<p><strong>Nvent Electric Plc</strong>（NVT 14.61%）是一家全球电气连接和保护解决方案的提供商，服务于基础设施和工业市场，于 2025 年 8 月 1 日发布了 2025 年第二季度财报。头条新闻是调整后的每股收益（EPS）（非 GAAP）和收入（GAAP）均大幅超出预期。调整后的每股收益达到 0.86 美元，同比增长 28%（非 GAAP），超出 0.79 美元的调整后每股收益（非 GAAP）共识预测。报告的收入增长至 9.63 亿美元（GAAP），超出 908.38 万美元的 GAAP 预期，同比增长 30%。这一增长主要得益于在电力公用事业和数据中心的大型收购，以及强劲的产品发布。尽管如此，报告的和调整后的营业利润率（销售回报率）以及自由现金流（非 GAAP）同比均有所下降。总体而言，本季度展示了 nVent 在实施其增长战略方面的能力，但也暴露了在利润管理和现金流方面的挑战。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>0.86 美元</td>
<td>0.79 美元</td>
<td>0.67 美元</td>
<td>28%</td>
</tr>
<tr>
<td>收入（GAAP）</td>
<td>9.63 亿美元</td>
<td>9.08 亿美元</td>
<td>7.4 亿美元</td>
<td>30%</td>
</tr>
<tr>
<td>自由现金流（非 GAAP）</td>
<td>7400 万美元</td>
<td></td>
<td>1.01 亿美元</td>
<td>(26.7%)</td>
</tr>
<tr>
<td>调整后营业收入</td>
<td>2 亿美元</td>
<td></td>
<td>1.69 亿美元</td>
<td>18.3%</td>
</tr>
<tr>
<td>调整后销售回报率</td>
<td>20.8%</td>
<td></td>
<td>22.9%</td>
<td>(2.1) pp</td>
</tr>
</tbody>
</table>
<p>来源：FactSet 提供的分析师预估。管理层预期基于管理层在 2025 年第一季度财报中提供的指导。</p>
<h2>关于 Nvent Electric Plc 及其战略</h2>
<p>Nvent Electric Plc 设计和制造连接和保护电气系统的产品。其产品组合包括机箱、电气连接和工程解决方案，服务于数据中心、公用事业、可再生能源和工业自动化等行业。该业务支持全球基础设施对安全可靠电力日益增长的需求。</p>
<p>公司的当前战略专注于收购扩展其在快速增长的电气基础设施、数据中心和可再生能源领域的业务。nVent 已进行多项大型收购，包括 ECM Industries 和 Trachte，以增强这些产品的供应。成功的关键在于持续创新、可靠的供应链渠道以及运用精益原则的运营效率。强大的员工参与文化也支持其长期战略目标。</p>
<h2>季度亮点：财务和运营驱动因素</h2>
<p>第二季度的亮点是显著的头条增长，报告的收入增长了 30%。剔除收购业务和货币影响后的有机销售增长为 9%。收购为报告的增长贡献了 20.7 个百分点，而货币影响微不足道。这一增长战略有意将 nVent 的业务组合转向周期较长、高增长的基础设施领域。因此，电力公用事业和数据中心现在占公司整体销售的约 40%。</p>
<p>收益（非 GAAP）也超出预期。调整后的每股收益攀升至 0.86 美元，比共识高出 8.9%，同比增长 28%。调整后的营业收入也增长了 18%。这些增长得益于新收购的产品系列如控制建筑、母线系统和开关设备的强劲表现。这些是管理电力分配和支持数据中心、电力公用事业和可再生能源等行业增长的关键系统。在产品线方面，业务在第一季度推出了 35 种新产品，促进了有机增长和公司在可持续电气化市场的推进。</p>
<p>尽管销售势头明显，但盈利能力面临压力。营业利润率（GAAP）和调整后的销售回报率（非 GAAP）均较去年下降——调整后的销售回报率（非 GAAP）从 22.9% 降至 20.8%。这一下降归因于收购带来的利润稀释、关税带来的额外成本以及支持下半年增长的投资。影响在两个主要部门均有所体现。系统保护的调整后销售回报率达到 21.7%，下降 1.8 个百分点，而电气连接的调整后销售回报率降至 28.7%，同比下降 2.2 个百分点。</p>
<p>自由现金流（非 GAAP）为 7400 万美元，较 2024 年第二季度的 1.006 亿美元下降。然而，公司继续保持平衡的资本配置，截至第一季度已回购股份 2.531 亿美元，并支付每股 0.20 美元的股息，比去年增长 5%。</p>
<h2>业务和产品发展</h2>
<p>战略收购仍然是 nVent 本季度扩张的核心。Trachte（控制建筑系统提供商）和 Avail EPG 的整合增强了 nVent 在电力公用事业和数据中心等高增长领域的能力。根据管理层的说法，这两项收购的表现均超出预期，并为增长协同做出了贡献。领导层的直接引用指出：“Trachte 和电气产品组的收购表现超出预期，进一步巩固了我们在高增长基础设施领域的地位，包括电力公用事业、数据中心和可再生能源。”</p>
<p>产品创新是另一个亮点。公司在本季度推出了 35 种新产品，帮助推动第一季度订单和积压的双位数增长。许多解决方案旨在满足全球对电气化、可持续性和数字化转型日益增长的需求。该业务强调了在数据中心、可再生能源和电网扩展方面的机会，新产品旨在提高能源效率和韧性。这些发布补充了 nVent 现有的机箱和电气连接器产品组合，使其与最新的行业趋势保持一致。</p>
<p>该业务依赖于广泛的分销网络。现在超过 60% 的 nVent 收入通过分销合作伙伴流入，提供了广泛的市场准入。管理层报告称，第一季度基础设施领域的订单增长强劲，双位数增长显著。不断增长的订单积压——现在增加了四倍以上——为公司在今年剩余时间内提供了良好的可见性。</p>
