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π Vertiv Holdings Co. (NYSE:VRT) reported impressive Q2 2024 results, with non-GAAP earnings of 67 cents per share, up 45.7% year-over-year and beating estimates by 13.56%. Net sales rose 12.6% to $1.95 billion, exceeding expectations. Organic orders surged 57%, with a book-to-bill ratio of 1.4x and a backlog of $7 billion, up 47% year-over-year.
π‘ Product revenues, which make up 79.6% of total revenues, increased 14.3% to $1.56 billion. Service revenues grew 6.4% to $397.6 million. The Americas led with a 16.9% increase in revenues to $1.12 billion, while APAC and EMEA also showed solid growth. Vertiv’s adjusted operating profit jumped 52% to $381.8 million, with an operating margin of 19.6%.
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π¬ CEO Giordano Albertazzi emphasized the company’s strong pipeline and order growth, driven by demand for AI infrastructure. High levels of orders, especially in hyperscale and co-location markets, resulted in adjusted free cash flow of $333 million and net leverage of 1.8x.
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π Vertiv raised its full-year guidance across all metrics. For Q3 2024, revenues are expected between $1.94 billion and $1.99 billion, with organic net sales growth between 12% and 16%. Adjusted operating profit is anticipated between $375 million and $395 million, with an operating margin of 19.4% to 19.8%. Full-year 2024 revenues are projected to be $7.59 billion to $7.74 billion, with adjusted operating profit between $1.41 billion and $1.46 billion, and an operating margin of 18.5% to 18.9%.
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π Vertiv’s strategic investments aim to meet the growing demand for data center infrastructure, particularly in AI. The company’s comprehensive portfolio and strong global service organization position it as a key industry player. As the market evolves, Vertiv’s focus on innovation and customer solutions is expected to drive sustained growth and value for shareholders.
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