By Kailyn Rhone
Shares of nVent Electric declined after the company reported earnings that missed analysts' expectations and cut its outlook for the year.
The stock closed down 8.4% at $68.28 on Friday. For the week shares were down 6.9%, but remain up 16% on the year.
The London based company before the market open reported third-quarter revenue rose 9% to $782 million from $715 million a year ago. That fell short of the $937.4 million expected by analysts, according to FactSet.
nVent reported a profit of 62 cents per share, down from 63 cents per share a year earlier. That missed the company's guidance of 69 cents to 71 cents per share, and was below the 70 cents that was forecast by analysts surveyed by, FactSet.
The manufacturer of electrical connection and protection products also cut its earnings per share outlook for the year. to $1.99 to $2.01, from its previous expectation of $2.69 to $2.75 per share.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
November 01, 2024 16:50 ET (20:50 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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