nVent Increases Quarterly Dividend by 9%

Rhea-AI Summary

nVent Electric plc (NYSE: NVT) has declared a regular quarterly cash dividend of US$0.19 per ordinary share for the first quarter of 2024, marking a 9% increase over the prior quarterly dividend. The dividend is payable on February 2, 2024, to shareholders of record at the close of business on January 19, 2024. nVent's Chair and CEO, Beth Wozniak, emphasized the company's commitment to delivering attractive returns to shareholders through disciplined capital allocation, growth focus, competitive dividend, and share buybacks, driven by the electrification, digitalization, and sustainability trends.

Positive

• 9% increase in quarterly dividend
• Commitment to delivering attractive returns to shareholders
• Focus on growth, competitive dividend, and share buybacks

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• None.

LONDON--(BUSINESS WIRE)-- nVent Electric plc (NYSE: NVT) announced today that its Board of Directors declared a regular quarterly cash dividend of US$0.19 per ordinary share for the first quarter of 2024, which represents an increase of 9% over the prior quarterly dividend. The dividend is payable on February 2, 2024, to shareholders of record at the close of business on January 19, 2024.

“nVent is committed to delivering attractive returns to shareholders through disciplined capital allocation, including our focus on growth, paying a competitive dividend and share buybacks,” said nVent Chair and Chief Executive Officer Beth Wozniak. “With the electrification, digitalization and sustainability trends and our confidence in our strategy, we are raising the dividend.”

About nVent
nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We design, manufacture, market, install and service high performance products and solutions that connect and protect some of the world's most sensitive equipment, buildings and critical processes. We offer a comprehensive range of enclosures, electrical connections and fastening and thermal management solutions across industry-leading brands that are recognized globally for quality, reliability and innovation. Our principal office is in London and our management office in the United States is in Minneapolis. Our robust portfolio of leading electrical product brands dates back more than 100 years and includes nVent CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER. Learn more at www.nvent.com.

nVent, CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER are trademarks owned or licensed by nVent Services GmbH or its affiliates.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “forecasts,” “should,” “would,” “could,” “positioned,” “strategy,” “future,” “are confident,” or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. All projections in this press release are also forward-looking statements. All statements made about the ECM Industries acquisition, including the expected financial results of the acquired business and the anticipated benefits of the acquisition, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include our ability to integrate the ECM Industries acquisition successfully; our ability to retain customers and employees of the acquired business; adverse effects on our business operations or financial results, including due to the overall global economic and business conditions impacting our business; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions; competition and pricing pressures in the markets we serve, including the impacts of tariffs; volatility in currency exchange rates, interest rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; inability to mitigate material and other cost inflation; risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation; increased risks associated with operating foreign businesses, including risks associated with the conflict between Russia and Ukraine and related sanctions; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the impact of the novel coronavirus 2019 (“COVID-19”) pandemic; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. All forward-looking statements speak only as of the date of this press release. nVent assumes no obligation, and disclaims any obligation, to update the information contained in this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231211356577/en/

Investor Contact

Tony Riter

Vice President, Investor Relations

nVent

763.204.7750

Tony.Riter@nVent.com

Media Contact

Stacey Wempen

Director, External Communications

nVent

763.204.7857

Stacey.Wempen@nVent.com

Source: nVent

FAQ

What is the dividend declared by nVent Electric plc for the first quarter of 2024?

nVent Electric plc (NYSE: NVT) has declared a regular quarterly cash dividend of US$0.19 per ordinary share for the first quarter of 2024.

When is the dividend payable to shareholders of nVent Electric plc?

The dividend declared by nVent Electric plc is payable on February 2, 2024.

Who is the Chair and CEO of nVent Electric plc?

Beth Wozniak is the Chair and CEO of nVent Electric plc.

What are the key focus areas for nVent Electric plc in delivering returns to shareholders?

nVent Electric plc focuses on disciplined capital allocation, growth, competitive dividend, and share buybacks to deliver attractive returns to shareholders.