Vertiv Holdings reports Q1 EPS 12c, consensus 17c

Reports Q1 revenue $1.52B, consensus $1.41B. "We anticipated a strong start to 2023, and our first quarter results delivered with sales, adjusted operating profit and adjusted free cash flow exceeding our guidance," said Giordano Albertazzi, Vertiv’s CEO. "These results reflect substantive progress in the Americas, where sales increased 61% and adjusted operating profit more than tripled, driven by continued gains in pricing and improvement in our operational execution across the business. Our backlog held steady at record levels, reflecting a continued return to a more normalized order cycle, which is healthy for the industry. I remain encouraged by the resiliency of data center market demand as our pipeline activity remains strong. Substantial investment continues in our end markets, with secular demand drivers reinforced by growing AI investment. With an intense focus on our operational execution, we are raising our full year 2023 adjusted operating profit guidance based on our strong first quarter results and continued resilient data center market demand."