格隆汇7月30日｜Vertiv Holdings：公司Q2净销售额26.38亿美元，同比增长35%，并上调2025年全年营 收预期。 ...

Second Quarter 2025 Financial Results [Financial and Operational Highlights](index=1&type=section&id=Financial_and_Operational_Highlights) Vertiv's Q2 2025 net sales rose 35% to $2.64 billion, driven by 15% organic order growth and a record $8.5 billion backlog Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $2.64 billion | $1.95 billion | +35% | | Operating Profit | $442 million | $336 million | +32% | | Adjusted Operating Profit | $489 million | $382 million | +28% | | Diluted EPS | $0.83 | $0.46 | +80% | | Adjusted Diluted EPS | $0.95 | $0.67 | +42% | - **Order Growth:** Organic orders increased **~15%** year-over-year and **~11%** sequentially from Q1 2025, indicating sustained market demand[2](index=2&type=chunk)[5](index=5&type=chunk) - **Backlog and Book-to-Bill:** The order backlog strengthened to **$8.5 billion**, with a robust book-to-bill ratio of approximately **1.2x** for the quarter[2](index=2&type=chunk)[5](index=5&type=chunk) - **Margin Headwinds:** Adjusted operating margin was impacted by ongoing tariffs, higher-than-expected supply chain and manufacturing transition costs, and operational inefficiencies from rapid growth. The company has action plans to materially resolve these issues by year-end[3](index=3&type=chunk)[4](index=4&type=chunk) - Given the strong performance and positive outlook, the company raised its full-year 2025 guidance for adjusted diluted EPS, net sales, adjusted operating profit, and adjusted free cash flow[4](index=4&type=chunk)[5](index=5&type=chunk) [Financial Condition and Liquidity](index=2&type=section&id=Financial_Condition_and_Liquidity) Vertiv's Q2 2025 adjusted free cash flow was $277 million, with strong liquidity of $2.5 billion and a low 0.6x net leverage ratio, supporting strategic growth - Net cash from operating activities was **$323 million**, and adjusted free cash flow was **$277 million**. The YoY decrease of **~$59 million** was mainly due to working capital investments for growth, partially offset by higher adjusted operating profit[6](index=6&type=chunk) - The company maintains a strong financial position with **$2.5 billion** in liquidity and a net leverage of approximately **0.6x** at the end of Q2 2025[7](index=7&type=chunk) - Capital expenditures are expected to be in the range of **$250 - $300 million** for the full year to support strong industry demand[7](index=7&type=chunk) - The company announced an agreement to acquire Great Lakes Data Racks & Cabinets to strengthen its position in high-density white space solutions[7](index=7&type=chunk) [Business Outlook](index=2&type=section&id=Business_Outlook) Vertiv raised its full-year 2025 guidance for sales, profit, and EPS, projecting 24% organic sales growth, while adjusting operating margin guidance to 20.0% due to growth investments Updated 2025 Guidance | Metric | Third Quarter 2025 Guidance | Full Year 2025 Guidance | | :--- | :--- | :--- | | Net Sales | $2.51 billion - $2.59 billion | $9.93 billion - $10.08 billion | | Organic Net Sales Growth | 20% - 24% | 23% - 25% | | Adjusted Operating Profit | $490 million - $530 million | $1.95 billion - $2.03 billion | | Adjusted Operating Margin | 19.75% - 20.25% | 19.7% - 20.3% | | Adjusted Diluted EPS | $0.94 - $1.00 | $3.75 - $3.85 | | Adjusted Free Cash Flow | N/A | $1.38 billion - $1.43 billion | - **Guidance Increase:** Raised full-year guidance for organic sales growth (from **18% to 24%**), adjusted operating profit (from **$1.94 billion to $1.99 billion**), adjusted diluted EPS (from **$3.55 to $3.80**), and adjusted free cash flow (from **$1.3 billion to $1.4 billion**)[9](index=9&type=chunk) - **Margin Adjustment:** Lowered full-year adjusted operating margin guidance (from **20.5% to 20.0%**) due to accelerated investments in R&D and manufacturing capacity, as well as temporary cost pressures[9](index=9&type=chunk) - **Long-Term Target:** The company anticipates meeting its long-term adjusted operating margin target of **25% by 2029**[9](index=9&type=chunk) [Consolidated Financial Statements (Unaudited)](index=9&type=section&id=Consolidated_Financial_Statements_Unaudited) This section presents the unaudited condensed consolidated financial statements as of June 30, 2025, including Statements of Earnings, Balance Sheets, and Cash Flows [Condensed Consolidated Statements of Earnings](index=9&type=section&id=Condensed_Consolidated_Statements_of_Earnings) Q2 