nVent Electric hits record high on upbeat Q1 profit forecast

nVent Electric

07/02/2023 17:58

** Shares of electrical connection and protection solutions
maker nVent Electric PLC  NVT.N  up more than 5% at record high
of $43.35 
    ** Sees Q1 adj profit between $0.56 and $0.58 per share,
above estimates of $0.53 per share - Refinitiv IBES data
    ** NVT forecasts FY23 adj profit between $2.51 and $2.61 per
share, also above Wall Street estimates of $2.49 per share
    ** Co reports 11% rise in Q4 reported sales to $742 mln,
beating estimates of $710.8 mln
    ** Adj profit also above estimates
    ** Co has exceeded revenue and profit estimates for at least
five straight quarters
    ** NVT stock was up 1.24% last year
 (Reporting by Vedant Vinayak Vichare in Bengaluru)
 ((Vedant.VinayakVichare@thomsonreuters.com))