Financial Performance - Net sales for Q2 2024 were $1,952.8 million, a 12.6% increase from $1,734.1 million in Q2 2023[214] - Net income for Q2 2024 was $178.1 million, a 114.1% increase from $83.2 million in Q2 2023[214] - Comprehensive income for Q2 2024 was $151.8 million, a 64.5% increase from $92.3 million in Q2 2023[215] - Operating profit for Q2 2024 was $336.0 million, a 63.3% increase from $205.8 million in Q2 2023[214] - The company's diluted earnings per share for Q2 2024 were $0.46, a 109.1% increase from $0.22 in Q2 2023[214] - Net income for the six months ended June 30, 2024 was $172.2 million, compared to $133.5 million for the same period in 2023[217] - Operating profit for the Americas segment increased to $285.1 million for the three months ended June 30, 2024, from $191.7 million for the same period in 2023[243] - Total reportable segments' operating profit increased to $426.9 million for the three months ended June 30, 2024, from $309.8 million for the same period in 2023[243] - Net sales for the three months ended June 30, 2024, were $1,121.1 million, a 16.9% increase compared to $959.4 million in the same period in 2023[251] - Operating profit for the three months ended June 30, 2024, was $285.1 million, a 48.7% increase compared to $191.7 million in the same period in 2023[251] - Operating margin increased to 25.4% in Q2 2024, up from 20.0% in Q2 2023, driven by fixed cost leverage, procurement productivity improvements, and price realization[251][252] - Operating profit for the first six months of 2024 was $62.7 million, a $7.9 million increase compared to the same period in 2023, driven by higher sales volumes, improved price realization, and fixed cost leverage[255] Costs and Expenses - Vertiv's cost of sales for Q2 2024 was $1,211.6 million, a 6.3% increase from $1,140.1 million in Q2 2023[214] - The company's selling, general and administrative expenses for Q2 2024 were $363.8 million, an 11.1% increase from $327.6 million in Q2 2023[214] - SG&A expenses for the first six months of 2024 were $677.8 million, an increase of $41.5 million compared to the same period in 2023, primarily due to higher compensation costs, IT and R&D expenses, and professional service fees[253] - Income tax expense for the first six months of 2024 was $79.5 million, a $12.4 million increase compared to $67.1 million in the same period in 2023, driven by improved business results and changes in warrant liabilities[254] Cash Flow and Capital Expenditures - Net cash provided by operating activities was $515.9 million for the six months ended June 30, 2024, up from $295.6 million for the same period in 2023[217] - Capital expenditures were $69.9 million for the six months ended June 30, 2024, compared to $53.6 million for the same period in 2023[217] - Capital expenditures for the first six months of 2024 were $81.5 million, with full-year 2024 expectations set between $175 million and $200 million[256] Share Repurchases and Stock Performance - Vertiv repurchased 9,076,444 shares of its common stock in Q1 2024, with $2.4 billion remaining for additional share repurchases as of June 30, 2024[96] - Vertiv's Board of Directors approved a stock repurchase program of up to $3.0 billion through December 31, 2027[95] - The company repurchased $599.9 million worth of common stock during the six months ended June 30, 2024[217] - The company's stock price increased to $86.57 as of June 30, 2024, from $48.03 as of December 31, 2023[237] - The Vertiv Stockholder sold 20,000,000 shares of Class A common stock on August 8, 2023, reducing its ownership to less than 5% of the outstanding shares[261] Assets and Liabilities - Total current assets increased to $4,191.4 million as of June 30, 2024, up from $4,001.5 million at the end of 2023[216] - Accounts receivable increased to $2,218.8 million as of June 30, 2024, compared to $2,118.1 million at the end of 2023[216] - Inventories rose to $1,103.7 million as of June 30, 2024, up from $884.3 million at the end of 2023[216] - Total liabilities increased to $6,570.8 million as of June 30, 2024, compared to $5,983.6 million at the end of 2023[216] - Total cash, cash equivalents, and restricted cash decreased to $587.7 million as of June 30, 2024, from $788.6 million as of December 31, 2023[229] - Total inventories increased to $1,103.7 million as of June 30, 2024, from $884.3 million as of December 31, 2023[229] - Property, plant and equipment, net increased to $571.1 million as of June 30, 2024, from $560.1 million as of December 31, 2023[229] - The company's long-term debt fair value was $2,118.1 million as of June 30, 2024, compared to $2,107.5 million as of December 31, 2023[238] - Accumulated other comprehensive income (loss) was $(9.8) million as of June 30, 2024, compared to $(65.1) million for the six months ended June 30, 2024[239] Tax and Legal Matters - The company recorded a $10.1 million payment to the Mexican tax administration service (SAT) in Q1 2024, which it intends to seek reimbursement for[192] Revenue by Region - Total revenue for the six months ended June 30, 2024 was $3,255.2 million, with $1,821.7 million from the Americas, $708.8 million from Asia Pacific, and $724.7 million from Europe, Middle East & Africa[222] Hedging and Derivatives - The company has derivative instruments hedging foreign currency exchange rates with a notional amount of $81.0 million, resulting in a realized gain of $0.6 million for the three and six months ended June 30, 2024[234] - The company recognized mark-to-market losses of $0.3 million and $1.0 million for the three and six months ended June 30, 2024, respectively, related to economic hedges for aluminum and copper purchases[235] Credit Facility - The ABL Revolving Credit Facility was amended to increase the revolving loan commitments by $30.0 million, bringing the total loan commitment to $600.0 million[258]

