nVent Electric PLC (NVT) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the nVent First Quarter Earnings Conference Call. (Operator Instructions) Please be advised that today's call is being recorded.

美好的一天，感謝您的支持。歡迎參加 nVent 第一季度收益電話會議。 （操作員說明）請注意，今天的通話正在錄音中。

I would now like to hand the call over to Tony Riter, Vice President, Investor Relations. Please go ahead, sir.

我現在想將電話轉給投資者關係副總裁 Tony Riter。請繼續，先生。

Thank you, Charlie. Welcome to nVent's First Quarter 2022 Earnings Call. I'm Tony Riter, Vice President of Investor Relations. On the call with me are Beth Wozniak, our Chief Executive Officer; and Sara Zawoyski, our Chief Financial Officer. Today, we'll provide details on our first quarter performance, provide an outlook for the second quarter and an update to our full year 2022 outlook.

謝謝你，查理。歡迎參加 nVent 2022 年第一季度財報電話會議。我是投資者關係副總裁 Tony Riter。與我通話的是我們的首席執行官 Beth Wozniak；和我們的首席財務官 Sara Zawoyski。今天，我們將提供有關我們第一季度業績的詳細信息，提供第二季度的展望以及我們對 2022 年全年展望的更新。

Before we begin, let me 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 filings with the 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.

在我們開始之前，讓我提醒您，關於公司預期財務結果的任何陳述都是前瞻性陳述，受未來風險和不確定性的影響，例如今天的新聞稿和 nVent 向證券交易委員會提交的文件中概述的風險。前瞻性陳述自今天起作出，公司不承擔公開更新此類陳述以反映後續事件或情況的義務。實際結果可能與預期結果大不相同。

Today's webcast is accompanied by a presentation, which you can find on the Investors section of nVent's website. References to non-GAAP financials are reconciled in the appendix of the presentation. We'll have time for questions after our prepared remarks.

今天的網絡直播附帶一個演示文稿，您可以在 nVent 網站的“投資者”部分找到該演示文稿。對非公認會計原則財務的引用在演示文稿的附錄中進行了核對。在我們準備好的評論之後，我們將有時間提問。

With that, please turn to Slide 3, and I'll now turn the call over to Beth.

有了這個，請轉到幻燈片 3，我現在將把電話轉給 Beth。

Thank you, Tony, and good morning, everyone. It's great to be with you today to share our outstanding first quarter results.

謝謝你，托尼，大家早上好。今天很高興與您分享我們出色的第一季度業績。

Our first quarter performance exceeded our guidance on sales and earnings. Our strategy to focus on high-growth verticals, new products and global expansion, combined with strong execution were key to our success. We delivered record sales in Q1, growing 27%, with strong growth across all segments. Orders grew 28% in the quarter, higher than sales. Adjusted earnings per share of $0.50 was up 16% year-over-year. Overall, we are pleased with these results to start the year and are raising our full year sales and adjusted EPS guidance.

我們第一季度的業績超出了我們對銷售和收益的指導。我們專注於高增長垂直行業、新產品和全球擴張的戰略，再加上強大的執行力，是我們成功的關鍵。我們在第一季度實現了創紀錄的銷售額，增長了 27%，所有細分市場都實現了強勁增長。本季度訂單增長 28%，高於銷售額。調整後每股收益 0.50 美元，同比增長 16%。總體而言，我們對年初的這些結果感到滿意，並正在提高我們的全年銷售額和調整後的每股收益指引。

Now on to Slide 4 for a summary of our first quarter performance. Sales in the quarter were broad-based, up 24% organically, with each segment up greater than 20%. This was well ahead of our Q1 guidance, primarily driven by strong volume of 13 points, coupled with 11 points of price. Our results show we are winning and executing well. New products added approximately 2 points to our growth rate, and we're on track to deliver 50 new products again this year.

現在到幻燈片 4 來總結我們第一季度的表現。本季度銷售額基礎廣泛，有機增長 24%，每個細分市場增長超過 20%。這遠超我們的第一季度指引，主要受 13 個點的強勁成交量和 11 個點的價格推動。我們的結果表明我們正在獲勝並且執行良好。新產品為我們的增長率增加了大約 2 個百分點，我們有望在今年再次交付 50 種新產品。

We are focused on growth, serving our customers and delivering long-term value creation. We continue to have significant wins with the electrification of everything. For example, in Enclosures in the data solutions vertical, we had several wins from our CIS acquisition with our leading intelligent power distribution unit offering. We won a large program for a social media provider for their new hyperscale data center and are now a preferred partner.

我們專注於增長，為客戶服務並提供長期價值創造。隨著一切的電氣化，我們繼續取得重大勝利。例如，在垂直數據解決方案的機箱中，我們憑藉領先的智能配電單元產品從 CIS 收購中獲得了多項勝利。我們為其新的超大規模數據中心贏得了社交媒體提供商的一項大型計劃，現在是首選合作夥伴。

With the rollouts of 5G and fiber-to-the-home, in Electrical & Fastening our easy-to-install hammerlock ground rod connection has been spec-ed in by multiple telecommunication companies. We've seen good adoption with large North American utilities, resulting in a sevenfold increase in orders year-over-year.

隨著 5G 和光纖到戶的推出，在電氣和緊固中，我們易於安裝的錘鎖接地棒連接已被多家電信公司指定。我們已經看到北美大型公用事業公司的良好採用，導致訂單同比增長七倍。

And in Thermal Management, we recently converted an account valued at over $5 million with a large chemical producer. We won with our heat tracing systems, including our advanced controls that enable longer circuits lengths, lowering costs and labor hours, providing benefits to both the project and the end-user.

在熱管理方面，我們最近與一家大型化學品生產商轉換了價值超過 500 萬美元的賬戶。我們的伴熱系統贏得了勝利，包括我們的先進控制系統，可實現更長的電路長度、降低成本和工時，為項目和最終用戶帶來好處。

In addition to these business wins, we received numerous awards and recognitions from our top distribution partners. Our Electrical & Fastening team recently received platinum recognition, highlighting our strong level of support and partnership. Our Thermal Management team was awarded the Above and Beyond Service Excellence award for their unprecedented support. And our Enclosures team earned the Operational and Technological Excellence award in recognition of their innovative, state-of-the-art business practices and quality services. These recognitions are a testament to the great work of our nVent teams serving our customers and partners each and every day.