<p>运营效率是 nVent 文化的关键部分，精益生产实践已有数十年历史。公司指出，Trachte 的控制建筑产出翻倍是精益改进的结果。管理层还提到，与关税相关的投资和成本对利润率产生了压力，但预计这些将在未来通过定价、生产力和整合效益得到抵消，因为新收购的公司将完全融入运营中。</p>
<h2>展望未来：指导和关注领域</h2>
<p>基于强劲的业绩和订单势头，nVent 提高了 2025 年的全年指导。管理层现在预计报告销售增长为 24-26%，有机销售增长为 8-10%。调整后的每股收益（非 GAAP）范围也从之前的$3.03-$3.13 上调至$3.22-$3.30。对于第三季度，业务预计报告销售增长为 27-29%，有机增长为 11-13%，调整后的每股收益在$0.86 到$0.88 之间。公司提到其扩大的订单积压、双位数的订单增长以及核心基础设施市场的强劲需求是其更乐观的全年展望的原因。</p>
<p>投资者在未来几个季度应关注几个领域。管理层强调了 1.2 亿美元的关税逆风，计划通过定价、生产力和供应链措施来抵消这些成本。利润率恢复是首要任务，预计协同效应的捕获和定价措施将在下半年改善盈利能力。此外，电气化和数字基础设施的趋势可能会在未来几年持续推动对 nVent 解决方案的需求。</p>
<p>季度股息提高了 5%，至每股$0.20，将在第三季度支付。</p>
<p><em>除非另有说明，收入和净收入均采用美国公认会计原则（GAAP）呈现。</em></p>

<p>nVent Electric Plc 报告了强劲的 2025 年第二季度财报，调整后的每股收益增长了 28%，达到 0.86 美元，超出预期，收入增长了 30%，达到 9.63 亿美元。增长主要得益于在电力公用事业和数据中心的收购，以及强劲的产品发布。然而，运营利润率和自由现金流同比下降。公司继续专注于战略收购和产品创新，以增强其在高增长领域的地位。尽管在利润管理方面面临挑战，nVent 的增长战略依然有效，新收购的产品线贡献显著</p>

<p><strong>nVent Electric Plc</strong>(NVT 14.61%), a global provider of electrical connection and protection solutions for infrastructure and industrial markets, published its second quarter 2025 earnings on August 1, 2025. The headline news was a significant beat on both adjusted earnings per share (EPS) (non-GAAP) and revenue (GAAP). Adjusted EPS reached $0.86, up 28% (non-GAAP), outperforming the $0.79 consensus forecast for adjusted EPS (non-GAAP). Reported revenue grew to $963 million (GAAP), outpacing the $908.38 million GAAP estimate and up 30% year-over-year. Most of this growth was driven by large acquisitions in power utilities and data centers, as well as robust product launches. Despite this, both reported and adjusted operating margins (return on sales) and free cash flow (non-GAAP) declined year-over-year. Overall, the quarter demonstrated nVent’s ability to deliver on its growth strategy, but also surfaced challenges in margin management and cash flow.</p>
<div class="lb-trans"><p><strong>Nvent Electric Plc</strong>（NVT 14.61%）是一家全球电气连接和保护解决方案的提供商，服务于基础设施和工业市场，于 2025 年 8 月 1 日发布了 2025 年第二季度财报。头条新闻是调整后的每股收益（EPS）（非 GAAP）和收入（GAAP）均大幅超出预期。调整后的每股收益达到 0.86 美元，同比增长 28%（非 GAAP），超出 0.79 美元的调整后每股收益（非 GAAP）共识预测。报告的收入增长至 9.63 亿美元（GAAP），超出 908.38 万美元的 GAAP 预期，同比增长 30%。这一增长主要得益于在电力公用事业和数据中心的大型收购，以及强劲的产品发布。尽管如此，报告的和调整后的营业利润率（销售回报率）以及自由现金流（非 GAAP）同比均有所下降。总体而言，本季度展示了 nVent 在实施其增长战略方面的能力，但也暴露了在利润管理和现金流方面的挑战。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2025</th>
<th>Q2 2025 Estimate</th>
<th>Q2 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (Non-GAAP)</td>
<td>$0.86</td>
<td>$0.79</td>
<td>$0.67</td>
<td>28%</td>
</tr>
<tr>
<td>Revenue (GAAP)</td>
<td>$963 million</td>
<td>$908.38 million</td>
