Why Shares of nVent Electric Are Powering Higher This Week
Charged up about its latest quarterly earnings report, investors are bidding up shares of electrical connections specialist nVent Electric (NYSE: NVT) this week. But that's not all. Management's encouraging outlook for 2023 and analysts' endorsements for the stock are also contributing to the stock's rise.
As of 2:23 p.m. ET today, shares of nVent Electric have risen 11.3% since last Friday, according to data provided by S&P Global Market Intelligence.
Booking fourth-quarter 2022 revenue of $742 million, nVent Electric beat analysts' expectations that the company would report $711 million on the top line. The company's better-than-expected sales wasn't the only surprise, though. Whereas analysts estimated that the company would report earnings per share (EPS) of $0.58, nVent Electric reported adjusted EPS of $0.66. And it wasn't only the income statement where investors found a reason to celebrate. The company reported Q4 2022 free cash flow of $180 million, representing a year-over-year increase of 77%.
Source Fool.com