除了這些業務勝利外，我們還獲得了頂級分銷合作夥伴的眾多獎項和認可。我們的電氣和緊固團隊最近獲得了白金認證，突顯了我們強大的支持和合作夥伴關係。我們的熱管理團隊因其前所未有的支持而獲得了超越卓越服務獎。我們的外殼團隊獲得了卓越運營和技術獎，以表彰他們創新、最先進的業務實踐和優質服務。這些認可證明了我們的 nVent 團隊每天為我們的客戶和合作夥伴服務的出色工作。

I now want to comment on the verticals that we serve. We continue to see broad-based growth, with all verticals growing more than 20% year-over-year. Industrial led the way with continued growth in automotive, food and beverage, and material handling. Infrastructure continued its strong growth, led by strength in data solutions and power utilities. Commercial and residential continued its trend of double-digit growth driven by North America and Europe. And finally, in energy, we continued to see a nice recovery, particularly in MRO. A driving factor in our strong results is our focus on higher-growth verticals around the electrification of everything, where we believe we are one of the best-positioned companies to grow with this megatrend. I will touch on these in more detail in a few minutes.

我現在想評論一下我們服務的垂直領域。我們繼續看到基礎廣泛的增長，所有垂直領域的年增長率都超過 20%。工業在汽車、食品和飲料以及材料處理領域的持續增長中處於領先地位。基礎設施在數據解決方案和電力公用事業領域的強勢帶動下繼續強勁增長。商業和住宅在北美和歐洲的帶動下繼續保持兩位數增長的趨勢。最後，在能源方面，我們繼續看到良好的複蘇，尤其是在 MRO 方面。我們取得強勁業績的一個驅動因素是我們專注於圍繞一切電氣化的更高增長的垂直領域，我們相信我們是在這一大趨勢下增長的最佳公司之一。我將在幾分鐘內更詳細地討論這些內容。

Looking at our geographical sales performance. We continue to see the strongest growth in North America, up over 30%. Europe was up low double digits, and developing regions grew low single digits. Looking ahead, we are raising our full year guidance, reflecting our strong start to the year.

看看我們的地域銷售業績。我們繼續看到北美最強勁的增長，增長超過 30%。歐洲增長了兩位數，發展中地區增長了個位數。展望未來，我們正在提高全年指引，以反映我們今年的強勁開局。

While our outlook is positive, we remain cautious given the impacts of the Russia-Ukraine conflict, COVID lockdowns in China and ongoing supply chain challenges. I'm very proud of our team and how we continue to perform and deliver outstanding results. I remain confident in our ability to manage through these challenges and deliver for our customers and shareholders.

儘管我們的前景樂觀，但鑑於俄羅斯-烏克蘭衝突的影響、中國的 COVID 封鎖和持續的供應鏈挑戰，我們仍然保持謹慎。我為我們的團隊以及我們如何繼續表現並取得出色的成績感到非常自豪。我仍然對我們應對這些挑戰並為我們的客戶和股東提供服務的能力充滿信心。

I will now turn the call over to Sara for some detail on our first quarter results and our updated outlook for 2022. Sara, please go ahead.

我現在將把電話轉給 Sara，了解我們第一季度業績和 2022 年最新展望的一些細節。Sara，請繼續。

Thank you, Beth. Let's begin on Slide 5 with our first quarter results. We are off to a strong start to the year. Sales of $695 million were up 27% relative to last year or an impressive 24% organically. We saw continued strong price realization, adding 11 points to the top line. Volumes were better than expected, adding 13 points to growth, while acquisitions added another 5 points. Sales growth was broad-based across segments and verticals.

謝謝你，貝絲。讓我們從幻燈片 5 開始，看看我們的第一季度業績。我們今年開局強勁。與去年相比，銷售額為 6.95 億美元，增長了 27%，有機增長了 24%。我們看到持續強勁的價格實現，使頂線增加了 11 個點。銷量好於預期，增加了 13 個百分點，而收購又增加了 5 個百分點。銷售增長在各個細分市場和垂直領域都有廣泛的基礎。

First quarter segment income was $110 million, up 13%, while return on sales of 15.9% was down 180 basis points, both better than expected. Recall, we forecasted Q1 year-over-year margin performance to be similar to the previous quarter, including a prior year corporate cost headwind.

第一季度分部收入為 1.1 億美元，增長 13%，而銷售回報率為 15.9%，下降 180 個基點，均好於預期。回想一下，我們預測第一季度的同比利潤率表現與上一季度相似，包括上一年的企業成本逆風。

Price nearly offset total inflation of $69 million in the quarter despite higher-than-expected material, logistics and energy costs. Q1 adjusted EPS was $0.50, up 16% and above the high end of our guidance range. Free cash flow was a usage of $3 million in the quarter, reflecting working capital investments due to robust demand.

儘管材料、物流和能源成本高於預期，但價格幾乎抵消了本季度 6900 萬美元的總通脹。第一季度調整後每股收益為 0.50 美元，增長 16%，高於我們指導範圍的高端。本季度自由現金流使用了 300 萬美元，反映了由於需求旺盛導致的營運資本投資。

Now please turn to Slide 6 for a discussion of our first quarter segment performance. Starting with Enclosures. Sales of $359 million increased 30% and 23% organically, with another quarter of strong contribution from both volume and price. Growth was broad-based across all verticals with particular strength in industrial. Geographically, all regions grew double digits year-over-year and led by North America. Acquisitions also continued to perform exceptionally well, adding 9 points to growth. CIS Global and Vynckier each grew more than 30% in the quarter, delivering outstanding growth and a testament to our high-growth vertical focus.

現在請轉到幻燈片 6，討論我們第一季度的分部業績。從外殼開始。 3.59 億美元的銷售額有機增長了 30% 和 23%，另外四分之一的強勁貢獻來自數量和價格。增長在所有垂直領域都有廣泛的基礎，尤其是在工業領域。從地理上看，所有地區都同比增長兩位數，並以北美為首。收購也繼續表現出色，增加了 9 個百分點。 CIS Global 和 Vynckier 在本季度均增長了 30% 以上，實現了出色的增長，並證明了我們的高增長垂直重點。

Enclosures' first quarter segment income was $50 million, up 3%. Return on sales improved sequentially to 14% while down 360 basis points year-over-year. There were several factors impacting return on sales. First, inflationary costs came in higher than we expected; second, we experienced inefficiencies in our operations due to significantly higher output amidst a challenging supply chain. In addition, we continued to invest in growth and capacity to position us well for the future. Partially offsetting these impacts was strong price realization of 11 percentage points. We believe our increased output and inventory are key to winning new business. Moving forward, we expect return on sales performance to continue to improve sequentially with better price/cost and improved productivity.

