NVT

nVent Electric plc NVT used its second-quarter 2026 earnings call to emphasize accelerating AI data center demand, broader short-cycle strength and another sharp increase in its full-year outlook. Management focused on scaling capacity quickly enough to support demand while preserving margins and execution discipline. Adjusted EPS of $1.45 topped the Zacks Consensus Estimate of $1.16. Revenues of $1.47 billion also exceeded the Zacks Consensus Estimate of $1.26 billion. nVent Electric PLC price-consensus-eps-surprise-chart | nVent Electric PLC Quote Executive vice president and CFO Gary Corona raised 2026 reported sales growth guidance to 37% to 39% from 26% to 28%. Organic growth is now expected at 32% to 34%, compared with 21% to 23% forecasted previously. Corona also lifted adjusted EPS guidance to $5-$5.10 from $4.45-$4.55. At the midpoint, adjusted EPS would rise 50% from 2025, reflecting stronger sales assumptions and operating execution. For the third quarter, Corona guided to reported and organic sales growth of 32% to 35% and adjusted EPS of $1.35-$1.38. He said the outlook includes continued investment in data centers and power utilities. Chair and CEO Beth Wozniak said data center growth remained broad across liquid cooling, cable management and engineered buildings, with demand spanning hyperscalers, neo-clouds, multi-tenant operators and distribution partners. Wozniak announced a third Minnesota liquid cooling facility, Blaine 2, expected to open in the first half of 2027. She said the expansion should extend capacity through 2027 and into 2028. Wozniak expects nVent’s total data center sales to exceed $2 billion in 2026, more than double last year. The existing Blaine facility is still ramping, while a modular liquid cooling platform is scheduled to launch this fall. Wozniak said organic orders grew low double digits in the quarter, while backlog remained healthy at $2.5 billion. She also noted strong data center orders early in the third quarter despite normal lumpiness in large bookings. In response to an RBC Capital Markets analyst, Wozniak described the short-cycle improvement as broad-based order growth through distribution rather than a one-time benefit. A Melius analyst pressed on distributor inventory. Wozniak said sell-in and sell-through were well balanced, supporting management’s view that the improvement reflected underlying demand rather than channel restocking. Corona said adjusted return on sales reached 21.9%, up 110 basis points year over year. Price and productivity offset more than $50 million of inflation, including more than $30 million of tariff impact. The company now expects about $100 million of tariff impact for 2026, up from $80 million because of higher volume. Management still expects pricing, supply-chain productivity and operating actions to offset inflation, including tariffs. Electrical Connections remained a margin watchpoint. Corona said its 27.3% return on sales improved sequentially and should continue rising as pricing takes hold, with management expecting the segment in the high-20% range this year. Analysts from Vertical Research, Goldman Sachs and Deutsche Bank focused on whether backlog and capacity could sustain growth. Wozniak said nVent is deliberately working down backlog to maintain customer lead times. She also said the company is being prudent with near-term guidance because two facilities are ramping simultaneously, requiring coordinated additions of labor, equipment and supplier capacity. A William Blair analyst asked about growth beyond 2027. Wozniak said nVent has visibility several years out and is working with NVIDIA and other customers on product road maps extending through 2030, particularly around liquid cooling. Corona said nVent still expects about $130 million of capital expenditures in 2026, up 40%, with most incremental spending directed toward data centers, power utilities and supply-chain resiliency. Management closed the call emphasizing capacity expansion, product innovation and disciplined execution. With net leverage at 1.2 times and $600 million available on its revolver, Corona said the balance sheet retains flexibility for growth, acquisitions and shareholder returns. NVT carries a Zacks Rank #1 (Strong Buy). Its Growth Score and Momentum Score are both B, while the Value Score is D and the VGM Score is C, creating a stronger growth-and-momentum profile than the value profile. You can see the complete list of today’s Zacks #1 Rank stocks here. Under the Zacks Style Scores framework, A and B are the stronger grades, and top Zacks Rank stocks paired with favorable Style Scores can offer better near-term potential. The Zacks Rank can change as earnings estimates are revised after the just-reported results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report nVent Electric PLC (NVT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

nVent Electric plc recently reported second-quarter 2026 results showing sales of US$1,471.3 million and net income of US$215.9 million, while also leasing an additional 160,000-square-foot facility in Blaine, Minnesota to expand manufacturing of data center liquid cooling solutions. This combination of strong earnings growth tied to AI-focused data center demand and a third capacity expansion in three years underscores how central liquid cooling has become to nVent’s growth ambitions and long-term positioning in high-performance computing infrastructure. We’ll now explore how nVent’s latest AI-driven liquid cooling capacity expansion reshapes the existing investment narrative built around electrification and infrastructure demand. Rare earth metals are the new gold rush. Find out which 28 stocks are leading the charge. To own nVent, you need to believe its role in AI data centers and broader electrification justifies today’s premium valuation and capital intensity. The latest US$1,471.3 million Q2 sales and US$215.9 million net income, combined with another liquid cooling expansion, reinforce the near term AI data center catalyst, but also heighten exposure to any slowdown in AI infrastructure spending and execution risk as the company scales capacity and integrates prior acquisitions. The newly leased 160,000 square foot Blaine facility, nVent’s third liquid cooling capacity expansion in three years, is the clearest tie to this earnings story. It directly connects recent financial strength to rising capital needs and future fixed costs, sharpening the contrast between strong AI led demand today and the risk that higher capital intensity, shifting tariffs, or changing data center architectures could pressure margins if growth in these high value segments moderates. Yet behind the strong quarter and AI buildout, investors also need to weigh the growing risk that increased capital intensity could pressure free cash flow and returns if … Read the full narrative on nVent Electric (it's free!) nVent Electric's narrative projects $6.7 billion revenue and $995.2 million earnings by 2029. This requires 16.0% yearly revenue growth and a roughly $513 million earnings increase from $481.9 million today. Uncover how nVent Electric's forecasts yield a $185.79 fair value, a 15% upside to its current price. Before this report, the most optimistic analysts were already modeling roughly US$7.7 billion of revenue and US$1.2 billion of earnings by 2029, which is far more upbeat than consensus and assumes nVent overcomes concerns about limited geographic diversity. This quarter’s AI driven results and new Blaine expansion could either reinforce that bullish view or prompt a rethink, so it makes sense for you to compare these assumptions with more cautious scenarios and decide where you sit on that spectrum. Explore 5 other fair value estimates on nVent Electric - why the stock might be worth as much as 36% more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your nVent Electric research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision. Our free nVent Electric research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate nVent Electric's overall financial health at a glance. Don't miss your shot at the next 10-bagger. Our latest stock picks just dropped: AI is about to change healthcare. These 41 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. Invest in the nuclear renaissance through our list of 89 elite nuclear energy infrastructure plays powering the global AI revolution. The future of work is here. Discover the 36 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NVT. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Image source: The Motley Fool. Friday, July 31, 2026, at 9 a.m. ET Chair and Chief Executive Officer - Beth A. Wozniak Chief Financial Officer - Gary Corona Vice President of Investor Relations - Tony Riter Operator: Good day, and welcome to the nVent Electric Second Quarter 26 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's presentation, To withdraw your question, please press star then 2. Please note this event is being recorded. I would now like to turn the conference over to Tony Riter, Vice President of Investor Relations. Please go ahead. Tony Riter: Thank you. And welcome to nVent's second quarter 26 earnings call. On the call with me are Beth A. Wozniak, our Chair and Chief executive officer and Gary Corona, our chief financial officer. Today, we will provide details on our second quarter performance, our outlook for the third quarter and an update to our full year outlook. All results referenced throughout the presentation are on a continuing operation basis. Unless otherwise stated. Before we begin, I will remind you that any statements made about the company's anticipated financial results are forward looking statements subject to future risks and uncertainties. Such as the risks outlined in today's press release and nVent's filing with Securities and Exchange Commission. Forward looking statements are made as of today, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results. Today's webcast is accompanied by a presentation. Which you can find in the Investors section of nVent's website. References to non GAAP financials are reconciled in the appendix of the presentation. We will have time for your questions after our prepared remarks. With that, please turn to slide 3, and I will now turn the call over to Beth. Beth A. Wozniak: Good morning, everyone. I am pleased to share with you our outstanding second quarter results and cover some key business highlights. We had another tremendous quarter with record sales and earnings. Well ahead of our guidance. The better than expected sales were primarily driven by the infrastructure vertical, led by data centers, along with stronger demand in our short cycle business. This was our fourth consecutive quarter with sales of more than $1 billion. Including Systems Protection sales of more than $1 billion for the first time. Our data center business grew across the portfolio. In both the gray and white spaces. We had outstanding growth in liquid cooling, cable management and engineered buildings. We are winning with a wide range of customers. From hyperscalers to neo clouds, multi tenants, and also through our distribution