Shares of nVent Electric plc (NYSE: NVT) plunged nearly 6% in pre-market trading on Thursday after the company slashed its full-year earnings guidance for 2024, overshadowing better-than-expected third-quarter results.
The London-based electrical connection and protection solutions provider reported adjusted earnings of $0.84 per diluted share for the third quarter, unchanged from a year earlier but beating analysts' expectations of $0.81. Revenue rose 9.35% year-over-year to $939.1 million, also exceeding Wall Street estimates of $937.4 million.
However, nVent Electric cut its 2024 adjusted earnings per share guidance to a range of $2.49 to $2.51, down from its previous forecast of $3.23 to $3.29. Analysts polled by Capital IQ had anticipated full-year adjusted EPS of $3.27.
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