Enclosures 第一季度的部門收入為 5000 萬美元，增長 3%。銷售回報率環比提高至 14%，而同比下降 360 個基點。有幾個因素會影響銷售回報率。首先，通脹成本高於我們的預期；其次，由於在充滿挑戰的供應鏈中產量顯著增加，我們的運營效率低下。此外，我們繼續投資於增長和產能，為未來做好準備。部分抵消這些影響的是 11 個百分點的強勁價格實現。我們相信我們增加的產量和庫存是贏得新業務的關鍵。展望未來，我們預計銷售業績回報將隨著價格/成本的改善和生產力的提高而繼續提高。

Moving to Electrical & Fastening. Sales of $188 million increased an impressive 29% organically, with strengths across all verticals and double-digit growth in North America and Europe. Both pricing and volume contributed nicely to the top line, adding 19 and 10 points, respectively. As the electrification of everything accelerates, so does the growth trajectory of this business. For example, data centers and power utilities were up over 40% in the quarter.

轉向電氣和緊固。銷售額 1.88 億美元，有機增長了 29%，令人印象深刻，在所有垂直領域都有優勢，在北美和歐洲實現了兩位數的增長。定價和銷量都對收入做出了很好的貢獻，分別增加了 19 點和 10 點。隨著萬物電氣化的加速，該業務的增長軌跡也在加速。例如，數據中心和電力公司在本季度增長了 40% 以上。

Electrical & Fastening segment income was $47 million, up 20%. Return on sales was 25.1%, down 140 basis points relative to last year. This result was better than expected due to strong volume growth and price offsetting inflation.

電氣和緊固部門收入為 4700 萬美元，增長 20%。銷售回報率為 25.1%，較去年下降 140 個基點。由於強勁的銷量增長和價格抵消通脹，這一結果好於預期。

Lastly, Thermal Management grew 22% organically, with sales of $148 million driven by strength in industrial and infrastructure. High-margin industrial MRO growth was strong for the fourth consecutive quarter, up 46%. Geographically, North America and China were both up strong double digits. Orders and backlog grew double digits year-over-year, including longer cycle projects. Thermal Management segment income was up a tremendous 54%. Return on sales expanded 500 basis points to 21.9% driven by volume and positive mix contribution from industrial MRO.

最後，熱管理有機增長了 22%，銷售額為 1.48 億美元，這得益於工業和基礎設施的實力。高利潤工業 MRO 連續第四個季度強勁增長，增長 46%。從地理上看，北美和中國均增長了兩位數。訂單和積壓訂單同比增長兩位數，包括更長周期的項目。熱管理部門的收入增長了 54%。在銷量和工業 MRO 的積極組合貢獻的推動下，銷售回報率擴大了 500 個基點至 21.9%。

On Slide 7 titled Balance Sheet and Cash Flow, we ended the quarter with a cash balance of $51 million. We have an additional $446 million available on our revolver. We have a healthy balance sheet with ample capacity.

在標題為資產負債表和現金流量的幻燈片 7 上，我們以 5100 萬美元的現金餘額結束了本季度。我們的左輪手槍還有 4.46 億美元可用。我們擁有健康的資產負債表和充足的產能。

Turning to our capital allocation priorities on Slide 8. we exited Q1 with a net debt to adjusted EBITDA ratio of 2x at the low end of our target range of 2 to 2.5x. We believe our robust balance sheet and cash generation puts us in a great position to invest in growth and execute on our M&A strategy. We returned approximately $38 million to shareholders in the first quarter, including a competitive dividend and share repurchases. We expect to continue to deploy capital to drive growth and attractive returns for shareholders.

轉向幻燈片 8 上的資本配置優先事項。我們以 2 倍的淨債務與調整後的 EBITDA 比率退出第一季度，處於我們目標範圍 2 至 2.5 倍的低端。我們相信，我們穩健的資產負債表和現金產生使我們處於投資增長和執行併購戰略的有利位置。我們在第一季度向股東返還了大約 3800 萬美元，包括有競爭力的股息和股票回購。我們預計將繼續部署資本以推動增長並為股東帶來可觀的回報。

Moving to Slide 9 titled 2022 nVent Outlook. We are raising our full year guidance, reflecting our performance in the first quarter, along with strong orders and record backlog. We will continue to manage price/cost as inflation steps up. Our outlook now includes price contributing over 6% to full year sales growth. For the year, we still expect pricing plus productivity to offset inflation. We also expect supply chain challenges to persist, along with a greater overall macro uncertainty.

轉到標題為 2022 nVent Outlook 的幻燈片 9。我們正在提高我們的全年指導，以反映我們在第一季度的表現，以及強勁的訂單和創紀錄的積壓。隨著通貨膨脹的加劇，我們將繼續管理價格/成本。我們現在的展望包括價格對全年銷售增長的貢獻超過 6%。今年，我們仍然預計定價加上生產力可以抵消通脹。我們還預計供應鏈挑戰將持續存在，以及更大的整體宏觀不確定性。

We now expect organic sales to grow 11% to 13% versus our prior guidance of 6% to 9% and expect adjusted EPS to be in the range of $2.14 to $2.22 versus our original guidance of $2.10 to $2.20. This new guidance reflects earnings growth of 9% to 13% on top of the 31% EPS growth in 2021. And lastly, we expect another year of strong free cash flow performance with conversion of approximately 100%.

我們現在預計有機銷售額將增長 11% 至 13%，而我們之前的指導為 6% 至 9%，並且預計調整後的每股收益將在 2.14 美元至 2.22 美元的範圍內，而我們最初的指導為 2.10 美元至 2.20 美元。這一新指引反映了在 2021 年每股收益增長 31% 的基礎上，盈利增長 9% 至 13%。最後，我們預計自由現金流表現將再強勁一年，轉換率約為 100%。

Looking at our second quarter outlook on Slide 10. We expect organic sales to be up 12% to 14% and adjusted EPS to be between $0.52 and $0.54. At the midpoint, this reflects 6% earnings growth relative to last year.

