Shares of nVent climbed after the company raised its full-year outlook and logged higher-than-expected profit and sales in the recent quarter.
The stock rose 12%, to $162.13, in premarket trading Friday. Through Thursday's close, shares are up almost 36% year to date.
The electrical company said before the bell that it now expects full-year sales growth of 37% to 39%, up from a prior forecast of 26% to 28%.
Earnings are now projected to come in between $4.29 and $4.39 a share, or between $5 and $5.10 a share on an adjusted basis. The company had previously guided for adjusted earnings of $3.68 to $3.78 a share, as well as adjusted earnings of $4.45 to $4.55 a share.
Analysts polled by FactSet expected earnings of $3.77 a share and adjusted earnings $4.60 a share.
The higher outlook came as nVent posted a second-quarter profit of $215.9 million, or $1.32 a share, up from $109.5 million, or 67 cents a share, a year earlier. Stripping out certain one-time items, earnings came in at $1.45 a share, ahead of analyst views for $1.16 a share.
Net sales jumped 53% to $1.47 billion, topping Wall Street models for $1.26 billion.
Chief Executive Beth Wozniak said the company continues to see significant data-center growth, and that new products are accelerating sales growth.
Comments