2023-03-08 14:39:04 ET
Nvent Electric ( NYSE: NVT ) on Wednesday rose as much as 1.3% to touch a 52-week high of $46.66 a share.
The maker of electrical equipment and building supplies in the past month has traded within a narrow range since its last earnings report.
Its stock jumped more than 7% on February 7, when Nvent ( NVT ) reported Q4 revenue and profit that beat analyst estimates.
Adjusted EPS of $0.66 was better than the consensus estimate of $0.58. Revenue grew 11% from a year earlier to $741.6 million during the quarter, beating the average estimate of $713.2 million.
Nvent ( NVT ) forecast sales growth of 3% to 5% for 2023, or 4% to 6% for organic sales growth that adjusts for foreign exchange.
Management said the company is poised to benefit from the growth in electrification as the federal government spends on infrastructure and provides incentives to buy energy-efficient equipment.
“Looking at the macro trends, we expect electrification, sustainability and digitalization to continue to accelerate,” Beth Wozniak, CEO of Nvent ( NVT ), said in a conference call with analysts. “We anticipate the investments from the infrastructure bill and Inflation Reduction Act will drive demand for our products and solutions.”
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Nvent Electric touches 52-week high amid outlook for electrification