2025 net sales grew 35.1% to $2.64 billion, with operating profit up 31.7% to $442.4 million and diluted EPS rising to $0.83 Q2 2025 Statement of Earnings Highlights | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | YTD 2025 (in millions) | YTD 2024 (in millions) | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $2,638.1 | $1,952.8 | $4,674.1 | $3,591.9 | | Operating Profit | $442.4 | $336.0 | $733.1 | $538.6 | | Net Income | $324.2 | $178.1 | $488.7 | $172.2 | | Diluted EPS | $0.83 | $0.46 | $1.25 | $0.44 | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed_Consolidated_Balance_Sheets) As of June 30, 2025, Vertiv's total assets reached $10.41 billion, up from $9.13 billion in 2024, with total equity rising to $3.13 billion Balance Sheet Highlights | Metric | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,640.8 | $1,227.6 | | Accounts receivable, net | $2,831.0 | $2,362.7 | | Inventories | $1,413.3 | $1,244.4 | | Total Assets | $10,406.2 | $9,132.5 | | **Liabilities & Equity** | | | | Total Liabilities | $7,280.8 | $6,698.2 | | Total Equity | $3,125.4 | $2,434.3 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed_Consolidated_Statements_of_Cash_Flows) For the six months ended June 30, 2025, net cash from operating activities was $626.2 million, up from $519.0 million last year, with $182.8 million used in investing activities Six Months Ended June 30 Cash Flow Summary | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $626.2 | $519.0 | | Net cash used for investing activities | ($182.8) | ($81.5) | | Net cash used for financing activities | ($32.9) | ($626.7) | [Segment and Product Performance](index=13&type=section&id=Segment_and_Product_Performance) This section details Vertiv's Q2 performance by geography and offering, highlighting the Americas region's sales growth and stronger product sales over services [Regional Segment Results](index=13&type=section&id=Regional_Segment_Results) In Q2 2025, the Americas (AMER) region led with 42.9% net sales growth, followed by APAC at 36.9%, with AMER and EMEA showing strongest adjusted operating margins Q2 2025 Net Sales & Adjusted Operating Profit by Region | Region | Net Sales (in millions) | Net Sales Δ% | Adj. Operating Profit (in millions) | Adj. Operating Profit Δ% | | :--- | :--- | :--- | :--- | :--- | | AMER | $1,602.3 | +42.9% | $384.6 | +34.9% | | APAC | $560.2 | +36.9% | $59.2 | +83.3% | | EMEA | $475.6 | +12.5% | $104.2 | -4.8% | [Sales by Product and Service Offering](index=14&type=section&id=Sales_by_Product_and_Service_Offering) Product sales drove Q2 2025 growth, increasing 39.6% to $2.12 billion, while services & spares grew 19.2% to $519.2 million, a consistent trend across all segments Q2 2025 Sales by Offering | Offering | Q2 2025 Sales (in millions) | YoY Δ% | Organic Growth Δ% | | :--- | :--- | :--- | :--- | | Products | $2,118.9 | +39.6% | +38.5% | | Services & spares | $519.2 | +19.2% | +18.6% | | **Total** | **$2,638.1** | **+35.1%** | **+34.0%** | [Reconciliation of GAAP to Non-GAAP Measures](index=12&type=section&id=Reconciliation_of_GAAP_to_Non-GAAP_Measures) This section reconciles GAAP to non-GAAP metrics, including adjusted operating profit, adjusted free cash flow, and adjusted diluted EPS, providing a clearer view of underlying business performance Q2 2025 Reconciliation of Operating Profit to Adjusted Operating Profit | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | | :--- | :--- | :--- | | Operating profit (loss) (GAAP) | $442.4 | $336.0 | | Amortization of intangibles | $46.9 | $45.8 | | **Adjusted operating profit (loss) (Non-GAAP)** | **$489.3** | **$381.8** | Q2 2025 Reconciliation to Adjusted Free Cash Flow | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities (GAAP) | $322.9 | $381.5 | | Capital expenditures & capitalized software | ($45.9) | ($45.0) | | **Adjusted free cash flow (Non-GAAP)** | **$277.0** | **$336.5** | Q2 2025 Reconciliation of Diluted EPS to Adjusted Diluted EPS | Metric | Per Share Amount ($) | | :--- | :--- | | Diluted EPS (GAAP) | $0.83 | | Amortization of intangibles | $0.12 | | **Adjusted Diluted EPS (Non-GAAP)** | **$0.95** | Full Year 2025 Guidance Reconciliation of Diluted EPS to Adjusted Diluted EPS | Metric | Per Share Amount ($) | | :--- | :--- | | Diluted EPS (GAAP) | $3.23 | | Amortization of intangibles | $0.47 | | Non-recurring tax adjustment, net | $0.10 | | **Adjusted Diluted EPS (Non-GAAP)** | **$3.80** |

