Vertiv Holdings reports Q1 adjusted EPS 43c, consensus 36c

Reports Q1 revenue $1.64B, consensus $1.62B. Reports book-to-bill ratio 1.5x in first quarter. “Vertiv’s robust momentum in 2023 continued into the first quarter of 2024, led by strength in orders, which grew 60%, exceeding our expectations and reflecting increasing pipeline velocity and acceleration of AI-driven demand,” said Giordano Albertazzi, Vertiv’s Chief Executive Officer. “We are seeing order patterns with longer lead times based on customer build schedules, largely in 2025 and beyond, suggesting AI is starting to scale. Though still in its early stages, AI is quickly becoming a pervasive theme across our end markets. Continued advances in GPU development and other AI-enabling technologies are necessitating changes and upgrades to the critical digital infrastructure. We are continuing to advance our portfolio to enable high-density and GPU based deployments. With our global capacity, the most complete portfolio of critical digital infrastructure solutions across the entire thermal and power technology spectrum, vast global service network and alignment with key technology partners, Vertiv is uniquely positioned and ready to bring scale and support development of the entire AI ecosystem.”