Vertiv(US:VRT)2024-04-24 16:15Financial Performance - Q1 2024 - Net sales increased by approximately $118 million, reaching $16391 million, a 78% increase compared to Q1 2023, with organic growth of 81%[128, 163] - Adjusted operating profit rose by $73 million to $2486 million, a 42% increase from $1755 million in Q1 2023[61, 128] - Adjusted operating margin improved to 152%, up approximately 370 bps from 115% in Q1 2023[61, 128] - Adjusted free cash flow was $101 million, an increase of approximately $76 million from $246 million in Q1 2023[41] - Diluted EPS increased to $043, up from $024 in Q1 2023[76] Guidance and Outlook - Full-year net sales guidance raised by approximately $30 million to a range of $7540 million - $7690 million[24, 97] - Full-year adjusted operating profit guidance increased by approximately $50 million to a range of $1325 million - $1375 million[104] - Full-year adjusted free cash flow is expected to be approximately $825 million[36] - Second quarter 2024 net sales guidance is $1900 million - $1950 million, with adjusted operating profit guidance of $315 million - $335 million[123, 15] - Second quarter 2024 adjusted diluted EPS guidance is $053 - $057[15] Share Repurchase and Share Count - Approximately 9 million shares were repurchased in Q1 2024 at an average price of $66 per share, returning approximately $600 million to shareholders[4, 62] - Full-year diluted share count is forecasted to be approximately 388 million, lower than the prior guidance of approximately 393 million[4] - First quarter 2024 diluted share count was approximately 379 million[175] Customer Demand and Capacity - First quarter orders increased by approximately 60% compared to Q1 2023 and approximately 4% sequentially from Q4 2023, with a book-to-bill ratio of approximately 15x[35, 44] - Backlog at the end of Q1 2024 was $63 billion, up approximately 33% compared to the end of Q1 2023 and up 15% compared to year-end 2023[65] - The company is increasing capacity for switchgear, busway, and modular solutions, with an anticipated doubling of capacity through 2025[52]