partners. We have been investing in new products, and our supply chain to be able to scale and respond to customer demand. Today, we announced another new location. For further capacity expansion which I will discuss shortly. In Q2 for total nVent, we continue to have strong orders and backlog. Organic orders growth was broad based, up low-double digits. In addition, backlog remained healthy at $2.5 billion giving us visibility through the year and into 2027. As we have previously discussed, data center orders tend to be large and lumpy impacting growth rates quarter to quarter. In fact, we have had strong data center orders Thus far in Q3. Our free cash flow and balance sheet are strong, and our disciplined capital allocation is focused on growth, and returning cash to shareholders for continued value creation. We are significantly raising our full year sales and EPS guidance to reflect our outstanding second quarter and expected broad based growth. Including continuing momentum in AI, data centers. Now on to slide 4. For a summary of our second quarter performance. Sales were up 53%. And 47% organically. Led by the infrastructure verticals. New products contributed over 30 points to our sales growth, and we launched 14 new products in the quarter. The EPG acquisition continued to exceed expectations growing sales strong double digits year over year. Adjusted operating income grew 61%. Year over year. With return on sales of nearly 22%. Adjusted EPS grew 69% and free cash flow grew 125% year over year. Looking at our key verticals, sales grew across all verticals. Infrastructure led the way with organic sales more than doubling driven by outstanding growth in data centers and double digit growth in Power Utilities. Commercial/Resi grew high-single digits, and industrial was up low-single digits. Turning to organic sales by geography, All geographies grew. Led by The Americas growing very strong double digits. Europe was up mid-single digits, and Asia Pacific grew double digits. Looking ahead, we believe infrastructure represents our largest long term growth opportunity. Driven by the powerful secular trends of electrification, sustainability, and digitalization. We expect the infrastructure vertical to deliver strong double digit growth this year. Supported by accelerating AI related data center capital investment. Within infrastructure, data centers remains our most significant growth opportunity. We also see substantial opportunity in Power Utilities. Where increasing electricity demand, grid modernization, and the growing power requirements of AI data centers are creating meaningful long term tailwinds. Turning to industrial, and Commercial/Resi, we expect each to grow mid-single digits for the year with improving demand trends in our short cycle business. Moving to slide 5. Our portfolio transformation to become a more focused, higher growth electrical connection and protection company is showing up in our results. We have intentionally increased our exposure to the high growth infrastructure vertical, through both organic investments and M&A. Infrastructure made up 12% of sales at spin, expanded to 45% last year, and was nearly 60% in the first half of this year. We have been significantly investing in our data center and Power Utilities business which are rapidly growing, and more capacity is needed to meet customer demand. Overall, I am proud of our nVent team. And how hard everyone is working to deliver these results and support our customers. We are on track for another strong year. This wraps up my opening remarks. I will now turn the call over to Gary for further details on our second quarter results as well as our updated outlook. Gary, please go ahead. Gary Corona: Thank you, Beth. We had another excellent quarter. Exceeding our guidance with record sales and EPS. Let's turn to slide 6 to review our results. Sales of $1.471 billion were up 53% compared to last year. Organically, sales grew 47%, well ahead of our guidance, driven by very strong data center sales. Acquisitions added $52 million to sales or 5 points to growth. Sales from EPG after May 1 became part of our organic growth. Exchange was nearly a 1-point tailwind. Adjusted operating income was $323 million up 61%. Return on sales came in ahead of expectations at 21.9%. Up a 110 basis points versus last year. Price plus productivity offset inflation of more than $50 million including more than $30 million in tariff impact. We also continued to make investments for growth in data centers and Power Utilities. We had record earnings well ahead of the high end of our guidance driven by exceptional sales growth and execution by the team. Adjusted EPS grew 69% year over year to $1.45. We generated very strong cash flow of $167 million up 125% year over year. Now please turn to slide 7 for a discussion on the second quarter segment performance. Starting with Systems Protection, Sales of $1.072 billion increased 70%. The EPG acquisition contributed 7 points to sales and has performed well. This was Systems Protection first $1 billion quarter. Organically, sales grew 62% led by the infrastructure vertical which more than doubled due to continued strength in data centers. Industrial and Commercial/Resi were each flattish in the quarter. Geographically, Americas grew very strong double digits while Europe was up mid-single digits. Asia Pacific grew double digits in the quarter. Second quarter segment income was $248 million up 81%. Return on sales of 23.2% increased 150 basis points year over year on strong volume and productivity. Moving to Electrical Connections. Sales of $399 million increased 21% Organic sales were up 18%. And the EPG acquisition contributed 2 points to sales. Growth was broad based across all verticals and geographies. From a vertical perspective, infrastructure and industrial each grew strong double digits. Commercial resi was up low-teens, Geographically, sales were up high teens in The Americas, Europe was up low-double digits, and Asia Pacific grew double digits. Segment income was $109 million up 15% versus last year. Return on sales of 27.3%, was down 140 basis points year over year. The margin performance was impacted by inflation and mix, partially offset by improving price and volume. Importantly, margins improved sequentially back into the high 20s. Turning to the balance sheet and cash flow on slide 8. We ended the quarter with $256 million of cash on hand and $600 million available on our revolver. Putting us in a strong liquidity position. Our debt stands at $1.5 billion after paying down nearly $70 million of our pre payable term loan in the quarter. Our healthy balance sheet and strong liquidity position gives us financial flexibility to support our disciplined capital allocation strategy. Turning to slide 9 on capital allocation, where we outline how we deploy capital to drive growth and sustain financial outperformance. Our framework has been consistent and is centered on disciplined growth investments and rigorous execution of our M&A strategy, while maintaining the balance sheet flexibility to consistently return capital to shareholders. Our capital allocation priority is growth. And that starts with reinvesting in the business by funding capacity expansion, innovation, and the capabilities required to win in high growth verticals. This year, we continue to expect to invest approximately $130 million in CapEx up 40%. We spent nearly $60 million in the first half, up over 50% versus last year. Most of this increased investment is for new capacity, to support growth in data centers, Power Utilities, and supply chain resiliency. Through the first half of the year, we returned $118 million to shareholders, including share repurchases of $50 million and we have increased our quarterly dividend by 5% compared to last year. We exited the quarter with net leverage of 1.2x. Well below our target range of 2 to 2.5x, providing ample flexibility to invest in growth and acquisitions. Overall, our disciplined capital allocation approach positions us to prioritize growth, and create long term shareholder value. Moving to slide 10, As Beth shared earlier, we are significantly raising our full year sales and EPS guidance again due to our strong performance in Q2 and momentum across our portfolios. We now forecast reported sales growth of 37% to 39%, up from 26% to 28% previously. We are significantly increasing our organic sales growth guidance. We now expect to grow 32% to 34% versus our prior guidance of 21% to 23%. We are raising our full year adjusted EPS range to $5.00 to $5.10. Versus our original guidance of $4.45 to $4.55. At the midpoint, adjusted EPS is expected to grow 50% versus last year. Our tariff out impact is expected to be approximately $100 million, up from $80 million previously. Largely, this is driven by our significantly higher volume growth. We continue to expect to offset the impact of inflation including tariffs, through pricing supply chain productivity, and operational mitigating actions. For free cash flow, we still expect conversion of 90% to 95%. Looking at our third quarter outlook on slide 11, we forecast reported and organic sales growth of 32% to 35%. Pricing is expected to offset the impact of inflation, including tariffs. We also expect to continue to invest in growth. Particularly in data centers and Power Utilities. We expect adjusted EPS to be between $1.35 and $1.38 which at the midpoint reflects 50% growth compared to last year. Wrapping up, our nVent team delivered exceptional sales and earnings performance in the first half of the year, growing sales by over 50% and adjusted EPS by over 65%. As we turn to the second half, we are well positioned for another outstanding year. I will now turn the call back over to Beth. Beth A. Wozniak: Thank you, Gary. Please turn to slide 12. We have been working on liquid cooling in data centers for over a decade. 