看看我們對幻燈片 10 的第二季度展望。我們預計有機銷售額將增長 12% 至 14%，調整後的每股收益將在 0.52 美元至 0.54 美元之間。在中點，這反映了與去年相比 6% 的收益增長。

Wrapping up, I am pleased with our first quarter performance. We executed well to meet strong customer demand. We again demonstrated our ability to manage price/cost in this inflationary environment. Our acquisitions are growing faster than overall nVent. And importantly, we are investing in capacity and growth. With the successful first quarter, we believe we are set up for another great year.

最後，我對我們第一季度的表現感到滿意。我們執行得很好，以滿足強烈的客戶需求。我們再次展示了我們在這種通脹環境下管理價格/成本的能力。我們的收購增長速度快於整個 nVent。重要的是，我們正在投資於產能和增長。隨著第一季度的成功，我們相信我們已經為又一個偉大的一年做好了準備。

This concludes my remarks, and I will now turn the call back over to Beth.

我的發言到此結束，我現在將電話轉回給 Beth。

Thank you, Sara. Turning to Slide 11. Since we became a new company, we put a strategy in place that's been working, and we keep executing on the elements of this strategy. In particular, one element has been to expand in high-growth verticals that capitalize on the megatrend of the electrification of everything. We have added to our portfolio by launching new products, acquiring new businesses and partnering with technology companies.

謝謝你，薩拉。轉到幻燈片 11。自從我們成為一家新公司以來，我們制定了一項一直有效的戰略，並繼續執行該戰略的要素。特別是，其中一個要素是利用萬物電氣化的大趨勢在高增長的垂直領域進行擴張。我們通過推出新產品、收購新業務和與科技公司合作，增加了我們的產品組合。

Let me touch on a few of these high-growth verticals. Data solutions, which includes data centers, communication infrastructure and IT networking, has been a significant area of emphasis for us. It has grown double digits almost every year, and we expect the strong growth to continue. We have advanced our differentiated liquid cooling capabilities, launching many new innovative products. We have a dedicated commercial team focused on expanding our wins through hyperscale accounts, system integrators and distribution channels. We also have completed 2 acquisitions in this space, CIS Global and WBT, adding power distribution units and cable trays to further extend our offerings. We've achieved significant wins with marquee customers and believe we are well positioned for the future.

讓我談談其中一些高增長的垂直行業。數據解決方案，包括數據中心、通信基礎設施和 IT 網絡，一直是我們重點關注的領域。它幾乎每年都以兩位數的速度增長，我們預計強勁的增長將持續下去。我們提升了差異化的液體冷卻能力，推出了許多新的創新產品。我們有一個專門的商業團隊，專注於通過超大規模客戶、系統集成商和分銷渠道擴大我們的成功。我們還在這個領域完成了 2 項收購，即 CIS Global 和 WBT，增加了配電單元和電纜橋架，以進一步擴展我們的產品。我們已經在大客戶中取得了重大勝利，並相信我們為未來做好了準備。

With the move to more electrical infrastructure, our emphasis on power utilities and renewable energy continues to grow. We've expanded our commercial team and continue to launch more new products. The Vynckier acquisition provided us with a stronger nonmetallic enclosures portfolio, including a unique offering in solar. We see investments being made in infrastructure, which we expect to drive further demand for our products and solutions globally.

隨著轉向更多的電力基礎設施，我們對電力公用事業和可再生能源的重視繼續增長。我們擴大了我們的商業團隊，並繼續推出更多新產品。收購 Vynckier 為我們提供了更強大的非金屬外殼產品組合，包括獨特的太陽能產品。我們看到正在對基礎設施進行投資，我們預計這將推動全球對我們的產品和解決方案的進一步需求。

In commercial, we've always had a strong position. And as buildings become smarter and more electric, we believe there's even greater opportunity for our products. In Electrical & Fastening, where we focus on power and data infrastructure, we see the number of connections growing in a building, whether it is more data, solar power or EV charging stations. All of this requires more of our products.

在商業領域，我們一直處於強勢地位。隨著建築變得更加智能和電氣化，我們相信我們的產品會有更大的機會。在電氣和緊固領域，我們專注於電力和數據基礎設施，我們看到建築物中的連接數量不斷增長，無論是更多的數據、太陽能還是電動汽車充電站。所有這些都需要我們更多的產品。

We've been a leader in developing labor-saving solutions that are faster, easier and safer to install. As we continue to see labor shortages, our portfolio provides outsized value, allowing contractors to save time on the job site. We believe we're well positioned in this vertical and continue to innovate and increase our offerings.

在開發安裝更快、更容易、更安全的省力解決方案方面，我們一直處於領先地位。隨著我們繼續看到勞動力短缺，我們的產品組合提供了巨大的價值，使承包商能夠節省工作現場的時間。我們相信我們在這個垂直領域處於有利地位，並將繼續創新並增加我們的產品。

Finally, another example is industrial automation where we have a strong portfolio, particularly with enclosures. Our Eldon acquisition expanded our global presence even further with an IEC offering. We've been setting up lines in our factories around the world to be able to manufacture this portfolio globally. This allows us to support global OEMs who specify our solution globally, yet want to be served locally.

最後，另一個例子是工業自動化，我們擁有強大的產品組合，尤其是外殼。我們收購 Eldon 通過提供 IEC 產品進一步擴大了我們的全球影響力。我們一直在世界各地的工廠建立生產線，以便能夠在全球範圍內生產這種產品組合。這使我們能夠支持在全球範圍內指定我們的解決方案但又希望在本地獲得服務的全球 OEM。

We've also been investing in new products and digital capabilities to be able to configure and build products with velocity. Our growth in our Enclosures portfolio over the last year is a result of many of these investments.

我們還一直在投資新產品和數字功能，以便能夠快速配置和構建產品。去年，我們在外殼產品組合中的增長是其中許多投資的結果。

As we see more IoT solutions and more automation, all the electronics need to be protected from the environment, for safety and for security reasons. This means more and more enclosures will be required. And with our breadth and capability to meet almost any specification, we believe we are well positioned to grow.