<td>$740 million</td>
<td>30%</td>
</tr>
<tr>
<td>Free Cash Flow (Non-GAAP)</td>
<td>$74 million</td>
<td></td>
<td>$101 million</td>
<td>(26.7%)</td>
</tr>
<tr>
<td>Adjusted Operating Income</td>
<td>$200 million</td>
<td></td>
<td>$169 million</td>
<td>18.3%</td>
</tr>
<tr>
<td>Adjusted Return on Sales</td>
<td>20.8%</td>
<td></td>
<td>22.9%</td>
<td>(2.1) pp</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>0.86 美元</td>
<td>0.79 美元</td>
<td>0.67 美元</td>
<td>28%</td>
</tr>
<tr>
<td>收入（GAAP）</td>
<td>9.63 亿美元</td>
<td>9.08 亿美元</td>
<td>7.4 亿美元</td>
<td>30%</td>
</tr>
<tr>
<td>自由现金流（非 GAAP）</td>
<td>7400 万美元</td>
<td></td>
<td>1.01 亿美元</td>
<td>(26.7%)</td>
</tr>
<tr>
<td>调整后营业收入</td>
<td>2 亿美元</td>
<td></td>
<td>1.69 亿美元</td>
<td>18.3%</td>
</tr>
<tr>
<td>调整后销售回报率</td>
<td>20.8%</td>
<td></td>
<td>22.9%</td>
<td>(2.1) pp</td>
</tr>
</tbody>
</table>
</div><p>Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.</p>
<div class="lb-trans"><p>来源：FactSet 提供的分析师预估。管理层预期基于管理层在 2025 年第一季度财报中提供的指导。</p>
</div><h2>About nVent Electric Plc and Its Strategy</h2>
<div class="lb-trans"><h2>关于 Nvent Electric Plc 及其战略</h2>
</div><p>nVent Electric Plc designs and manufactures products that connect and protect electrical systems. Its portfolio includes enclosures, electrical connections, and engineered solutions that serve industries such as data centers, utilities, renewables, and industrial automation. The business supports the growing need for safe and reliable power across global infrastructure.</p>
<div class="lb-trans"><p>Nvent Electric Plc 设计和制造连接和保护电气系统的产品。其产品组合包括机箱、电气连接和工程解决方案，服务于数据中心、公用事业、可再生能源和工业自动化等行业。该业务支持全球基础设施对安全可靠电力日益增长的需求。</p>
</div><p>The company’s current strategy focuses on acquiring businesses that expand its reach in the rapidly growing sectors of electrical infrastructure, data centers, and renewable energy. nVent has made several large acquisitions, including ECM Industries and Trachte, to bolster these offerings. Key to success are continued innovation, reliable supply chain channels, and operational efficiency using lean principles. A strong culture of employee engagement also supports its long-term strategic aims.</p>
<div class="lb-trans"><p>公司的当前战略专注于收购扩展其在快速增长的电气基础设施、数据中心和可再生能源领域的业务。nVent 已进行多项大型收购，包括 ECM Industries 和 Trachte，以增强这些产品的供应。成功的关键在于持续创新、可靠的供应链渠道以及运用精益原则的运营效率。强大的员工参与文化也支持其长期战略目标。</p>
</div><h2>Quarter Highlights: Financial and Operational Drivers</h2>
<div class="lb-trans"><h2>季度亮点：财务和运营驱动因素</h2>