3 years ago, we executed our first significant expansion for liquid cooling, increasing our footprint to support the AI data center build out. That expansion was not enough to keep up with the accelerating demand. So we added another facility at the beginning of this year in Blaine, Minnesota. Effectively doubling our capacity. This new facility is near to our Anoka campus and that proximity has allowed us to use the infrastructure, resources, and expertise nearby to quickly scale. We opened the Blaine site within approximately 100 working days. From when we signed the lease. This site is progressing ahead of our expectations and will continue to ramp through this year. Now as we look ahead, given the strong orders, backlog, and visibility we have with our customers on liquid cooling demand, this expansion is not going to be enough. Thus, today, we have announced a third facility expansion in Minnesota, that is of similar size to the Blaine location and nearby. Which we are calling Blaine 2. This facility is expected to open in the first half of 27. We expect our total data center sales to be $2 billion in 2026, more than double last year's sales. Wrapping up, on slide 13. We had another tremendous quarter with record sales and EPS. Our portfolio transformation and the AI data center build out are accelerating our growth. We expect another record year and have significantly raised our full year sales and EPS guidance. We believe we are well positioned with the electrification, sustainability, and digitalization trends. Our future is bright. With that, I will now turn the call over to the operator to start Q and A. Operator: We will now begin the question and answer session. If you are using a speaker phone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw the question, please press star then 2. Our first question comes from Deane Dray with RBC Capital Markets. Please go ahead. Deane Dray: Thank you. Good morning, everyone. Beth A. Wozniak: Good morning. Deane Dray: Hey. I realize, there is lots of focus on the continued hyper growth in your data center business, but I was hoping we could start off walking through the, your industrial short-cycle businesses and Electrical Connections. I mean, the 18% organic was 3x bigger than what we had been modeling for So, Beth, was hoping you could take us through. Are we seeing an inflection? Here? Know, how broad based is that? And just to make sure we are level set, were there any kind of thing unusual that got booked this quarter? Any 1 timers that would have skewed that organic growth rate higher? Beth A. Wozniak: All right, Deane. Thank you for the question. As the quarter progressed, we saw strong orders. And as I mentioned in my prepared remarks, we saw growth across every vertical and every geography. And we were our orders were very strong through our distribution partners, which is where we see a lot of that short cycle industrial growth. So, really, it was just a nice inflection point. And, as you stated, our Electrical Connections, business, which has a lot of short cycle business, performed very well to execute on those orders. There was nothing unusual. Just-- Yeah. Alright. Deane Dray: Good. Alright. that is that is great to hear. And then the second question, and I know you guys hinted pretty strongly that there was more capacity expansion coming. At your Analyst Day, So seeing the announcement today makes sense. Couple questions here. How do you land on I think it is a 60% increase in capacity And where does this take you in terms of your current kind of order funnel? Does it take you into 2028? And just-- and then, Gary, how are you managing the as you ramp each new line just in terms of the margin impact, so there is not too much pressure on the incrementals. And a lot of work goes into that. Thanks. Beth A. Wozniak: Well, you know, Deane, as we look at the demand, and as we look at, you know, what our customers and the visibility that we have there, And, as we are launching also our modular platform in you know, in the fall time frame, we knew that we needed to expand our capacity, and we are looking out. So, as you know, our Blaine facility Blaine 1, that is coming on in line right now is still ramping through this year and into 2027. So as we looked at that, we knew with the demand that we are seeing that we needed to ramp another facility because it takes time to get them online. And we do believe that takes us through 2027 and into 2028 at this time. Gary Corona: Deane, just to pick up on the margins. As we have said, consistently, we expect to continue to invest to support the infrastructure vertical to serve the backlog that Beth talked about. that is all embedded in our guide, which is assuming mid twenties incrementals in the second half. Good to hear. Congrats to the team. Thank you. Beth A. Wozniak: Thank you. Operator: Our next question comes from Jeffrey Sprague with Vertical Research. Please go ahead. Jeffrey Sprague: Hey. Thanks. Good morning, everyone. Beth A. Wozniak: Good morning. Jeffrey Sprague: Gotta add some width to my columns here to fit all this organic growth. Hey. Just thinking about the ramp here. I mean, you know, looking at systems protection, I think we have 8 or 10 quarters now of sequential revenue growth as sort of this bow wave of activity has come through. It appears the guide sort of you know, levels out here, though. You know? Like, maybe even the guide is for a little bit down revenue sequentially in Q3 and more so in Q4. Is not the seasonality of the business sort of being ironed out by this level of activity Or perhaps there is something going on with how you stage the new production? Can you just address that, please? Gary Corona: Sure, Jeffrey. This is Gary. I will start off and just mention, you know, we expect a good organic growth in the in the second half and in the in the third quarter certainly. We guided 32% to 35% in the third quarter. And keep in mind, you know, we are going to be lapping 20% organic and 50% EPS growth in the in the second half. Last quarter, we talked about mid-30s 2-year stack. Growth. And, actually, in the third quarter, we are gonna significantly accelerate 50% in Q3 at the midpoint versus 46% growth in the first half. So we are seeing nice acceleration. So I understand your question, but we really feel like the team is delivering and delivering nice momentum. Jeffrey Sprague: But is there any particular internal or external supply chain issue that might hold back kind of the sequential trajectory in Q3 versus Q2? Beth A. Wozniak: I think, Jeffrey, this is just our planning, and, you know, we are being very prudent Because as you know, as we ramp capacity, we are having to add in equipment. We are having to add in labor. We are having to make sure that our suppliers can respond. Certainly, in Q2, we were managing those things, and it worked out more favorable in terms of the growth that we saw But as we look forward, we are just being prudent. And as we ramp up 2 new facilities, we wanna ensure that we are putting the right you know, doing all the right planning. Jeffrey Sprague: And then maybe just a follow on. I think we talked about this a little bit before, but could you just maybe address the kind of service opportunity that is being created or should be being created on the back end of all this installed base growth that you are capturing here. Kind of the opportunity set there, are you seeing traction in that regard? Beth A. Wozniak: So, yes, as we designed our product portfolio in liquid cooling, we always designed it with modularity in mind so that parts could be hot swappable. And, as we are also investing in a service capability to support the products. And as we move and see our growth from hyperscalers to other less sophisticated let's say, we, have that ability to help commission, install, and provide that service. So that is building. as we go. And certainly, as we launch in the fall time frame here, our new modular portfolio that is a big element for us to support that portfolio which we see will be very broad based in terms of its appeal to the customer set. Great. Thank you very much. Thank you. Operator: Our next question comes from Nigel Coe with Wolfe Research. Please go ahead. Nigel Coe: Oh, thanks. Good morning, everyone. Thanks for the question. So, Beth, I hate to be the annoying analyst asking the question about orders. But, you know, I know they are lumpy. So it is you know, we get it. But is there anything around just the cadence of product launches and the capacity ramp that is pushed orders around a little bit here and made them press a bit lumpier. Thinking of, obviously, about the modular product launches, etcetera. So anything around those factors a bit more lumpiness in orders? Beth A. Wozniak: No. Not really. You know, I would say we have seen this over the last several years that these orders come in at various times, and usually they are large And as I commented through Q3 year to date, we have seen very strong orders. So it is that this is just normal in terms of these large orders that drop in. Nigel Coe: I get it. No. that is that is good. I just wanted to double check on that. And then, obviously, you know, really good news on the on the Blaine 2 facility. Can you maybe just, you know, bring some speed in terms of where we are on the production ramp in Blaine 1 what is the capitalization? And where do you think we will be by the end of the year? And I am I am just, you know, kind of amazed that you are not seeing any capacity headwinds or, you know, supply chain bottlenecks unlike a lot of your competitors? Peers in data centers. So just maybe just touch on where you are right now in your supply chain, etcetera. Beth A. Wozniak: Okay. Well, as you know, when you are ramping up, it is not just ARC capacity. it is also ensuring that our suppliers capacity is also expanding. So as we have ramped our own facilities, we have continued to work with our supply base to ensure that their ramping, and that is a lot of work. And as you know, as I think about our Blaine 1 facility, it is come online. Faster than we expected, but still ramping. Through the course of this year and into 2027. So it is starting to contribute but, we expect more stronger contributions from that facility as we go into 2027. Great. Thanks, Beth. Thank you. Operator: Our next question comes from Joe Ritchie with Goldman Sachs. Please go ahead. Joseph Ritchie: Hey. Good morning, everyone. Beth A. Wozniak: Good morning. Joseph Ritchie: So, obviously, incredibly good results. And demand remains really healthy. Your backlog is now kind of sitting at $2.5 billion like basically kind of flattish, maybe down a little bit sequentially. I am just curious, like, with the capacity ramp that you have coming and what you see in your pipeline, is this kind of, like, the right backlog level for you going forward? Do you expect that backlog to continue to increase from here? I know that you have a really tough comp, obviously, in the third quarter. Just any comments around that would be helpful. Beth A. Wozniak: Yeah. I mean, I think it is around the right level. I mean, it is, it is hard to say. Because, again, when you get these lumpy orders that come in that can increase the backlog, But, you know, we are trying to turn it as well because it is important as we have a backlog that we are responding to the demand from our customers. So we, you know, we worked hard in Q2 to really execute on that backlog because we know it is important to have good lead times for our customers. So is my answer to that question that is around the right level? Okay. Yeah. No. No. Fair enough. And look, it is great to see you guys you know, turning the backlog and really impressive growth. Joseph Ritchie: I guess my second question is just around the Connections margins. I know that you guys have been dealing with some, like, inflationary pressures as well. The growth is really good in the segment. Just how do we think about kind of like the trajectory of the margins going forward and whether you are going to be able to kind of expand those margins? Gary Corona: Yeah, Joe. I will take this. This is Gary. You know, first comment I will make is about the great growth. Both on the top line and the bottom line, mid teens profit growth for EC is a tremendous contributor to our performance. And on the margin front, we did see a significant sequential step up and we expect margins