Vowing to bounce back from the pandemic effects of 2020, nVent Electric posted a 42% increase in fourth-quarter net income, boosted by two acquisitions last year.
The company, which is headquartered in London but managed from St. Louis Park, makes electrical connections and enclosures that connect and protect sensitive and valuable electronics and equipment.
"We executed well on our strategy," said Beth Wozniak, nVent's chief executive officer, in a news release. "We completed two acquisitions, Vynckier and CIS Global, launched 58 new products and continued to accelerate our digital transformation."
For the quarter, nVent earned $67 million, or 39 cents a share; revenue increased 28% to $669 million over the same period a year ago.
Adjusted earnings per share were 50 cents, 2 cents above estimates.
Revenue in 2020 decreased 9.3% and did not top $2 billion, and nVent lost money for the first time since spinning out from Pentair in 2018.
"We had a goal to emerge stronger and our results demonstrate we have," despite the supply chain and inflationary challenges of 2021, Wozniak told analysts on the company's earnings call.
For the year, nVent made $272.9 million; it lost $47.2 million in 2020. Sales increased 23% to $2.5 billion.