</div><p>The second quarter featured standout headline growth, with reported revenue up 30%. Organic sales growth, which strips out the effects of acquired businesses and currency, was 9%. Acquisitions contributed 20.7 percentage points to the reported growth, while currency effects were negligible. This growth strategy has intentionally shifted nVent’s business mix toward longer-cycle, high-growth infrastructure domains. As a result, power utilities and data centers now make up an estimated 40% of overall company sales.</p>
<div class="lb-trans"><p>第二季度的亮点是显著的头条增长，报告的收入增长了 30%。剔除收购业务和货币影响后的有机销售增长为 9%。收购为报告的增长贡献了 20.7 个百分点，而货币影响微不足道。这一增长战略有意将 nVent 的业务组合转向周期较长、高增长的基础设施领域。因此，电力公用事业和数据中心现在占公司整体销售的约 40%。</p>
</div><p>Earnings (non-GAAP) also exceeded expectations. Adjusted EPS climbed to $0.86, an 8.9% beat over consensus and a 28% year-over-year increase. Adjusted operating income also rose by 18%. These gains were supported by strong performances in newly acquired product families like control buildings, bus systems, and switchgear. These are essential systems for managing power distribution and supporting growth in sectors like data centers, power utilities, and renewables. Across product lines, the business launched 35 new offerings in Q1, aiding both organic growth and the company’s push into sustainable, electrification-focused markets.</p>
<div class="lb-trans"><p>收益（非 GAAP）也超出预期。调整后的每股收益攀升至 0.86 美元，比共识高出 8.9%，同比增长 28%。调整后的营业收入也增长了 18%。这些增长得益于新收购的产品系列如控制建筑、母线系统和开关设备的强劲表现。这些是管理电力分配和支持数据中心、电力公用事业和可再生能源等行业增长的关键系统。在产品线方面，业务在第一季度推出了 35 种新产品，促进了有机增长和公司在可持续电气化市场的推进。</p>
</div><p>While sales momentum was clear, profitability faced pressure. Both operating margin (GAAP) and adjusted return on sales (non-GAAP) dropped from a year earlier -- the adjusted return on sales margin (non-GAAP) fell to 20.8% from 22.9%. This reduction was attributed to margin dilution from acquisitions, additional costs from tariffs, and investments to support second-half growth. The impact was seen across both major segments. Systems Protection’s adjusted return on sales reached 21.7%, down 1.8 percentage points, while Electrical Connections adjusted return on sales fell to 28.7%, down 2.2 percentage points year-over-year.</p>
<div class="lb-trans"><p>尽管销售势头明显，但盈利能力面临压力。营业利润率（GAAP）和调整后的销售回报率（非 GAAP）均较去年下降——调整后的销售回报率（非 GAAP）从 22.9% 降至 20.8%。这一下降归因于收购带来的利润稀释、关税带来的额外成本以及支持下半年增长的投资。影响在两个主要部门均有所体现。系统保护的调整后销售回报率达到 21.7%，下降 1.8 个百分点，而电气连接的调整后销售回报率降至 28.7%，同比下降 2.2 个百分点。</p>
</div><p>Free cash flow (non-GAAP) was $74 million, declining from $100.6 million in Q2 2024. However, the company continued balanced capital allocation, including $253.1 million in share repurchases year-to-date as of Q1 and a dividend of $0.20 per share, which was a 5% increase from the prior year.</p>