to continue to improve as the pricing and productivity actions that we talked about last quarter take hold. And, again, that is going to be in those high twenties in line with what we discussed as that segment continues to deliver really nice growth on the top and bottom line for nVent. Great. Thank you, guys. Thank you. Operator: Our next question comes from Will Branco with Melius. Please go ahead. Analyst: Hi. Good morning, everyone. Beth A. Wozniak: Good morning. Good morning, Will. I think you mentioned there was a pretty strong tailwind in the distribution channel. And can you give us a sense of maybe inventory has gotten a little too low over the last couple of years and just how much of that is maybe an inventory restock versus a real underlying sell through demand? Well, we look at both the sell-in and sell-out from our distributors, and it is actually been well balanced. So, you know, the positive note is that they are seeing strong sell through. So we actually think it is very healthy. And it is it is real demand that we are seeing, and that is the short cycle strength. Okay. Fair enough. And just on the utility side, I am not sure if you mentioned how much that market grew in the quarter, but yeah, that would be helpful to for 1. And 2, just how do you balance the demand in that space with data center? Because I know there is not a lot of overlap with some of those products, particularly with the acquisitions that you did recently. Well, Power Utilities grew double digits for us, in the quarter, so it was very, you know, strong growth. And, you know, as we look at our whole portfolio, again, I have commented before, we intentionally have shifted to data centers and Power Utilities. And, certainly, as we look at opportunities, we wanna ensure that we are serving our core customers, and so we make prudent decisions if there has to be trade offs. But, in some cases, we have separate facilities or depending on the product line, liquid cooling is, you know, in separate facilities from where we are doing some of our power utility business. But it is overall part of our planning to ensure that we are looking far enough out talking to our customers and you know, ensuring we can execute on all that customer demand. Great. Thank you, Beth. I appreciate it. I will pass it on. Thank you. Thanks, Will. Operator: Our next question comes from Jeffrey Hammond with KeyBanc Capital Markets. Jeffrey Hammond: Good morning, everyone. Beth, it is good to just count on a could we count on a hundred days to get Blaine 2 opened, or is that too aggressive? Beth A. Wozniak: I think that is too aggressive. I mean, we are, like, running flat out, so I do not think we can have that repeat performance. Alright. Alright. Jeffrey Hammond: it is good to talk about Electrical Connections again. I know you have you mentioned a lot about the short cycle, but I am just wondering if this step up in acceleration, like, how sustainable do you think it is And then just, Gary, on the Martha you know, you had some price cost issues, nice recovery there. Know, are kind of are we where we wanna be, or is there more kind of price for us cost recovery into the second half? I guess, know, how should margins look on EC as we go forward? Thanks. Beth A. Wozniak: Yeah. On Electrical Connections growth, 1 of the things that we have really focused on is ensuring that our product portfolio, which is positioned well in you know, we have cable management, for example, that is used in data centers, and there is a lot of construction that goes on in the gray space of data centers, So we have done a lot of work to ensure that we our sales teams and our portfolio is positioned there. So we feel very good about that. And, the growth was broad based. Across Electrical Connections. And like our what we do overall at nVent, we continue to come out with new products that and we also have added capacity for some of those core lines in Electrical Connections as well to be able to, you know, really you know, perform and execute on all that growth. So we feel good about the trajectory of that business. And I will I will let Gary respond to the second part of that question. Gary Corona: Yeah, Jeffrey. You know, as I mentioned earlier, we are really pleased with the profit contribution to nVent, EC delivering mid teens is certainly far higher than they have contributed previously. On the margin front, we saw the progress that we expected in the quarter. And we expect to see continued progress as that pricing fully takes hold. And 1 of the things I would mention is keep in mind we have got some acquisition contribution in that in that business as well. Love that business in the high twenties, and that is where that is where I expect it to be this year. Jeffrey Hammond: Okay. Great. And then just I 2 quick ones on liquid cooling. 1, just feedback early feedback on your modular product offering and uptake then just if you could level set us on the $2 billion revenue for 2026 data center, What you think the mix of liquid cooling versus other is? Thanks. Beth A. Wozniak: So our modular platform is going to launch you know, later this fall, and the interest is very high with a broad set of customers and so we feel, you know, very confident about, our new product offering and the growth that it is going to provide us. On the $2 billion certainly, we have not broken that down yet, but it is a significant contribution coming from liquid cooling. Okay. Gary Corona: I would just say we have broad based broad based impact on data centers from our portfolio, and it is it is really nice to see that growth contribution as Beth talked about. Beth A. Wozniak: The infrastructure vertical is a significant part of our business. Thanks for the time. Operator: Our next question comes from Neil Burke with UBS. Please go ahead. Neil Burke: Good morning. Thanks. I wanted to ask about customer purchasing behavior for data center. I mean, it is clear that demand overall for nVent is very strong. But within your data center portfolio, can you kind of talk about how customers are purchasing your products? Like, for example, are there customers or large projects who are buying just liquid cooling from nVent, or would you say that it is generally more balanced for a typical customer between power and cooling? Beth A. Wozniak: Well, it really depends. We have customers who will buy lots that we have to offer from cooling power, cable management to customers who might just buy a portion of a liquid cooling system as well. So we try and ensure that we understand what our customer is looking for. Are they looking for more integration? Are they looking for just a part of a solution? And we are very flexible to serve across that value chain. Because recall, we are working with hyperscalers, We are working with colos. We are working with distribution. Integrators. So we are able you know, that is 1 of the things about nVent. We are able to provide solutions across that continuum from a product all the way up through an integrated solution that you might see in an e house. Right. Neil Burke: And as a follow-up as a follow-up to that, on the Power Utilities, Gary, you mentioned double digit growth. It seems like, very strong double digits. Can you just talk about the kind of drivers there? I mean, I think of this business Power Utilities is typically kinda dependent on utility spending, and maybe the mix is benefiting nVent particularly. But are you are you dealing more with like, data center customers directly given the power constraints to the industry? Thank you. Beth A. Wozniak: Yeah. Certainly, power is the demand for power is being driven by data centers, by an aging grid, etcetera. And, when we think about what we do for Power Utilities, again, there is a lot that we are selling direct to utilities as well as through the distribution channel. But I would say there is also some integration or opportunities as we think of our engineered buildings. And in that gray space. So we are trying to be, able to serve all of those opportunities. But in general, the demand for power is just increasing. Great. Thank you. Operator: Our next question comes from Varun Govindaraj with Bernstein. Please go ahead. Analyst: Good morning, everyone. Beth A. Wozniak: Morning, everyone. Congrats. Good morning, Quick question from my end. So what is next in terms of product vitality? Obviously, you have the new CDUs coming in the back half of the year. But as you think about you know, your content per megawatt, where are you really looking to expand looking ahead? Well, as we think about our overall product portfolio, and new products, we are looking at how do we launch new products for these high growth verticals in general. So whether that is our modular liquid cooling, whether that is looking at some of our PDUs and new capability there, whether it is looking at our Aeroflex flexible bus that can be used for even medium voltage applications we really are thinking about where are those opportunities where we are going to see some differentiated growth in those high growth verticals. So it is broad. I mean, we look at you know, we have been improving our new product vitality across the entire company. And, I mean, that is been 1 of the core tenants behind our growth strategy. And working well for us. Got it. I hear you. Thank you. And then how do you look at 800 volt DC and how that really impacts your opportunity? Any concerns about potential headwinds there? Are you already working with customers and talking about what the outlook for that is going to be Would just love any color that you could add. Alright. As we think about 800-volt DC and, again, for us, there are others who are more, you know, power players, so to speak. For us, we think about in terms cooling and what is that gonna mean at the rack level, and what is that gonna mean for rising heat densities? And what does our offering need to support? We think about it in terms of our rack PDUs. A lot of our portfolio, by the way, whether it is just in some of our power connections, is already rated to support higher surge capacity or load capacity. So we look at it as, you know, the industry is evolving. 