隨著我們看到更多的物聯網解決方案和更多的自動化，出於安全和安保原因，所有電子設備都需要保護免受環境影響。這意味著將需要越來越多的外殼。憑藉我們滿足幾乎任何規格的廣度和能力，我們相信我們已經做好了發展的準備。

These high-growth verticals have become a more significant portion of our nVent sales, accelerating our growth trajectory. We believe we're well positioned with the electrification of everything secular trends.

這些高增長的垂直領域已成為我們 nVent 銷售的更重要部分，加速了我們的增長軌跡。我們相信我們在一切長期趨勢的電氣化方面處於有利地位。

Wrapping up on Slide 12, we're off to a strong start. The momentum has continued from last year, and we are executing well in a challenging environment. I'm very proud of our team and our ability to scenario plan, respond and execute. We expect double-digit sales and EPS growth for the year, and we believe we are positioned well for this year and beyond. Our future is bright.

結束幻燈片 12，我們有了一個良好的開端。這一勢頭從去年開始延續，我們在充滿挑戰的環境中表現良好。我為我們的團隊以及我們的情景規劃、響應和執行能力感到非常自豪。我們預計今年的銷售額和每股收益將實現兩位數增長，我們相信我們今年及以後的定位都很好。我們的未來是光明的。

With that, I will now turn the call over to the operator to start Q&A.

有了這個，我現在將把電話轉給接線員開始問答。

(Operator Instructions) Your first question comes from the line of Julian Mitchell.

（操作員說明）您的第一個問題來自 Julian Mitchell。

Maybe notable the strong volume growth, but perhaps starting off with price and inflation. So you talked about $63 million of price in Q1, and I think $69 million of inflation on the cost side. What's dialed in for those numbers in your sort of Q2 guidance? And then how do you see them in the back half?

也許值得注意的是強勁的銷量增長，但也許是從價格和通貨膨脹開始的。所以你談到第一季度的價格為 6300 萬美元，我認為成本方面的通貨膨脹為 6900 萬美元。在您的 Q2 指南中，這些數字是怎麼撥入的？然後你怎麼看他們在後半區？

Yes. So a couple of things. So from a full year perspective, we came into the year thinking prices was going to be in that 4% to 5% range. And now we're saying that, that's going to be greater than that 6%. That incorporates what we did in Q2. And importantly, what we'll need to keep pace with from a price/cost perspective. So we would expect, just from a year-over-year perspective in Q2, for that price -- those price increases to fold in. I think I would just call out, keep in mind, from a year-over-year perspective, we did see considerable step-up in price last year in Q2. So we were roughly at a point of price in Q1, and we saw 5 to 6 points here in Q2. So that's going to impact that year-over-year perspective.

是的。所以有幾件事。因此，從全年的角度來看，我們進入這一年時認為價格將在 4% 到 5% 的範圍內。現在我們要說的是，這將大於 6%。這包含了我們在第二季度所做的事情。重要的是，我們需要從價格/成本的角度跟上步伐。因此，我們預計，僅從第二季度的同比角度來看，該價格 - 價格上漲將折疊起來。我想我只想從同比的角度來看，請記住，去年第二季度，我們確實看到了價格大幅上漲。所以我們在第一季度大致處於一個價格點，我們在第二季度看到了 5 到 6 個點。因此，這將影響同比增長的觀點。

From an inflation perspective, while we expect kind of the higher inflation to stick, we did see sort of an outsized impact here in Q1 from a year-over-year perspective because of the very favorable metal locks of a year ago. So I think a nice way to maybe wrap this up, Julian, is that we expect that price/cost equation to improve in Q2 and through the back half of the year. And that's going to be one of the driving factors of the overall ROS margin performance improvement that we expect going into Q2 as well as into the back half.

從通脹的角度來看，雖然我們預計較高的通脹會持續下去，但由於一年前非常有利的金屬鎖，我們確實在第一季度看到了與去年同期相比的巨大影響。因此，朱利安，我認為一個很好的總結方式是，我們預計價格/成本等式將在第二季度和下半年有所改善。這將成為我們預計在第二季度和後半期整體 ROS 利潤率表現改善的驅動因素之一。

And then maybe looking at it sort of from a segment standpoint, I think your ROS for Q2 is implied at around 17%. So it's up maybe 100 bps sequentially or so or flattish revenue sequentially. Anything to call out there by segment? And I suppose people are particularly interested in that Thermal business and the sort of sustainability of the very strong Q1 margin.

然後也許從細分的角度來看，我認為第二季度的 ROS 隱含在 17% 左右。因此，它可能會連續上漲 100 個基點左右，或者連續收入持平。有什麼可以按段調用的嗎？我想人們對熱能業務以及第一季度非常強勁的利潤率的可持續性特別感興趣。

Yes. So a couple of things to point out there would be, one, from an nVent perspective, we have less of a year-over-year corporate cost headwind that was sort of outsized in Q1. And then if you look at that margin sequentially from a ROS performance standpoint, we would expect Enclosures ROS to improve really largely on a better price/cost position as well as just better leverage on some of these investments on growth and capacity that we're making. So we would expect that ROS year-over-year to improve.

是的。因此，有幾點需要指出，一是從 nVent 的角度來看，我們在第一季度面臨的企業成本逆風比去年同期有所減少。然後，如果您從 ROS 性能的角度依次查看該利潤率，我們預計 Enclosures ROS 將在很大程度上改善價格/成本地位，以及更好地利用其中一些投資對增長和容量的影響。製造。因此，我們預計 ROS 會逐年改善。

From a Thermal Management perspective, we still expect great ROS expansion in the quarter, just not to the magnitude of Q1, and that's largely because that's when we begin to lap that industrial MRO recovery of a year ago that really began in earnest there in Q2.

從熱管理的角度來看，我們仍然預計本季度的 ROS 會有很大的擴張，只是不會達到第一季度的規模，這主要是因為我們開始追隨一年前真正開始於第二季度的工業 MRO 復甦.

From an EFS perspective, we still expect nice year-over-year income growth. But just by way of the inflation being at elevated levels, even as that team prices that off from a price/cost perspective, we're still seeing that in the overall ROS performance.

從 EFS 的角度來看，我們仍然預計收入同比增長良好。但是，僅僅通過通貨膨脹處於較高水平，即使該團隊從價格/成本的角度對其進行定價，我們仍然在整體 ROS 表現中看到了這一點。

Your next question comes from the line of Joe Ritchie.