<div class="lb-trans"><p>自由现金流（非 GAAP）为 7400 万美元，较 2024 年第二季度的 1.006 亿美元下降。然而，公司继续保持平衡的资本配置，截至第一季度已回购股份 2.531 亿美元，并支付每股 0.20 美元的股息，比去年增长 5%。</p>
</div><h2>Business and Product Developments</h2>
<div class="lb-trans"><h2>业务和产品发展</h2>
</div><p>Strategic acquisitions remained central to nVent’s expansion this quarter. The integration of Trachte -- a provider of control building systems -- and Avail EPG enhanced nVent’s capabilities in high-growth sectors like utilities and data centers. According to management, both acquisitions performed better than expected and contributed to growth synergies. A direct quote from leadership noted: “The Trachte and Electrical Products Group acquisitions performed better than expected, further strengthening our position in the high growth infrastructure vertical, including power utilities, data centers and renewables.”</p>
<div class="lb-trans"><p>战略收购仍然是 nVent 本季度扩张的核心。Trachte（控制建筑系统提供商）和 Avail EPG 的整合增强了 nVent 在电力公用事业和数据中心等高增长领域的能力。根据管理层的说法，这两项收购的表现均超出预期，并为增长协同做出了贡献。领导层的直接引用指出：“Trachte 和电气产品组的收购表现超出预期，进一步巩固了我们在高增长基础设施领域的地位，包括电力公用事业、数据中心和可再生能源。”</p>
</div><p>Product innovation was another highlight. The company introduced 35 new products in the quarter, helping drive double-digit growth in orders and backlog in Q1. Many solutions were designed to meet the growing global demand for electrification, sustainability, and digital transformation. The business emphasized opportunities in data centers, renewables, and electrical grid expansion, with new products tailored for improved energy efficiency and resiliency. These launches complemented nVent’s existing portfolio of enclosures and electrical connectors, keeping it aligned with the latest industry trends.</p>
<div class="lb-trans"><p>产品创新是另一个亮点。公司在本季度推出了 35 种新产品，帮助推动第一季度订单和积压的双位数增长。许多解决方案旨在满足全球对电气化、可持续性和数字化转型日益增长的需求。该业务强调了在数据中心、可再生能源和电网扩展方面的机会，新产品旨在提高能源效率和韧性。这些发布补充了 nVent 现有的机箱和电气连接器产品组合，使其与最新的行业趋势保持一致。</p>
</div><p>The business relies on an extensive distribution network. Over 60% of nVent’s revenue now flows through distribution partners, providing broad market access. Management reported strong double-digit order growth, particularly in infrastructure segments for Q1. Growing backlog -- now more than a four-fold increase -- has given the company good visibility for the rest of the year.</p>
<div class="lb-trans"><p>该业务依赖于广泛的分销网络。现在超过 60% 的 nVent 收入通过分销合作伙伴流入，提供了广泛的市场准入。管理层报告称，第一季度基础设施领域的订单增长强劲，双位数增长显著。不断增长的订单积压——现在增加了四倍以上——为公司在今年剩余时间内提供了良好的可见性。</p>
