nVent Electric PLC (NYSE:NVT) Q1 2023 Earnings Conference Call April 28, 2023 9:00 AM ET
Company Participants
Tony Riter - VP, IR
Beth Wozniak - CEO & Director
Sara Zawoyski - EVP & CFO
Conference Call Participants
Julian Mitchell - Barclays Bank
Deane Dray - RBC Capital Markets
Joseph Ritchie - Goldman Sachs Group
Jeffrey Sprague - Vertical Research Partners
Jeffrey Hammond - KeyBanc Capital Markets
Scott Graham - Loop Capital Markets
Nigel Coe - Wolfe Research
Operator
Good morning, everyone, and welcome to the nVent Electric First Quarter 2023 Earnings Conference Call. [Operator Instructions].
And at this time, I'd like to turn the floor over to Tony Riter, Vice President of Investor Relations. Sir, please go ahead.
Tony Riter
Thank you, and welcome to nVent's First Quarter 2023 Earnings Call. On the call with me are Beth Wozniak, our Chief Executive Officer; and Sara Zawoyski, our Chief Financial Officer. They will provide details on our first quarter performance, provide an outlook for the second quarter and an update to our full year 2023 outlook.
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. Today's webcast is accompanied by a presentation, which you can find in the Investors section of nVent's website. References to non-GAAP financials are reconciled to the appendix of the presentation. We'll have time for questions after our prepared remarks.
With that, please turn to Slide 3, and I will now turn the call over to Beth.
Beth Wozniak
Thank you, Tony, and good morning, everyone. It's great to be with you today to share our first quarter results. We had a strong start to the year. We continue to advance our strategy with our focus on high-growth verticals, new products and geographic expansion. We delivered record first quarter sales, growing 7% with adjusted EPS up 34%. We had impressive year-over-year margin expansion and robust free cash flow.
Our Enclosures and Electrical & Fastening segment sales grew double digits with the trends in the Electrification of Everything. In addition, we're excited to expand our connect and protect portfolio with the announcement to acquire ECM Industries. Overall, we are pleased with the strong start to the year and are raising our full year sales and adjusted EPS guidance.