Despite soaring profits, the stock of electrical enclosures maker nVent Electric fell nearly 9% Thursday after the company decreased its 2019 financial outlook, suggested challenges in its thermal business and reported that second quarter sales slipped.

The company, which spun off from Pentair 15 months ago, said second-quarter sales dipped 1% to $540 million, while net income jumped 39% to $60.9 million, or 35 cents a share. Excluding one-time items, adjusted earnings were 44 cents a share, in line with analysts' estimates.

NVent CEO Beth Wozniak told Wall Street analysts that it had solid sales growth in its enclosures and electrical and fastening solutions units. But it remained "challenged" in its thermal management business, especially in the areas that cater to commercial and longer cycle energy customers.

"We continue to make progress with our One nVent' strategy, improving our new product vitality, strengthening our digital capabilities and growing in focused verticals," Wozniak said.

Still, given economic headwinds, nVent — based in England but largely run from St. Louis Park — said 2019 sales could rise 1% or fall as much as 2%. The company now expects full-year earnings of just $1.45 to $1.53 per share. That is down from the $1.50 to $1.60 per-share forecast issued in April.

Excluding acquisition and other one-time items, adjusted 2019 earnings are now expected to reach $1.76 to $1.84 per share. That also is down from the adjusted earnings of $1.80 to $1.90 per-share forecast in April.

Wozniak said the company is excited about its pending acquisition of the Spain-based enclosures manufacturer Eldon. That company generates about $90 million in annual sales and has operations in Spain, Romania and India. The $130 million deal that was announced earlier this week is expected to close before year's end.

Eldon is expected to fit well with nVent, whose largest business manufactures electrical, machine and utility enclosures.

NVent's stock price closed Thursday at $22.59, down $2.20.