您的下一個問題來自 Joe Ritchie。

So congrats for the nice start to the year. It's interesting, your organic growth rate this quarter was really good, and you're expected to be kind of above the guidance range for the year in 2Q as well. And so I guess I'm just kind of trying to think about that full year number and whether you're just maybe dialing in some conservatism today, just based on how fluid the backdrop is. Any thoughts around that would be helpful.

所以恭喜今年的美好開端。有趣的是，您本季度的有機增長率非常好，並且預計您在第二季度也將高於全年的指導範圍。所以我想我只是想考慮一下全年的數字，以及你今天是否只是在考慮一些保守主義，這只是基於背景的流動性。任何想法都會有所幫助。

I think we're very pleased with how we've been -- the orders growth and the momentum that we've had. And I think as we look at the full year, a couple of things. One, remember, we started to see tremendous growth as we got into Q2 of last year through Q3 and Q4. So then we start to lap that, so to speak. And second, I think we're just pointing to the fact that there still are a lot of uncertainties out there in the environment. And we've been doing well in being able to respond, but not everything is within our control. So that's just part of the thinking into our guide.

我認為我們對我們的表現感到非常滿意——訂單增長和我們所擁有的勢頭。我認為當我們回顧全年時，有幾件事。一，請記住，當我們進入去年第二季度到第三季度和第四季度時，我們開始看到巨大的增長。那麼我們開始討論這個問題，可以這麼說。其次，我認為我們只是指出了一個事實，即環境中仍然存在很多不確定性。我們在能夠做出回應方面做得很好，但並非一切都在我們的控制範圍內。所以這只是我們指南的一部分思考。

And Beth, maybe can you maybe comment on some of the uncertainties, specifically China, that's clearly been evolving since the end of the quarter? Just your exposures there and the how your business is operating there. Any color there would be helpful.

貝絲，也許你能評論一下一些不確定性，特別是中國，這些不確定性自本季度末以來一直在變化？只是您在那裡的風險敞口以及您的業務在那裡的運營方式。那裡的任何顏色都會有幫助。

Okay. So again, for us, China is not a significant portion of the overall nVent revenue. We don't have any manufacturing in Shanghai where there are lockdowns, but we do have manufacturing across the country. Like, many others, we've had employees, had to lock down our salespeople. And we've certainly seen some slowness, I'd say, overall in APAC on some of the orders from where we were in Q1. And it's hard to predict how those lockdowns are going to occur across the country.

好的。同樣，對我們而言，中國在 nVent 整體收入中所佔的比重並不大。我們在封城的上海沒有任何製造業，但我們在全國各地都有製造業。就像，許多其他人一樣，我們有員工，不得不鎖定我們的銷售人員。我會說，在亞太地區，我們在第一季度的一些訂單上確實看到了一些緩慢。而且很難預測這些封鎖將如何在全國范圍內發生。

I would say at this point, we're managing that well. And so we just -- we'll just have to be able to respond because I think it does create supply chain -- greater supply chain disruptions for many companies. But overall, I think our guide for Q2 just reflects the position that -- where we think we are today.

我想說，在這一點上，我們管理得很好。所以我們只是——我們必須能夠做出回應，因為我認為它確實會創造供應鏈——對許多公司來說，供應鏈中斷更大。但總的來說，我認為我們的第二季度指南只是反映了我們今天認為的立場。

Okay. Great. If I could sneak one more in just on the back of Julian's question on price/cost. It seems like the Enclosures business is the area where you're probably feeling some of the most pressure, but you still put through 11 points of price this quarter. I guess maybe just talk through some of the dynamics there. Is Enclosures going to be price/cost positive as well as the year progresses?

好的。偉大的。如果我能在朱利安關於價格/成本的問題的背後再偷偷摸摸的話。外殼業務似乎是您可能感到壓力最大的領域，但本季度您仍然承受了 11 個點的價格。我想也許只是談談那裡的一些動態。外殼的價格/成本是否會隨著時間的推移而增加？

The quick answer to that is yes. We expect that to be price/cost positive. So it's just a matter of timing from an Enclosures standpoint. I think the other thing to keep in mind, too, just by way of how that Enclosures P&L looks, maybe a little bit different than the other 2 is we do have a much higher labor as a percentage of sales, higher freight as a percentage of sales. So that cost tends to come in quicker, if you will, overall to the P&L. But look, we've got a lot of confidence that we're going to continue to see that ROS improve. We did from Q4 to Q1, 13% to 14%. And we expect it to continue to improve here into Q2 and the back half, largely on that price/cost equation, but also underlying productivity that the team is driving as well.

對此的快速回答是肯定的。我們預計這對價格/成本是有利的。因此，從 Enclosures 的角度來看，這只是時間問題。我認為還有一件事要記住，就外殼損益表的外觀而言，可能與其他兩個有點不同的是，我們確實有更高的勞動力佔銷售額的百分比，更高的運費百分比的銷售額。因此，如果您願意，總體而言，該成本往往會更快地進入損益表。但是看，我們有很大的信心，我們將繼續看到 ROS 的改進。我們從第四季度到第一季度做了 13% 到 14%。我們預計它會在第二季度和下半年繼續改善，主要是基於價格/成本等式，而且團隊也在推動潛在的生產力。

Your next question comes from the line of Nigel Coe.

您的下一個問題來自 Nigel Coe。

So I wanted to circle back to Thermal. You mentioned, I think, industrial MRO up 46%. If I'm not mistaken, you were down 40%, 45% in the prior quarter. And I know 2021 is -- in whole year, all the [puts] went down. So just given the math, it suggests that we're still running double-digit percentage below 2019 levels. Is that correct? And any reason why we shouldn't get back to peak-ish levels there?