800-volt DC is going to have some application in data centers, but you will still have lower voltage requirements. And we just sure we understand what it means for our road maps as we look at next generation products and, what they need to be capable of meeting. So I think it is you know, it is an opportunity for us to continue to extend what we do. Thank you so much. I will pass it on. Operator: Our next question comes from Vladimir Bystricky with Citigroup, Please go ahead. Vladimir Bystricky: Hey. Good morning. Beth and Gary. Congrats on a nice quarter. Beth A. Wozniak: Thank you, Vlad. Vladimir Bystricky: I just want yes. So I just wanted to ask about order patterns from customers, particularly on the utilities and data center side, Are you seeing any change in sort of timing of how orders are coming in? Are customers, you know, ordering with sort of longer lead times trying to lock in capacity, if you will. Beth A. Wozniak: Yeah. I would say this. That, not necessarily for the product portfolios that we play. We certainly are getting visibility from our customers on what their future demand is. So that we understand that when we are planning out our capacity. But, we are not for the portfolios that we have and keep in mind, there is different programs. So some programs are rolling off and new ones are coming in. We are typically just getting you know, we are having those discussions on what is next. Is what I would say. Gary Corona: And Vlad, as we think about the backlog, we have said previously and continue to say that the backlog is mostly 12 months or less, and that has not extended out. Vladimir Bystricky: Yeah. that is really helpful. Appreciate that. And then can you just talk about in terms of data center opportunities and potential that you see outside of North America? How you are seeing those markets develop and evolve and how you are thinking about nVent's ability to meet demand overseas as competitive data center investment ramps in other regions? Beth A. Wozniak: Well, we certainly see that trend that data centers are expanding in both Europe and Asia. And what we have been ensuring is that we are both investing in our commercial capabilities in those regions as well as setting up our manufacturing. We do, do have a footprint that is global. And some of our products today for our data centers are, we do manufacture in Europe. And so, you know, we are thinking about you know or we have plans, I would say, just to continue to extend what we have done here in North America to be able to capture that opportunity around the world. Thanks, Vlad. I will pass it on. Thank you. Thanks. Operator: Our next question comes from Nicole DeBlase with Deutsche Bank. Please go ahead. Nicole DeBlase: Yeah. Thanks. Good morning, guys. Gary Corona: Morning. Beth A. Wozniak: Morning, Nicole. Nicole DeBlase: Maybe just a backlog question. Backlog did tick down a little sequentially, which is a high quality problem because you were able to get so much out the door this quarter. But I guess if you look across the full year and considering the customer pipeline and your production plans as we exit 2026? Do you think backlog kind of grows from these levels? Beth A. Wozniak: Well, you know, as we indicated. Right? Part of our and you are right exactly right. I mean, we had a strong quarter because we were on some of that backlog. And as Gary just commented, you know, our backlog is typically within 12 months. So, we keep adding capacity. So, you know, we wanna see that we are in balance, that we are able to respond and add demand to support our customers. Because that is really important to have very you know, good lead times. So it is hard to say. And as I mentioned, we get these lumpy orders. So at, you know, at some point in a quarter, backlog could go up, but we wanna work it down. So I think we should be-- you know, it is it is hard to say, but we are probably around the right level that we And I just reiterate what Beth mentioned in her prepared comments is we are off to a really strong start here in Q3 on the order front. Gary Corona: Got it. Thanks, Gary. Nicole DeBlase: And maybe just to follow-up on that, because off to a strong start, I am sorry to ask this annoying question. But does that mean that orders are actually growth is actually accelerating from what you saw in the second quarter? Any comments on that? And then no 1's asked the question about the M&A pipeline yet, so I will throw that in there too, what you are seeing and the level of activity. Beth A. Wozniak: Well, 2 things I would say on orders. 1, you know, we are saying that short cycle strength, and the other would be some of those lumpy type of orders. You know? We are seeing some of those come in and start of this quarter. And on M&A, we have a very good pipeline. And, you know, I think we continue to be disciplined, and we continue to look at opportunities that are going to help you know, position us further in that infrastructure space. And, you know, our balance sheet is in a very healthy position. Thank you. I will pass it on. Operator: Our next question comes from Luke Junk with Baird. Please go ahead. Analyst: Good morning. Thanks for taking the questions. To start with, just curious to the extent you think we are seeing any company-specific elements, especially with nVent contributing to the short cycle strength. Beth A. Wozniak: You know, I am just-- end-market, end-market improvement? Can you clarify that question? Are we seeing I am sorry. Are we seeing-- Yeah. Just in terms of the short cycle strength, especially into distribution and a lot of discussion at Investor Day about improving channel to market coverage, those types of things. It seems like we are seeing that show up in the short cycle strength. Some extent just how you would attribute kind of what is NVEN specific growth versus market tailwind in the short cycle? Yeah. So in terms of just that short cycle growth and true distribution, and you are right, it is been a key strategy for us is to ensure that we have got strong partnerships, to ensure we are doing integrated marketing planning, to ensure that we are driving our vertical growth strategies. So I do think you know, and introduce new products. Also very important. So I think it is a combination of those actions that is strongly positioning us across those distribution partners. And, you know, we just we see strength there. And, again, that sell out and sell in is well balanced. Got it. And then in terms of the, the capacity increase in cooling, just a couple of facets to that, I would be curious to hear your thoughts on. First, in terms of the order book, does it enable you to open up the order book anymore? I do not know to what extent there were any constraints in terms of taking orders in the near term before you get this capacity scheduled to come online. And then, you know, as you step into these 3 large facilities now, just curious how you think about, you know, there being any inherent flexibility in that, especially as you are bringing modular online and, you know, theoretically ramping, you know, most customer programs as part of this as well. Thank you. Well, certainly, if extending capacity is a result of us looking into getting visibility into what our customers' demands are, as well as our orders backlog and also because we are launching a new platform coming up here. So it is all of those factors. And I think the flexibility that we have, and I made this comment, is the fact that we have opened up these facilities very close to our core Anoka center allows us to flex our resources, our infrastructure, our labor And certainly, already, you know, we have mentioned that certain programs with hyperscalers have come online and moved to the next revision. So, flexibility is really key for us. And so there is been a lot of thought into that as we expand this capacity. Kind of all in a larger extended campus here in Minnesota. Great. I will leave it there. Thank you. Thank you. Operator: Our next question comes from Scott Graham with Seaport. Please go ahead. Scott Graham: Hi, good morning, Beth, Gary, Tony. Congratulations on the quarter. I wanted to ask about the third quarter organic guidance, which is obviously slower than what we just saw. But it is on about a 10% more difficult comp. And then the orders this past quarter were, you know, in your growth business of liquid cooling seemed like a little slower, and I understand the lumpiness, of course. But then you also said that, you know, you are trying to be prudent with some guidance areas. Could you kind of wrap all that together for third quarter still looks pretty good organically. Is there upside to that organic number? And is that being maybe more driven by shipments from the backlog in liquid cooling? Gary Corona: Yeah. I will I will take that 1. You know, look, we are, you know, we are really pleased with the guide that we laid out. You know, 32% to 35% in the third quarter. I think I mentioned it earlier you know, the 2 year stack because as you mentioned, the comps get tougher. So we are we are we are being very mindful of that. The 2 year stack in the third quarter is 50% growth at the midpoint. And, that is acceleration. From what we saw in the first half. Certainly, as Beth talked about as we went into the second quarter, You know, there is a lot going on, and there is a lot going on, and the teams did a great job to deliver against it. So it is important that we are we are prudent in our in our guidance. And we will continue to be that way to give ourselves the flexibility to execute. As well as invest to support the growth in the second half and in the future. Scott Graham: Right. Thank you, Gary. The other question was, you know, the mid twenties incremental margin in the second half of the year. In the past, and this was before the sale of Thermal, you know, then the 30% number was sort of bandied about. I was wondering if that is still maybe a stretch target for you. Gary Corona: Yeah. You know, as we said in an investor Day, you know, our midterm target was mid twenties. For incrementals. And that is to ensure that we can invest to support to support the growth. And, you know, that is what we will see in the second half. it is worth mentioning, we feel really good about the growth and returns that we are delivering. You know, at the midpoint of our guidance, our EPS this fiscal year will be more than double what we delivered in 2024, and the team's doing a great job delivering not just growth, but returns as well. Alrighty. Thank you. Operator: Our next question comes from Brian Drab with Will Blair. Please go ahead. Brian Drab: Thank you. Want to ask a bigger picture question because I think a lot of the concerns around companies that have similar exposure to nVent concerns lately have just been around the longer term and, you know, it is really nothing new. But, like, it is-- the question is, like, is 2026 and 27 gonna be great? And what happens in the out years? So wondering over the last few months, how your conversations and your with hyperscaler and large customers have developed what kind of visibility you are getting? Are there you know, your broader pipeline and longer term pipeline? Are you how far out do you have visibility to some of these projects at this point? Beth A. Wozniak: Well, look. We have got, a visibility several years out. But I will also tell you because, you know, we are in liquid cooling, we are working with NVIDIA and others on their road maps out through 2030 and trying to future-proof our projects, And keep in mind, liquid cooling is you know, maybe it is now 10% to 15% of cooling in data centers. And as we see these high performance AI chips that we see these higher heat densities. Liquid cooling is going to have a very long runway in terms of just the replacement cycle and being able to match these next generation chips. So we have always said that maybe the build out of data centers at some point down the road slows but that white space and that refresh cycle liquid cooling capabilities are going to continue to expand. Appreciate that. Okay. Thanks, Beth. Brian Drab: And then I know this is obvious, but maybe you could you know, just comment on LTM orders I think, is probably a much more relevant in my mind, like, indicator of how things are going. It I mean, I have obviously data center revenue up 100% is tells us how it is going, but our LTM orders that growth rate much higher than the low-double-digit that you mentioned for this quarter? Gary Corona: Yes. Brian Drab: They are. Beth A. Wozniak: Thank you very much. Thank you. Operator: This concludes our question and answer session. I would like to turn the conference back over to Beth A. Wozniak Chair and Chief Executive Officer, for any closing remarks. Beth A. Wozniak: Thank you for joining us today. We are confident in our strategy, which has remained consistent in our ability to execute. We have many growth opportunities and multiple levers to expand margins. I am proud of our performance in the second quarter. We will continue to focus on delivering for our customers, employees and shareholders. nVent is a top tier high performance electrical company well positioned for the electrification, sustainability, and digitalization trends. Thanks again for joining us. This concludes the call. Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect. Before you buy stock in nVent Electric, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and nVent Electric wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. nVent Electric (NVT) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