</div><p>Operational efficiency is a key part of nVent’s culture, with lean manufacturing practices dating back decades. The company called out the doubling of control building output at Trachte as the result of lean improvements. Management also noted that investments and costs related to tariffs weighed on profit margins, but it expects these to be offset over time through pricing, productivity, and integration benefits as new acquisitions are fully absorbed into operations.</p>
<div class="lb-trans"><p>运营效率是 nVent 文化的关键部分，精益生产实践已有数十年历史。公司指出，Trachte 的控制建筑产出翻倍是精益改进的结果。管理层还提到，与关税相关的投资和成本对利润率产生了压力，但预计这些将在未来通过定价、生产力和整合效益得到抵消，因为新收购的公司将完全融入运营中。</p>
</div><h2>Looking Ahead: Guidance and Focus Areas</h2>
<div class="lb-trans"><h2>展望未来：指导和关注领域</h2>
</div><p>nVent raised its full-year 2025 guidance based on strong results and order momentum. Management now expects reported sales growth of 24–26% and organic sales growth of 8–10%. The adjusted EPS (non-GAAP) range was also lifted to $3.22–$3.30, from $3.03–$3.13 previously. For Q3, the business projects reported sales growth of 27–29%, organic growth of 11–13%, and adjusted EPS between $0.86 and $0.88. The company cited its expanded backlog, double-digit order growth, and robust demand in its core infrastructure markets as reasons for its more optimistic full-year outlook.</p>
<div class="lb-trans"><p>基于强劲的业绩和订单势头，nVent 提高了 2025 年的全年指导。管理层现在预计报告销售增长为 24-26%，有机销售增长为 8-10%。调整后的每股收益（非 GAAP）范围也从之前的$3.03-$3.13 上调至$3.22-$3.30。对于第三季度，业务预计报告销售增长为 27-29%，有机增长为 11-13%，调整后的每股收益在$0.86 到$0.88 之间。公司提到其扩大的订单积压、双位数的订单增长以及核心基础设施市场的强劲需求是其更乐观的全年展望的原因。</p>
</div><p>Investors should keep an eye on several areas in the coming quarters. Management has highlighted a $120 million tariff headwind, with plans to offset these costs through pricing, productivity, and supply chain actions. Margin recovery is a top priority, with expectations that synergy capture and pricing actions will improve profitability in the second half of the year. Additionally, trends toward electrification and digital infrastructure are likely to sustain demand for nVent’s solutions in years ahead.</p>
<div class="lb-trans"><p>投资者在未来几个季度应关注几个领域。管理层强调了 1.2 亿美元的关税逆风，计划通过定价、生产力和供应链措施来抵消这些成本。利润率恢复是首要任务，预计协同效应的捕获和定价措施将在下半年改善盈利能力。此外，电气化和数字基础设施的趋势可能会在未来几年持续推动对 nVent 解决方案的需求。</p>
</div><p>The quarterly dividend was raised 5% to $0.20 per share, payable in Q3.</p>
<div class="lb-trans"><p>季度股息提高了 5%，至每股$0.20，将在第三季度支付。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>除非另有说明，收入和净收入均采用美国公认会计原则（GAAP）呈现。</em></p>
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Nvent Electric (NVT) 第二季度每股收益增长 28%，收入增长 30%