NVent introduced 59 new products during 2022, resulting in solid growth across its three business segments.
The company, headquartered in London but run from St. Louis Park, is a provider of electric connection and protection solutions. It said Tuesday that revenue and earnings beat expectations for both the fourth quarter and the year.
"This was another year of outstanding performance in value creation, and we're well-positioned to do it again in 2023," said Beth Wozniak, nVent's chief executive, in the company's earnings call.
NVent participates in markets that stand to benefit from long-term trends around the electrification of everything, sustainability and digitalization.
According to Wozniak, the 59 new products introduced during the year increased their new product vitality to 20%. The addition of those products contributed 3 points to 2022's overall sales growth.
The 59 new products were more than expected and were across all three of nVent's segments: enclosures, thermal management and electrical and fastening. Woznizak told analysts the company aims to have 50 new products each year that reduce labor, drive efficiency or offer better operational performance.
Fourth quarter earnings were $158.7 million, or 94 cents a share, on revenue that grew 11% to $742 million. Adjusted EPS of 66 cents grew 32% over the fourth quarter of 2021.
For the full year, nVent earned $399.8 million, or $2.38 a share, on revenue that grew 18% to $2.9 billion. Adjusted EPS for the year was $2.40 a share, up 22%. Sales for the quarter and year were even stronger on an organic basis after accounting for foreign currency translations.