nVent Electric NVT reported second-quarter 2026 adjusted earnings of $1.45 per share, which increased 68.6% year over year and surpassed the Zacks Consensus Estimate by 25%. NVT's revenues climbed 52.8% year over year to $1.47 billion, driven by exceptional demand from AI data centers and infrastructure markets. Organic sales increased 47%, reflecting broad-based strength across the company's portfolio. The top line beat the Zacks Consensus Estimates by 17%. The quarter's outperformance was fueled by continued momentum in infrastructure, particularly AI data centers, where liquid cooling, cable management and engineered building solutions remained key growth drivers. Management highlighted record quarterly sales and earnings, while noting that new products contributed more than 30 percentage points to sales growth. NVT’s Organic orders increased at a low double-digit rate, backlog remained healthy at $2.5 billion, and the company announced another manufacturing expansion to support rising liquid cooling demand. Management also indicated that data center orders have started the third quarter strongly. nVent Electric PLC price-consensus-eps-surprise-chart | nVent Electric PLC Quote Systems Protection generated net sales of $1.07 billion, up 69.6% year over year, including 62% organic growth. Adjusted return on sales expanded 150 basis points to 23.2%, supported by robust volume growth and productivity improvements. The segment benefited from infrastructure demand that more than doubled, led by AI data centers, while the Electrical Products Group acquisition continued to exceed expectations. Electrical Connections posted net sales of $399 million, up 20.5% year over year, with 18% organic growth. Adjusted return on sales declined 140 basis points to 27.3%, as inflation and product mix offset strong volume growth. Management noted that margins improved sequentially during the quarter, while growth remained broad-based across infrastructure, industrial and commercial markets. Management emphasized continued investments to support AI infrastructure demand. During the quarter, nVent Electric launched 14 new products, contributing more than 30 percentage points to sales growth. The company also announced manufacturing expansion for liquid cooling after rapidly ramping up production at its new Blaine, MN, facility. Gross profit increased to $558 million from $372 million in the year-ago quarter. Gross margin declined modestly to 37.9% from 38.6%, reflecting inflationary pressures and acquisition mix. Selling, general and administrative expenses increased to $232.8 million, but improved as a percentage of sales to 15.8% from 20.4% a year ago. Research and development spending rose to $24.5 million, representing 1.7% of sales versus 2% in the prior-year period. Operating income surged 91.9% year over year to $300.7 million, while adjusted operating income increased 61% to $323 million. Adjusted operating margin expanded 110 basis points to 21.9% as price increases and productivity initiatives more than offset inflation exceeding $50 million, including more than $30 million of tariff-related costs. nVent Electric ended the quarter with $256 million in cash and cash equivalents compared with $237.5 million at 2025-end. Total debt declined to approximately $1.49 billion, following repayments during the quarter, resulting in a net leverage ratio of approximately 1.2x, well below management's long-term target range. Net cash provided by operating activities totaled $189 million, up from $91 million in the year-ago period. Free cash flow more than doubled to $167 million compared with $74 million a year earlier. Following another record quarter, nVent Electric substantially increased its full-year 2026 guidance. Management now expects reported sales growth of 37-39%, up from the previous outlook of 26-28%, while organic sales growth is projected at 32-34% compared with the earlier forecast of 21-23%. The company raised its adjusted earnings outlook to $5.00-$5.10 per share, up from the prior range of $4.45-$4.55. For the third quarter, nVent Electric expects reported and organic sales growth of 32-35% and adjusted earnings of $1.35-$1.38 per share, supported by continued strength in AI data centers, power utilities and a strong start to third-quarter orders. NVT currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Zacks Computer and Technology sector are Analog Devices ADI, Applied Materials AMAT and Cisco Systems CSCO, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Shares of Analog Devices have rallied 37.1% year to date. The Zacks Consensus Estimate for ADI’s fiscal 2026 earnings is pegged at $12.42 per share, up by 10 cents over the past 30 days, indicating an increase of 59.4% year over year. Shares of Applied Materials have skyrocketed 101.1% year to date. The Zacks Consensus Estimate for AMAT’s fiscal 2026 earnings is pegged at $12.14 per share, up by 4 cents over the past 30 days, indicating a rise of 28.9% year over year. Cisco Systems shares have surged 48.7% year to date. The Zacks Consensus Estimate for CSCO’s fiscal 2026 earnings is pegged at $4.28 per share, unchanged over the past 30 days, indicating an increase of 12.3% year over year. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report nVent Electric PLC (NVT) : Free Stock Analysis Report Analog Devices, Inc. (ADI) : Free Stock Analysis Report Cisco Systems, Inc. (CSCO) : Free Stock Analysis Report Applied Materials, Inc. (AMAT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

TTM Technologies TTMI is scheduled to report second-quarter 2026 results after the market closes on Aug. 5.For the second quarter of 2026, TTMI expects net sales of $930-$970 million. The Zacks Consensus Estimate for revenues is pegged at $964.55 million, indicating a 32.02% increase from the year-ago quarter’s reported figure.TTM Technologies expects non-GAAP earnings between 82 cents and 88 cents per share. The consensus mark for earnings is pegged at 92 cents per share, down by 5 cents over the past 30 days. However, this marks strong year-over-year growth of 58.62%. Image Source: Zacks Investment Research The company’s earnings have surpassed the Zacks Consensus Estimate in the trailing four quarters, delivering an average earnings surprise of 9.49%. Image Source: Zacks Investment Research Our proven model does not conclusively predict an earnings beat for TTM Technologies this time around. According to the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, this is not the case here, as you can see below.TTMI has an Earnings ESP of -3.83% at present and a Zacks Rank #4 (Sell). You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter. TTMI continues to expand manufacturing capacity and invest aggressively to support AI and defense opportunities, requiring meaningful capital deployment across its global footprint. Despite reporting record first-quarter revenues, operating cash flow was only $21.7 million, reflecting the impact of higher working-capital requirements and ongoing growth investments. As these expansion initiatives continue, elevated capital spending is likely to have weighed on free cash flow and near-term financial flexibility during the second quarter of 2026.TTM Technologies' automotive business remained a notable weak spot heading into the second quarter of 2026. Management said it continues to be highly selective in the automotive market, prioritizing higher-value, higher-margin products while reducing exposure to less attractive business. Although the company is supporting Tier 1 customers as they transition advanced technologies to adjacent markets, automotive revenues are still expected to account for only about 8% of second-quarter sales, with the earnings presentation also pointing to further rationalization in the segment. This ongoing weakness is expected to have partially offset stronger performance in other end markets and likely to have weighed on the quarter under review.TTM Technologies' growing reliance on AI-driven markets may have increased near-term execution risk despite fueling revenue growth. Management noted that approximately 80% of net sales are tied to the AI and defense megatrends, while data center and networking revenues are expected to rise from 36% of first-quarter sales to 42% in the second quarter as customers continue building AI infrastructure. This increasing concentration makes quarterly performance more dependent on sustained AI spending and customer deployment schedules, which is expected to have heightened the company's exposure to execution and demand risks in the quarter to be reported.However, TTM Technologies entered the second quarter with solid momentum in its aerospace and defense business, supported by strong bookings for key programs, including the LTAMDS Air Defense Radar, APS-153 maritime surveillance radar, ballistic missile detection and tracking systems, and its first confirmed booking supporting Golden Dome. The segment also delivered a book-to-bill ratio of 1.1 and maintained a program backlog of approximately $1.6 billion during the first quarter. With aerospace and defense expected to contribute 36% of second-quarter sales while delivering both sequential and year-over-year growth, this robust order pipeline is expected to have boosted the company's performance in the quarter under review. Over the past three months, TTM Technologies stock has declined 26.7% compared with the industry’s 6.8% drop. It has also underperformed peers like OSI Systems OSIS, TE Connectivity TEL and nVent Electri NVT. During the same timeframe, OSI Systems and nVent Electri fell 21.8% and 5.5%, respectively, while TE Connectivity inched up 0.2%, highlighting TTMI's relatively weaker share