reaching $3.006 billion, a 12.6% increase from $2.669 billion in 2023. The company's gross profit also rose to $1.209 billion, reflecting a gross margin of 40.2%, slightly down from 40.3% in the previous year. Operating income increased by 13.9% to $527.1 million, while net income from continuing operations fell by 47.6% to $240.8 million, primarily due to a higher effective tax rate of 43.9%, compared to a benefit of 22.5% in 2023.
The company experienced notable changes in its operational structure, including the acquisition of Trachte, LLC for approximately $687.5 million in July 2024, and ECM Industries for $1.1 billion in May 2023. These acquisitions contributed significantly to revenue growth, with Trachte alone accounting for $138.1 million in sales in 2024. Additionally, nVent announced the sale of its Thermal Management business for $1.7 billion, which was completed on January 30, 2025, and is now classified as discontinued operations.
Operationally, nVent's backlog of orders increased to $749.3 million as of December 31, 2024, up from $462.8 million in 2023, largely due to the Trachte acquisition. The company employed approximately 12,100 people globally, with 39% based in the U.S. The workforce saw a slight reduction as part of ongoing restructuring efforts aimed at optimizing operations and reducing costs. The company also reported a 2.4% organic sales growth, driven by its infrastructure business, which benefited from trends in electrification and sustainability.
Looking ahead, nVent anticipates continued growth driven by megatrends in electrification, sustainability, and digitalization. The company plans to focus on integrating recent acquisitions, enhancing employee engagement, and optimizing its technological capabilities. However, it also faces challenges from inflationary pressures on raw materials and labor costs, which could impact profitability in the near term. The company remains committed to maintaining investment-grade metrics and a solid liquidity position, with $131.2 million in cash on hand as of year-end 2024.
About nVent Electric plc
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