Vertiv Q3 2023 Earnings Report
Key Takeaways
Vertiv reported strong third-quarter results, exceeding expectations with net sales of $1,743 million, an 18% increase compared to the previous year. The company raised its full-year 2023 guidance for operating profit and adjusted free cash flow, driven by strong market demand and operational execution.
Net sales reached $1,743 million, an 18% increase compared to Q3 2022, with organic net sales growth of 17%.
Orders increased by 11% year-over-year, resulting in a record-high backlog of $5.0 billion.
Operating profit increased to $251 million, and adjusted operating profit reached $296 million, exceeding the high end of the guidance range by $36 million.
Adjusted operating margin expanded by 790 basis points to 17.0% compared to Q3 2022.
Vertiv
Vertiv
Vertiv Revenue by Geographic Location
Forward Guidance
Full year financial guidance has been increased across all financial metrics. Fourth Quarter 2023 GuidanceNet sales$1,828M - $1,853MOrganic net sales growth(2)10.7% - 12.2%Adjusted operating profit(1)$295M - $305MAdjusted operating margin(2)15.9% - 16.7%Adjusted diluted EPS(1)$0.48 - $0.52Adjusted free cash flow(2)$127M - $177M
Positive Outlook
- Net sales between $1,828M and $1,853M
- Organic net sales growth between 10.7% and 12.2%
- Adjusted operating profit between $295M and $305M
- Adjusted operating margin between 15.9% and 16.7%
- Adjusted diluted EPS between $0.48 and $0.52
Revenue & Expenses
Visualization of income flow from segment revenue to net income