Vertiv Holdings raises FY23 adjusted EPS view to $1.22-$1.32 from $1.17-$1.27

Consensus $1.19. Backs FY23 revenue view $6.45B-$6.6B, consensus $6.49B. The company said, "Market demand remains healthy and pipeline activity is encouraging. We currently anticipate differences in quarterly seasonality in 2023 compared to historic patterns as a strong beginning-of-the-year backlog, coupled with improving supply chains and operational execution, should generate more uniformity of expected quarterly sales as we progress through the year. We are raising operating profit guidance to $618 million (at the midpoint) and adjusted operating profit guidance to $800 million (at the midpoint) for 2023, an increase of $25 million (at the midpoint) compared to prior guidance. Our assumptions include price realization of $300 million and incremental growth investments of $40 million. Our 2023 guidance for adjusted operating profit (at the midpoint) is up over 82%, and adjusted operating margin of 12.3% is up 460 basis points, versus 2022. Adjusted free cash flow guidance for 2023 remains at $300 million to $400 million, a $610 million anticipated improvement (at the midpoint) versus prior year."