Fri, Jul 26, 8:38 PM (43 days ago)
Vertiv Holdings Co reported a strong financial performance for Q2 2024, with net sales increasing by 12.6% year-over-year to $1,952.8 million. This growth was driven by higher sales volumes across its product and service offerings, despite a negative impact from foreign currency fluctuations. Gross profit improved significantly, with margins expanding from 34.3% to 38.0%, primarily due to better price realization and cost management. Operating profit surged by 63.3% to $336.0 million, supported by lower restructuring costs and foreign currency losses. Net income more than doubled to $178.1 million, reflecting improved operational performance and lower interest expenses. However, changes in the fair value of warrant liabilities resulted in a $25.4 million loss. Cash flow from operations increased substantially to $515.9 million, aided by better working capital management. The company also repurchased $599.9 million worth of its common stock. Looking ahead, Vertiv continues to invest in capacity expansion and technology innovation to support growth in key markets such as AI and thermal management.