price performance. Image Source: Zacks Investment Research From a valuation perspective, TTMI appears overvalued, as suggested by the Value Score of D. It trades at a trailing 12-month price-to-earnings ratio of 51.08X, significantly above the industry’s average of 20.98X. In comparison, peers trade at more moderate multiples, with OSI Systems (22.5X), TE Connectivity (18.99X) and nVent Electric (35.36X). Image Source: Zacks Investment Research TTM Technologies' near-term outlook is clouded by several risks despite upbeat guidance. Aggressive investment in manufacturing capacity has pushed first-quarter free cash flow to negative $85 million, while foreign-exchange volatility and projected interest expense of about $10.6 million threaten earnings growth. The company's growing reliance on AI data center programs heightens concentration risk, and ongoing weakness in automotive, pricing pressure, elevated capital expenditures and fierce competition could constrain long-term returns. Even so, expanding AI data center deployments and a solid defense backlog could help offset these headwinds and support earnings growth over the longer term. TTM Technologies is trading at a premium valuation, and investors may be better off waiting for a more attractive entry point. Elevated capital spending, weak free cash flow, automotive softness and increasing dependence on AI-driven demand add to near-term execution risks. Coupled with a negative Zacks Earnings ESP, the stock appears less attractive ahead of the second-quarter earnings release.However, TTM Technologies remains well positioned to benefit from long-term investments in AI infrastructure and aerospace & defense. Expanding manufacturing capacity, a strong defense backlog and sustained demand for advanced interconnect and integrated electronics solutions are expected to support revenue growth and margin expansion over time.You can see the complete list of today’s Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TTM Technologies, Inc. (TTMI) : Free Stock Analysis Report TE Connectivity Ltd. (TEL) : Free Stock Analysis Report OSI Systems, Inc. (OSIS) : Free Stock Analysis Report nVent Electric PLC (NVT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). 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Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was primarily driven by the infrastructure vertical, specifically AI-related data centers, which saw organic sales more than double. Management attributed the record quarter to a deliberate portfolio transformation that increased infrastructure exposure from 12% at spin-off to nearly 60% in the first half of this year. The short-cycle business experienced a notable inflection point, with Electrical Connections growing 18% organically due to strong sell-through demand in distribution channels. The EPG acquisition continues to exceed internal expectations, contributing strong double-digit sales growth and expanding the company's reach in electrical protection. Operational execution focused on scaling the supply chain to meet liquid cooling demand, including opening the Blaine facility within 100 working days. Growth was broad-based across all geographies, led by the Americas, and supported by 14 new product launches that contributed over 30 points to sales growth. Management significantly raised full-year organic sales growth guidance to 32% to 34%, reflecting sustained momentum in AI and data center capital investment. The company announced a third facility expansion (Blaine 2) expected to open in the first half of 2027 to address visibility into liquid cooling demand through 2028. Total data center sales are projected to reach $2 billion in 2026, which would be more than double the sales recorded in the previous year. Guidance assumes mid-twenties incremental margins in the second half of the year as the company continues to reinvest in capacity and innovation. The company expects to offset approximately $100 million in tariff impacts through pricing, supply chain productivity, and operational mitigating actions. Backlog remained healthy at $2.5 billion, providing visibility into 2027, though management noted data center orders are inherently large and lumpy. Inflationary pressures and mix shifts impacted Electrical Connections margins, though sequential improvement back to the high 20s is expected as pricing actions take hold. CapEx is expected to increase 40% to approximately $130 million for the year, primarily dedicated to new capacity for data centers and Power Utilities. Net leverage of 1.2x remains well below the target range of 2 to 2.5x, providing significant flexibility for future M&A and growth investments. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that the 18% organic growth was driven by real underlying demand and balanced sell-in/sell-out at distributors, rather than inventory restocking. The company is leveraging its position in the 'gray space' of data center construction (cable management) to drive these short-cycle results. Management explained that Q3 guidance is prudent to account for the complexities of ramping two new facilities simultaneously, including equipment and labor integration. Despite a slight sequential dip in the guide, the two-year stack reflects a significant acceleration to 50% growth at the midpoint. Management is currently working with partners like NVIDIA on product roadmaps through 2030 to future-proof cooling solutions. Liquid cooling currently represents only 10% to 15% of data center cooling, suggesting a long runway for growth as high-performance AI chips increase heat densities. nVent is investing in service capabilities for commissioning and installation, particularly as the customer base expands from hyperscalers to less sophisticated operators. A new modular portfolio launching in the fall is designed with 'hot-swappable' parts to facilitate this recurring service model.

This article first appeared on GuruFocus. Revenue: Sales of $1,471 million, up 53% year-over-year, with organic sales growth of 47%. Adjusted Operating Income: $323 million, up 61% year-over-year, with return on sales of 21.9%. Adjusted EPS: $1.45, up 69% year-over-year. Free Cash Flow: $167 million, up 125% year-over-year. Systems Protection Segment Sales: $1,072 million, up 70%, with organic sales growth of 62%. Electrical Connections Segment Sales: $399 million, up 21%, with organic sales growth of 18%. Backlog: $2.5 billion, providing visibility through the year and into 2027. Full-Year Sales Growth Guidance: Raised to 37% to 39% reported, and 32% to 34% organic. Full-Year Adjusted EPS Guidance: Raised to $5.00 to $5.10, reflecting 50% growth at the midpoint. Third-Quarter Sales Growth Guidance: Reported and organic sales growth of 32% to 35%. Third-Quarter Adjusted EPS Guidance: $1.35 to $1.38, reflecting 50% growth at the midpoint. Warning! GuruFocus has detected 3 Warning Sign with FRACF. Is NVT fairly valued? Test your thesis with our free DCF calculator. Release Date: July 31, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record sales and earnings in Q2 2026, with sales up 53% and adjusted EPS up 69% year-over-year, significantly exceeding guidance. Exceptional growth in the infrastructure vertical, with organic sales more than doubling, driven by strong data center demand and double-digit growth in power utilities. Strong order momentum with organic orders up low double-digits and a healthy backlog of $2.5 billion, providing visibility through 2026 and into 2027. Successful execution of capacity expansion strategy, with the new Blaine facility ramping ahead of expectations and a third facility (Blaine II) announced to meet future demand. Significantly raised full-year 2026 guidance for sales growth (37%-39% reported, 32%-34% organic) and adjusted EPS ($5.00-$5.10), reflecting strong momentum and confidence in the business. Strong cash flow generation, with free cash flow up 125% year-over-year, and a solid balance sheet with net leverage of 1.2x, providing ample flexibility for growth investments and M&A. Broad-based growth across all verticals and geographies, including a strong rebound in the short-cycle electrical connections business, which grew 18% organically. Continued product innovation with 14 new products launched in the quarter, contributing over 30 points to sales growth. The EPG acquisition continues to outperform expectations, growing sales strong double-digits year-over-year. Management's long-term visibility with key partners like Nvidia on roadmaps through 2030, positioning the company for sustained growth in liquid cooling and data center markets. Tariff impact is expected to be approximately $100 million for the full year, up from the previous estimate of $80 million, driven by higher volume growth. The electrical connections segment experienced a 140 basis point year-over-year decline in return on sales to 27.3%, impacted by inflation and mix, though margins improved sequentially. The company is facing capacity constraints and is investing heavily in new facilities, which could pressure margins in the near term as new plants ramp up. Data center orders remain lumpy, which can cause volatility in quarterly growth rates and make it difficult to predict short-term performance. The company is being prudent with its Q3 guidance, which implies a sequential slowdown in sales growth, partly due to lapping tougher comparisons and ongoing capacity ramp-up challenges. Supply chain and supplier capacity expansion remain a key execution risk as the company scales up to meet surging demand. The significant growth in data centers and infrastructure is creating potential trade-offs in serving other core customers, requiring careful planning and resource allocation. The company's growth is increasingly concentrated in the infrastructure vertical, which now represents nearly 60% of sales, potentially increasing exposure to a single market cycle. While the company is investing in service capabilities, the service opportunity from the growing installed base is still in early stages and may not yet be a significant revenue contributor. The company's aggressive capacity expansion, while necessary, carries execution risk and could lead to overcapacity if demand growth moderates unexpectedly. Q: Can you provide more detail on the strength in the industrial short-cycle businesses and electrical connections, which saw 18% organic growth? Was there any inflection or one-time items that skewed the growth rate higher? A: Beth Wozniak (CEO) confirmed that the growth was broad-based across all verticals and geographies, with strong orders through distribution partners driving the short-cycle industrial growth. She noted there were no one-time items, and the performance reflects a genuine inflection point in demand. Q: How did you decide on the new capacity expansion (Blaine II), and how will it impact margins as you ramp up new lines? A: Beth Wozniak (CEO) explained that the expansion was driven by strong customer demand and visibility, with the new facility expected to support growth through 2027 and into 2028. Gary Corona (CFO) added that the associated investments are embedded in the guidance, which