Core Viewpoint - Vertiv Holdings Co reported strong financial results for the second quarter of 2025, with significant growth in net sales and operating profit, driven by robust demand in the data center market and strategic investments in capacity and innovation [1][2][3]. Financial Performance - Net sales for Q2 2025 reached $2,638 million, a 35% increase ($685 million) year-over-year, attributed to strong data center demand [1][10]. - Operating profit increased by $106 million to $442 million, up 32% from the prior year, while adjusted operating profit grew by $108 million to $489 million, representing a 28% increase [2][10]. - Adjusted diluted EPS for Q2 2025 was $0.95, a 42% increase from Q2 2024 [10]. Orders and Backlog - Organic orders increased approximately 15% year-over-year and 11% sequentially from Q1 2025, with a trailing twelve-month (TTM) organic order growth of approximately 11% [1][10]. - The backlog strengthened to $8.5 billion, with a book-to-bill ratio of approximately 1.2x for the quarter [1][10]. Strategic Initiatives - The company is strategically investing in capacity expansion and innovation, particularly in AI-enabled infrastructure, to capitalize on data center growth [3][6]. - Vertiv announced an agreement to acquire Great Lakes Data Racks & Cabinets, which is expected to enhance its position in the high-density data center market [3][5]. Guidance and Outlook - The company raised its full-year 2025 guidance, expecting organic sales growth of 24%, adjusted operating profit of $1,990 million, and adjusted free cash flow of $1.4 billion [7][8]. - For Q3 2025, projected net sales are between $2,510 million and $2,590 million, with organic net sales growth expected between 20% and 24% [8][10]. Cash Flow and Liquidity - Net cash generated by operating activities in Q2 2025 was $323 million, with adjusted free cash flow of $277 million, each decreasing by approximately $59 million from Q2 2024 [4][10]. - The company maintains a robust financial position with $2.5 billion in liquidity and a net leverage of approximately 0.6x at the end of Q2 2025 [5][10].