VRT expects third-quarter 2024 non-GAAP earnings between 65 cents per share and 69 cents per share. The Zacks Consensus Estimate for non-GAAP earnings is pegged at $5.65 per share, suggesting year-over-year growth of 4.63%. For 2024, revenues are expected between $7.59 billion and $7.74 billion. Organic net sales are expected in the 12-14% range. The Zacks Consensus Estimate for revenues is pegged at $2.40 billion, indicating 1.99% growth year over year. Vertiv expects adjusted operating profit between $1.4 ...

Key Takeaways Oraganic Orders Jump 57% EVRT Vol 16.944 M 2024 Mar May Nov Sep TradingView Nvidia partner Vertiv reported a big jump in organic orders, lifting earnings and revenue above analysts' estimates. CEO Giordano Albertazzi said the company benefited from demand for artificial intelligence. Vertiv boosted its outlook for full-year adjusted earnings per share and revenue. Nvidia (NVDA) parter Vertiv (VRT) posted higher profit and sales as orders soared and it benefited from surging demand for artifici ...

Corporate Participants Conference Call Participants Operator I would now like to turn the program over to your host for today's conference call, Lynne Maxeiner, Vice President of Investor Relations. You may begin. Great, thank you, Brica. Good morning and welcome to Vertiv's second quarter 2024 earnings conference call. Joining me today are Vertiv's Executive Chairman, Dave Cote, Chief Executive Officer Giordano Albertazzi, and Chief Financial Officer, David Fallon. We refer you to the cautionary language i ...

Second Quarter July 24, 2024 This presentation, and other statements that Vertiv Holdings Co. ("Company") may make in connection therewith, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Vertiv's future financial or business performance, strategies or expectations, and as such are not historical facts. This includes, without limitation, statements regarding Vertiv's financial position, capital structure, indebtedness, busines ...

Marco VDM/E+ via Getty Images Rapid Recap This is a stock that I've been bullish on for some time. However, I'm now less bullish than I've been for a while. Here why. Vertiv Holdings Co (NYSE:VRT) — this cooling company's stock is running red-hot. In fact, beyond its piping-hot rhetoric, its fundamentals are not quite keeping up. Case in point, its book-to-bill ratio has dropped back down to 1.4x from 1.5x in the prior quarter and is moving in the opposite to where I believe demand is going. What's more, if ...

This quarterly report represents an earnings surprise of 13.56%. A quarter ago, it was expected that this company would post earnings of $0.37 per share when it actually produced earnings of $0.43, delivering a surprise of 16.22%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. While Vertiv has outperformed the market so far this year, the question that comes ...

Vertiv Reports 57% Organic Orders Growth, 13% Net Sales Growth and 63% Operating Profit Growth in Second Quarter; Raises Full Year 2024 Outlook • Second quarter 2024 organic orders up 57% compared to second quarter 2023, and up 37% on a trailing twelvemonth basis • Second quarter 2024 net sales of $1,953 million, 13% higher than second quarter 2023 and organic net sales growth of 14% • Second quarter 2024 operating profit of $336 million, up 63% from second quarter 2023, and adjusted operating profit of $38 ...

Data by YCharts Data canter operators are evaluating liquid cooling Andreind and China Comments of Chilisanthow Andrew Porton Porton Provinsian Provinsia Andrew Ben Charcon Provinsion C In this context, liquid cooling forms part of DCPI or Data Center Physical Infrastructure where in addition to Vertiv, there are also large players like Eaton Corporation (ETN) and Europe's Schneider Electric S.E (OTCPK:SBGSY), two companies large enough to develop solutions organically through large research budgets or acqu ...

The Thesis Vertiv Holdings is a global provider of critical digital infrastructure and continuity solutions that together with its subsidiaries, is involved in designing, manufacturing, and servicing a wide range of infrastructure and related technologies for data centers, communication networks, and commercial and industrial environments. The company provides its services across the Americas, Asia Pacific, Europe, the Middle East, and Africa. The company's portfolio includes products for power management, ...