assumes mid-20s incremental margins in the second half. Q: The guidance implies a sequential revenue decline in Q3 and Q4. Is this due to seasonality, supply chain issues, or production staging? A: Gary Corona (CFO) clarified that the company expects strong organic growth in the second half, with Q3 guidance of 32% to 35% growth and a significant acceleration in two-year stack growth. Beth Wozniak (CEO) added that the company is being prudent in planning due to capacity ramps, equipment additions, and supplier response times. Q: What is the service opportunity being created by the growing installed base of liquid cooling products? A: Beth Wozniak (CEO) highlighted that the company designs products with modularity and hot-swappable parts, and is investing in service capabilities to support commissioning, installation, and maintenance. This is particularly important as the customer base expands beyond hyperscalers to less sophisticated customers. Q: Are there any factors driving lumpiness in orders, such as product launches or capacity ramps? A: Beth Wozniak (CEO) stated that lumpiness is normal for large data center orders, which come in at various times. She noted that Q3 year-to-date orders have been very strong, indicating continued momentum. Q: Can you provide an update on the Blaine 1 production ramp and any supply chain bottlenecks? A: Beth Wozniak (CEO) said Blaine 1 has come online faster than expected but is still ramping through 2026 and into 2027. She emphasized that the company is working closely with suppliers to ensure their capacity expands in tandem, which is a significant effort. Q: Is the current backlog level of $2.5 billion the right level going forward, and do you expect it to increase? A: Beth Wozniak (CEO) indicated that the backlog is around the right level, as the company aims to balance execution with maintaining good lead times for customers. Gary Corona (CFO) added that the company is off to a strong start on orders in Q3. Q: How should we think about the trajectory of Electrical Connections margins, and will they expand going forward? A: Gary Corona (CFO) noted that the segment delivered mid-teens profit growth and a significant sequential margin improvement. He expects margins to continue improving as pricing and productivity actions take hold, with the segment remaining in the high 20s. Q: Is the strength in the distribution channel driven by inventory restocking or real underlying demand? A: Beth Wozniak (CEO) confirmed that both sell-in and sell-out are well-balanced, with distributors seeing strong sell-through. This indicates the growth is driven by real demand rather than inventory restocking. Q: How did power utilities perform in the quarter, and how do you balance demand between utilities and data centers? A: Beth Wozniak (CEO) reported double-digit growth in power utilities. She explained that the company makes prudent decisions on trade-offs, with some product lines having separate facilities. The company plans carefully to serve all customer demand across both high-growth verticals. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in nVent Electric PLC? Here are five stocks we like better. Record second-quarter performance: Sales rose 53% to $1.47 billion, while adjusted EPS increased 69% to $1.45 and free cash flow more than doubled. Growth was led by AI data centers, power utilities and improving short-cycle demand. Strong data-center momentum: Backlog reached $2.5 billion, and nVent expects data-center sales to exceed $2 billion in 2026. The company is expanding liquid-cooling capacity with a third Minnesota facility planned for the first half of 2027 and a modular cooling platform expected later in 2026. Outlook raised substantially: nVent now forecasts 2026 reported sales growth of 37%–39% and adjusted EPS of $5.00–$5.10, up from previous guidance of 26%–28% sales growth and $4.45–$4.55 EPS. Why nVent Could Be a Long-Term AI Infrastructure Winner nVent Electric (NYSE:NVT) reported record second-quarter sales and earnings, driven by continued demand from AI data centers, power utilities and improving short-cycle businesses. The company raised its full-year sales and adjusted earnings outlook and announced plans for a third Minnesota facility to expand liquid-cooling capacity. Chair and Chief Executive Officer Beth Wozniak said second-quarter sales exceeded guidance as infrastructure demand, led by data centers, remained strong. The company also saw stronger demand in short-cycle businesses through distribution partners. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now 5 Stocks Positioned to Win the AI Data Center Buildout “We had another tremendous quarter with record sales and earnings well ahead of our guidance,” Wozniak said. “The better-than-expected sales were primarily driven by the infrastructure vertical led by data centers, along with stronger demand in our short-cycle business.” nVent reported second-quarter sales of $1.47 billion, up 53% from the prior year, including 47% organic growth. Acquisitions added 5 percentage points of growth, while foreign exchange provided nearly a one-point benefit. → Microsoft Just Flipped the AI Spending Narrative Overnight Adjusted operating income increased 61% to $323 million, and adjusted operating margin rose 110 basis points year over year to 21.9%. Adjusted earnings per share increased 69% to $1.45. Free cash flow was $167 million, up 125% from a year earlier. Chief Financial Officer Gary Corona said price and productivity actions offset more than $50 million of inflation, including more than $30 million related to tariffs. The company continued to invest in data center and power utility growth initiatives during the quarter. Infrastructure organic sales more than doubled, supported by data center demand and double-digit growth in power utilities. Commercial residential sales increased by high single digits. Industrial sales rose by low single digits. The Americas posted very strong double-digit growth, while Europe grew mid-single digits and Asia-Pacific grew double digits. → Carrier Earnings Could Send the Stock to a New All-Time High New products contributed more than 30 percentage points to sales growth, according to Wozniak, and nVent introduced 14 new products during the quarter. The EPG acquisition continued to grow sales at a strong double-digit rate year over year. Systems Protection sales reached $1.07 billion, increasing 70% year over year and marking the segment’s first quarter with more than $1 billion in revenue. Organic sales in the segment rose 62%, led by infrastructure growth of more than 100% as data center demand continued. Systems Protection segment income rose 81% to $248 million, while return on sales increased 150 basis points to 23.2%, benefiting from volume growth and productivity. Electrical Connections sales increased 21% to $399 million, including 18% organic growth. Growth was broad-based across end markets and geographies, with infrastructure and industrial each increasing by strong double digits and commercial residential sales rising by low teens. Electrical Connections segment income increased 15% to $109 million. Its return on sales declined 140 basis points to 27.3%, reflecting inflation and sales mix, partially offset by pricing and volume. Corona said margins improved sequentially into the high 20% range and are expected to continue improving as pricing and productivity actions take hold. During the question-and-answer session, Wozniak said the short-cycle growth in Electrical Connections was not driven by unusual or one-time activity. She said the company saw strong orders through distribution partners and described distributor sell-in and sell-out trends as balanced, indicating what she characterized as real underlying demand rather than inventory restocking. nVent ended the quarter with backlog of $2.5 billion, which management said provides visibility through the remainder of 2026 and into 2027. Wozniak said data center orders can be large and uneven from quarter to quarter, though the company has experienced strong data center orders early in the third quarter. Management said its backlog is generally for 12 months or less and that the current level is approximately appropriate because the company is seeking to maintain customer lead times while turning backlog into revenue. The company expects total data center sales to exceed $2 billion in 2026, more than double the prior year’s level. Its data center offerings include liquid cooling, cable management, power-related products and engineered buildings, serving hyperscalers, neoclouds, multi-tenant customers, distributors and integrators. To address liquid-cooling demand, nVent announced a third Minnesota facility, called Blaine 2, which is expected to open in the first half of 2027. The facility will be similar in size to the company’s Blaine location, which opened earlier in 2026 and is continuing to ramp. Wozniak said the Blaine facility was opened within about 100 working days of signing its lease and is performing ahead of expectations, although it will continue ramping through 2026 and into 2027. She said Blaine 2 is expected to support demand through 2027 and into 2028. nVent also plans to launch a modular liquid-cooling platform later in 2026. Wozniak said the platform is designed to support modularity and serviceability, including hot-swappable components, and that customer interest has been high. nVent raised its 2026 outlook for reported sales growth to 37% to 39%, from a prior forecast of 26% to 28%. The company now expects organic sales growth of 32% to 34%, compared with previous guidance of 21% to 23%. The company raised its adjusted EPS outlook to $5.00 to $5.10, from $4.45 to $4.55 previously. At the midpoint, the revised outlook implies 50% adjusted EPS growth from 2025. nVent expects tariff costs of about $100 million for the year, up from its prior estimate of $80 million, primarily because of higher expected sales volume. For the third quarter, nVent forecast reported and organic sales growth of 32% to 35% and adjusted EPS of $1.35 to $1.38. The company said it expects pricing to offset inflation and tariffs while it continues investing in capacity and capabilities for data centers and power utilities. At quarter-end, nVent held $256 million in cash and had $600 million available under its revolving credit facility. Debt stood at $1.5 billion after the company repaid nearly $70 million of its prepayable term loan during the quarter. Net leverage was 1.2 times, below management’s stated target range of two to 2.5 times. The company continues to expect capital expenditures of about $130 million in 2026, up 40% from the prior year, with much of the increase directed toward capacity, power utilities, data centers and supply-chain resiliency. Through the first half, nVent returned $118 million to shareholders, including $50 million in share repurchases, and increased its quarterly dividend by 5% from a year earlier. nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy. The company's electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "nVent Electric Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.