Core Viewpoint - Vertiv (VRT) is expected to report strong second-quarter 2025 results, with revenues projected between $2.325 billion and $2.375 billion, reflecting significant organic sales growth driven by AI demand and strong performance in key regions [2][10]. Financial Expectations - Revenues for Q2 2025 are anticipated to be between $2.325 billion and $2.375 billion, with organic net sales growth expected in the range of 19% to 23% [2][10]. - The Zacks Consensus Estimate for second-quarter revenues is $2.28 billion, indicating a year-over-year growth of 16.60%, while the consensus for earnings is 83 cents per share, reflecting a 23.88% year-over-year growth [3]. Market Position and Performance - Vertiv has outperformed the Zacks Computer & Technology sector, gaining 19.3% year to date compared to the sector's 10.8% rise and the Computer IT Services industry's decline of 9.2% [7]. - The company has consistently beaten earnings estimates, with an average earnings surprise of 10.42% over the last four quarters [3]. Growth Drivers - The company is capitalizing on robust AI-driven order growth, particularly in thermal management solutions for data centers, which aligns with its strengths [4]. - Strong sales growth is expected across key regions, with a projected 5% sequential quarterly growth and 21% year-over-year growth in sales for Q2 2025, driven by performance in the Americas and APAC regions [5]. Product and Partnership Expansion - Vertiv's expanding portfolio includes energy-efficient solutions, such as the 142KW cooling and power reference architecture for NVIDIA's platform, enhancing its market offerings [6]. - The company has a rich partner base, including collaborations with NVIDIA and Oklo, which are key catalysts for growth in advanced power and thermal management solutions [6][18][19]. Valuation and Market Sentiment - Despite strong growth prospects, VRT's valuation appears stretched, with a price/book ratio of 18.71, significantly higher than the sector's average of 10.49 [10][13]. - The stock is currently trading above its 50-day and 200-day moving averages, indicating a bullish trend [11].

Core Insights - Dividends provide a passive income stream and reflect a form of 'payday' in the market, appealing to investors [1] - Several AI-related stocks, including Broadcom, Vertiv, and NVIDIA, offer dividend payments, making them attractive for income-focused investors [2][6] Company Summaries Vertiv - Vertiv specializes in services for data centers and communication networks, with a strong portfolio in power, cooling, and IT infrastructure solutions [3] - Analysts have raised EPS expectations for Vertiv, with a current estimate of $3.56, indicating a 25% year-over-year growth [3] - Revenue is projected to grow by 18% year-over-year, reflecting strong demand, although the current dividend yield is modest at 0.1% [5] Broadcom - Broadcom is enhancing its AI infrastructure capabilities, focusing on high-performance, low-power custom AI accelerators [8] - The company has increased its dividend payout six times in the past five years, resulting in a 13.3% annualized growth rate [9] - AI revenue reached $4.4 billion, a 46% increase year-over-year, with free cash flow of $6.4 billion, up 44% year-over-year [12] NVIDIA - NVIDIA has experienced significant growth in its Data Center products, with sales reaching $39.1 billion, a 73% increase from the previous year [14] - Similar to Vertiv, NVIDIA's shares yield a modest 0.1%, but the stock is considered a strong play in the AI sector [18] - The combination of growth potential and income-generating capabilities makes NVIDIA a prime choice for investors [19]

Core Insights - Zacks Premium provides various tools to help investors make informed decisions in the stock market, including daily updates, research reports, and stock screens [1][2] Zacks Style Scores - The Zacks Style Scores are indicators designed to assist investors in selecting stocks with the highest potential to outperform the market within 30 days, rated from A to F based on value, growth, and momentum [3] - The Style Scores are categorized into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [4][5][6][7] Value Score - The Value Score identifies attractive and discounted stocks using financial ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow [4] Growth Score - The Growth Score evaluates a company's future prospects and financial health by analyzing projected and historical earnings, sales, and cash flow [5] Momentum Score - The Momentum Score helps investors capitalize on price trends by assessing factors like one-week price changes and monthly earnings estimate changes [6] VGM Score - The VGM Score combines the three Style Scores to identify stocks with the best value, growth potential, and momentum, serving as a strong indicator alongside the Zacks Rank [7] Zacks Rank - The Zacks Rank is a proprietary model that leverages earnings estimate revisions to guide investors in building successful portfolios, with 1 (Strong Buy) stocks achieving an average annual return of +23.62% since 1988, significantly outperforming the S&P 500 [8][9] Stock to Watch: Vertiv Holdings Co. (VRT) - Vertiv is a global provider of critical digital infrastructure and services, serving various essential industries such as cloud computing, healthcare, and energy [12] - Currently rated 3 (Hold) on the Zacks Rank, Vertiv has a VGM Score of B and a Momentum Style Score of A, with shares increasing by 8.3% over the past four weeks [12][13] - Recent upward revisions in earnings estimates for fiscal 2025 have led to a consensus estimate increase of $0.01 to $3.56 per share, with an average earnings surprise of +10.4% [13]