所以我想回到Thermal。你提到，我認為，工業 MRO 增長了 46%。如果我沒記錯的話，你在上一季度下降了 40% 和 45%。而且我知道 2021 年是——全年，所有的 [看跌期權] 都下跌了。因此，僅考慮數學，它表明我們的百分比仍然低於 2019 年的水平。那是對的嗎？以及為什麼我們不應該回到那裡的峰值水平？

Well, here's what I would say that, that industrial MRO recovery began really in Q1 of a year ago by way of orders, right, but not yet sales. And then we did begin to see that industrial MRO recover by way of some strong double-digit sales growth in Q2 of the last year. I would say that we still see further runway to get to that 2019 level from industrial MRO's standpoint. And that's reflected in the growth profile, right, that's got to continue to improve, just both from a sales trajectory perspective and as well as from an MRO -- or as well as from an ROS expansion standpoint. And that's typically what we have seen in past cycles is that it takes a couple of years for that MRO to fully recover. So we're in the midst of that improvement, if you like, sequential improvement, and we've seen it now for 4 quarters.

好吧，這就是我要說的，工業 MRO 的複蘇實際上是在一年前的第一季度通過訂單開始的，對，但還沒有銷售。然後我們確實開始看到工業 MRO 通過去年第二季度強勁的兩位數銷售增長而復蘇。我想說，從工業 MRO 的角度來看，我們仍然看到達到 2019 年水平的進一步發展。這反映在增長概況中，對，這必須繼續改善，無論是從銷售軌蹟的角度還是從 MRO 的角度 - 或者從 ROS 擴展的角度來看。這通常是我們在過去的周期中看到的，即 MRO 需要幾年時間才能完全恢復。因此，如果您願意，我們正處於這種改進之中，連續改進，我們現在已經看到了 4 個季度。

Right, right. That makes sense. And then Russia. I think you've got a chunky exposure in Thermal to Russia. I was just wondering how that's swinging your guides in the back half of the year.

是的是的。那講得通。然後是俄羅斯。我認為你對俄羅斯的熱度有很大的了解。我只是想知道這在今年下半年是如何影響你的導遊的。

Well, for overall nVent, our sales in Russia are less than 2%, and you are correct in that it is weighted more towards our Thermal business. And our position there is that we're -- we suspended any new business activities in Russia. And so we are just supporting and completing existing business. And the position we have there is fully reflected in our guide.

嗯，就整體 nVent 而言，我們在俄羅斯的銷售額不到 2%，您說得對，因為它更側重於我們的熱業務。我們的立場是——我們暫停了在俄羅斯的任何新商業活動。所以我們只是支持和完成現有的業務。我們在那裡的立場在我們的指南中得到了充分體現。

Okay. Great. And then just a quick one. You called out auto...

好的。偉大的。然後只是一個快速的。你叫了自動...

Mr. Coe has disconnected. May we proceed with the next question?

科先生已斷開連接。我們可以繼續下一個問題嗎？

Okay.

好的。

Your next question comes from the line of Deane Dray.

您的下一個問題來自 Deane Dray。

I really like that electrification of everything slide. That's a good road map for you. So nicely put together.

我真的很喜歡所有幻燈片的電氣化。這對你來說是一個很好的路線圖。組合得這麼好。

Thank you.

謝謝你。

My question is, can you quantify the supply chain impact in terms of any missed sales? You -- clearly, you've got the demand, but were you not able to ship any products, and can you quantify that?

我的問題是，你能根據任何錯過的銷售來量化供應鏈的影響嗎？你——很明顯，你有需求，但你不能運送任何產品，你能量化嗎？

Well, I would say, Deane, it's hard to say with the strong growth, right, that we didn't have good sales output, but it's still important to point out, right, that we're building backlog, right? So as we continue to deliver for our customers, orders keep coming in, right? And so I do think that -- I think it's less about -- we think about kind of lost sales, if you will, in the quarter. I think what it does is it continues to give us great backlog, great order trends and visibility as we step into Q2 here.

好吧，我想說，迪恩，很難說強勁的增長，對，我們沒有很好的銷售產出，但仍然重要的是要指出，對，我們正在積壓，對吧？因此，隨著我們繼續為客戶提供服務，訂單不斷湧入，對嗎？所以我確實認為 - 我認為這不是關於 - 我們考慮的是本季度的銷售損失，如果你願意的話。我認為它的作用是在我們進入第二季度時繼續為我們提供大量積壓、良好的訂單趨勢和可見性。

Got it. And I'm not sure if you had commented on this, but how has April started?

知道了。我不確定你是否對此發表了評論，但四月是如何開始的？

Yes. So April, I think we commented upon this a bit, but I'll give a bit more color here. So we continue to see April orders and sales up double digits. And when we look at it from a segment perspective, Enclosures and EFS lead on both those fronts. From a geographical standpoint, consistent with what we saw in the Q1, I mean, North America continues to really lead from a growth perspective. Europe, we continue to see some growth. APAC is where we see a bit of that easing, if you will, and largely reflecting the China lockdowns that Beth referred to earlier.

是的。因此，April，我想我們對此進行了一些評論，但我會在這裡提供更多的色彩。因此，我們繼續看到 4 月份的訂單和銷售額增長兩位數。從細分市場的角度來看，Enclosures 和 EFS 在這兩個方面都處於領先地位。從地理角度來看，與我們在第一季度看到的情況一致，我的意思是，從增長的角度來看，北美繼續真正處於領先地位。歐洲，我們繼續看到一些增長。如果你願意的話，我們在亞太地區看到了一些放鬆，並且很大程度上反映了貝絲之前提到的中國封鎖。

That's real helpful. And just last one. Any comment about inventory in the channel with distributors?

這真的很有幫助。最後一個。對分銷商的渠道庫存有何評論？

Yes. We've talked to our key distribution partners. And what we've seen for our products is that the sellout is more or less matching the sell-in. So the perspective that we get is that we're in balance. So we're keeping up with that strong pull in demand that they're having from their flow-through of sales.

是的。我們已經與我們的主要分銷合作夥伴進行了交談。我們看到我們的產品售罄或多或少與售罄相匹配。所以我們得到的觀點是我們處於平衡狀態。因此，我們正在跟上他們從銷售流中獲得的強勁需求。

(Operator Instructions) Your next question comes from the line of Jeff Hammond.

（操作員說明）您的下一個問題來自 Jeff Hammond。

I also like the Slide 11, Beth. That's a lot of good detail. I'm just wondering if you can frame either collectively or individually, like, how you would size those markets within your business.

我也喜歡幻燈片 11，貝絲。這是很多很好的細節。我只是想知道您是否可以集體或單獨制定框架，例如，您將如何在您的業務中確定這些市場的規模。

We haven't given you the full perspective on all of that. But I would just share with you that we have, for example, with data solutions shown to you that, that used to be less than $100 million of our portfolio, now mid-200s, and we're growing that at double digits. So that just gives you a sense of that trajectory.