Group 1 - Vertiv appointed Shen Wei as President of Greater China, effective July 22, 2025 [1] - Shen Wei has nine years of experience as Vice President and General Manager at Gates Corporation and held multiple leadership roles at Eaton Electrical [1] - CEO Gio Albertazzi highlighted Shen Wei's ability in business transformation and his leadership style focused on execution, customer-centricity, and collaboration [1][3] Group 2 - Shen Wei replaces Cui Yibin, who has served as President of Greater China since 2022 and laid a solid foundation for the region's growth [3] - Vertiv provides innovative technology solutions and services for data centers, communication networks, and commercial and industrial facilities [3] - The company offers a comprehensive product portfolio covering power, cooling, and IT infrastructure, supporting clients from cloud to edge [3][4] Group 3 - Vertiv integrates hardware, software, analytics, and ongoing services to ensure critical applications run continuously and perform optimally [4] - The company addresses significant challenges faced by data centers, communication networks, and commercial and industrial facilities [4] - Vertiv is headquartered in Westerville, Ohio, and operates in over 130 countries [4]

Core Insights - Vertiv's cloud and AI-infrastructure business focuses on thermal, power, and integrated rack systems, supporting high-density compute environments in data centers and edge deployments [1] - The company has agreed to acquire Great Lakes Data Racks & Cabinets for $200 million, enhancing its Integrated Rack Solutions segment [2][3] - The acquisition is expected to close in Q3 2025 and is valued at approximately 11.5 times Great Lakes' projected 2026 EBITDA [2][10] - This move positions Vertiv to capture increased demand for integrated, high-density systems as AI and edge-computing infrastructure scales globally [4] Company Performance - Vertiv's shares have increased by 13.6% year to date, outperforming the broader Zacks Computer & Technology sector, which has appreciated by 9.6% [8] - The company's stock is trading at a trailing 12-month Price/Book ratio of 18.45, compared to the sector's 10.44 [11] - The Zacks Consensus Estimate for second-quarter earnings is 83 cents per share, indicating a year-over-year growth of 23.88% [14]

Core Insights - Vertiv has appointed Wei Shen as the new president of Greater China, effective July 22, 2025, succeeding Edward Cui [1][3] - Wei Shen brings extensive experience from Gates Corporation and Eaton Electrical, focusing on business transformation and operational excellence [2][3] - Vertiv specializes in critical digital infrastructure, providing solutions for data centers, communication networks, and industrial facilities [4][5] Company Overview - Vertiv offers a comprehensive portfolio that includes power, cooling, and IT infrastructure solutions, enabling continuous operations and scalable growth for customers [4][5] - The company operates in over 130 countries and is headquartered in Westerville, Ohio, USA [5]

Investment Plans - Trump announced an investment plan exceeding $92 billion in Pennsylvania, focusing on AI infrastructure and energy projects, surpassing the previously announced $70 billion[1][6] - Blackstone Group is expected to invest $25 billion in data centers and energy infrastructure development[1][6] - Amazon plans to invest $20 billion in a new large data center and support upgrades for the Susquehanna Nuclear Power Plant[2][6] Market Trends - Pennsylvania is rapidly developing as a data center cluster, with confirmed investments totaling approximately $15 billion from various consortiums[2][6] - By 2025, U.S. super data center operators' capital expenditure is projected to increase by 34% year-on-year, reaching $257 billion[3][7] - The U.S. power grid is aging, with over 75% of equipment in service for more than 30 years, necessitating urgent updates[3][8] Equipment Demand - GE Vernova and Siemens Energy reported strong order backlogs of $76.3 billion and €52 billion, respectively, with significant year-on-year growth in new orders[4][9] - The market for dispatchable power generation and grid equipment remains robust, with GE Vernova expected to exceed 60GW in gas turbine contracts by year-end[4][9] Investment Recommendations - Companies benefiting from policy-driven tax reductions and capacity expansion investments include Vistra, Constellation, and Siemens Energy[5][10] - Risks include lower-than-expected demand for U.S. infrastructure and potential geopolitical risks affecting the AI sector[5][11]