我們還沒有為您提供所有這些的完整觀點。但我只想與您分享我們擁有的數據解決方案，例如，向您展示的數據解決方案過去在我們的投資組合中不到 1 億美元，現在是 200 年代中期，而且我們正以兩位數的速度增長。所以這只是讓你對那個軌蹟有一個感覺。

When you look at our commercial portfolio, and we spoke to smarter buildings, but commercial has been around 20-some percent of the overall nVent portfolio. And the others are more or less subsets, right, of what we look at in overall industrial. So we haven't really given you all that perspective yet, but I just want to say these areas are just growing faster when we look at our -- an overall vertical view of our business.

當您查看我們的商業產品組合時，我們談到了更智能的建築，但商業產品已佔整個 nVent 產品組合的 20% 左右。其他的或多或少是我們在整個工業中看到的東西的子集。所以我們還沒有真正給你所有的觀點，但我只想說，當我們審視我們的業務時，這些領域的增長速度更快。

Okay. Great. And then certainly, oil and gas pricing is moving up. I'm just wondering what you're seeing from an MRO and project quoting and order activity. Any kind of incremental inflection around renewed focus on oil and gas?

好的。偉大的。然後可以肯定的是，石油和天然氣價格正在上漲。我只是想知道您從 MRO 以及項目報價和訂單活動中看到了什麼。圍繞重新關注石油和天然氣的任何形式的增量變化？

We have seen our orders and our quotations pick up, and that's been a steady increase. Certainly, the MRO activity has been very strong, as we've pointed out. So one of the things we -- that we see is that everyone is looking for energy security or energy independence, if you like. And so we do expect that there are going to be continued investments, and we're well positioned to respond to any global investments that are made. So we think that we're in an upturn here in terms of energy.

我們已經看到我們的訂單和報價回升，而且一直在穩步增長。當然，正如我們所指出的，MRO 活動非常活躍。所以我們看到的一件事是每個人都在尋求能源安全或能源獨立，如果你願意的話。因此，我們確實預計會有持續的投資，並且我們已經做好了應對任何全球投資的準備。所以我們認為我們在能源方面處於好轉狀態。

Okay. Great. And then just if I could sneak one more in. Just any -- like what do you need to see or what do you need for things to happen in terms of productivity starting to get better, either less negative or moving back positive?

好的。偉大的。然後，如果我可以再偷偷溜進去。隨便什麼——比如你需要看到什麼，或者你需要什麼才能讓事情發生在生產力開始變得更好，或者減少消極或恢復積極方面？

Well, I would say it this way, Jeff, is in our full year guide, we really didn't reflect meaningful improvement from a supply chain efficiency perspective because -- so we're not counting on that in our overall guide. So if somehow that gets miraculously better in quick return, that should help. But we think we have it baked in with some of the current challenges that we see here today. And whether that be just a continued tight labor market -- so the teams are doing a tremendous job to increase output, service the customer, but we're working a lot of overtime. And as we bring in new people, it takes time to train them, and we're not as efficient initially.

好吧，傑夫，我會這樣說，在我們的全年指南中，從供應鏈效率的角度來看，我們確實沒有反映有意義的改進，因為 - 所以我們在我們的整體指南中並不指望這一點。因此，如果以某種方式在快速返回中奇蹟般地變得更好，那應該會有所幫助。但我們認為我們已經融入了我們今天在這裡看到的一些當前挑戰。以及這是否只是一個持續緊張的勞動力市場——所以團隊在增加產量、為客戶服務方面做了大量工作，但我們正在加班很多。當我們引進新人時，培訓他們需要時間，而且我們最初的效率並不高。

Material availability, I think that's becoming less of an issue, but still an issue in pockets, and it just adds to more of a choppy SIOP process, if you will. So I think the key point here is that we're not counting on that supply chain to get meaningfully better in our overall guide.

材料可用性，我認為這不再是一個問題，但仍然是口袋裡的一個問題，如果你願意的話，它只會增加更多波濤洶湧的 SIOP 過程。所以我認為這裡的關鍵點是我們不指望供應鏈在我們的整體指南中變得有意義。

And your next question comes from the line of Nigel Coe.

您的下一個問題來自 Nigel Coe。

Just a quick one on auto. You called it out as an area of strength within your industrial vertical. And it's -- it piqued my interest because it's not something you talk about a lot. So I'm assuming this is EV project and maybe just talk about that and remind us how big auto is by nVent.

只是一個快速的汽車。您將其稱為工業垂直領域的優勢領域。它——它激起了我的興趣，因為它不是你經常談論的東西。所以我假設這是電動汽車項目，也許只是談論這個並提醒我們 nVent 的汽車有多大。

Well, yes. What we're seeing are investments. Remember, where we play is -- we're not on the automobile. We are actually in the factories and in the operations. And so as you start to see line changeovers to electric vehicles, as you start to see some of the automation that's going in, all of that is growth that we're seeing in our Enclosures portfolio.

嗯，是。我們看到的是投資。請記住，我們玩的地方是——我們不在汽車上。我們實際上在工廠和運營中。因此，當您開始看到電動汽車的生產線轉換時，當您開始看到一些正在發生的自動化時，所有這些都是我們在外殼產品組合中看到的增長。

(Operator Instructions) And we have no further questions at this time. I would now like to turn the call over back to our presenters for closing remarks.

（操作員說明）我們目前沒有其他問題。我現在想將電話轉回給我們的演示者進行結束髮言。

Thank you for joining us today. We're very proud of the outstanding performance we delivered in the first quarter. We will continue to focus on delivering for our customers and shareholders by executing on our growth strategy. We will continue to make nVent a great place to work for our employees, and we believe nVent is a top-tier high-performance electrical company, well positioned for the electrification of everything. Thanks again for joining us. This concludes the call.

感謝您今天加入我們。我們為第一季度的出色表現感到非常自豪。通過執行我們的增長戰略，我們將繼續專注於為我們的客戶和股東提供服務。我們將繼續讓 nVent 成為我們員工工作的好地方，我們相信 nVent 是一家頂級的高性能電氣公司，為一切電氣化做好準備。再次感謝您加入我們。這結束了通話。

And this concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。