Vertiv Delivers 22.4% Net Sales Growth; Achieves Record Backlog; Raises Full Year Guidance
Vertiv Holdings Co (NYSE: VRT) reported strong first quarter 2021 results, with net sales of $1,098 million, a 22.4% increase year-over-year. Global demand in the cloud and colocation data center markets drove this growth, particularly in the APAC region, which saw a 59.6% rise. Net income reached $32 million, showing a significant improvement due to lower interest expenses and higher sales. Backlog increased to a record $2.1 billion. Vertiv raised its full-year adjusted operating profit guidance to $595 million, reflecting positive market trends despite anticipated challenges from commodity and freight costs.
- Net sales increased 22.4% to $1,098 million compared to Q1 2020.
- APAC region net sales rose 59.6%, driven by recovery from COVID-19.
- Net income improved by $240 million to $32 million.
- Backlog reached record $2.1 billion, up $300 million since December 2020.
- Free cash flow increased by $246 million to $43 million.
- Increased costs anticipated from higher commodity and freight expenses.
Vertiv Holdings Co (NYSE: VRT), a global provider of critical digital infrastructure and continuity solutions, today reported first quarter 2021 net sales of
Net income was
“On the basis of a very strong first quarter, Vertiv’s full year 2021 is off to a good start,” said Rob Johnson, Vertiv’s Chief Executive Officer. “During the period we generated strong sales, orders remained robust and we significantly expanded adjusted operating profit margins. Our approach to business remains sound as our ‘One Vertiv’ team around the world focuses on the needs and expectations of our customers, leverages innovation to introduce new marketplace solutions and consistently achieves favorable results across key facets of the value chain.”
Dave Cote, Vertiv’s Executive Chairman, added, “I continue to be encouraged by the opportunity in front of Vertiv and this quarter clearly demonstrates our ability to execute on this great opportunity. Vertiv is a great company, in a good industry and is able to differentiate with technology that focuses on solving real customer problems. The digitization of our economy will constantly create new applications and data that will support the long-term growth of the industry and of Vertiv.”
As previously disclosed, based upon April 12, 2021 SEC guidance regarding the technical accounting for warrants issued by SPACs, Vertiv will be restating its 2020 financial statements to account for this recent directive. There is no anticipated impact on Vertiv’s non-GAAP operating metrics including adjusted operating profit, adjusted operating margin, adjusted earnings per share and free cash flow.
Free Cash Flow and Liquidity
Net cash flow provided by operating activities in the first quarter was
Full Year and Second Quarter 2021 Guidance
In part due to our strong first quarter performance, we are increasing our full year 2021 adjusted operating profit guidance to
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Prior FY2021 Guidance |
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FY2021 Guidance |
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2Q 2021 Guidance |
Net sales |
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Organic net sales growth |
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Adjusted operating profit |
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|
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Adjusted operating margin |
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Adjusted EPS |
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|
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Free cash flow |
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(1) |
This release contains certain non-GAAP metrics. For reconciliations to the relevant GAAP measures and an explanation of the non-GAAP measures and reasons for their use, please refer to Exhibit 99.1. |
First Quarter 2021 Earnings Conference Call
Vertiv’s management team will discuss the company’s results during a conference call on Wednesday, April 28, starting at 11 a.m. Eastern Time. The call will contain forward-looking statements and other material information regarding Vertiv’s financial and operating results. A webcast of the live conference call will be available for interested parties to listen to by going to the Investor Relations section of the company’s website at investors.vertiv.com. A replay of the conference call will also be available for 30 days following the webcast.
About Vertiv Holdings Co
Vertiv (NYSE: VRT) brings together hardware, software, analytics and ongoing services to ensure its customers’ vital applications run continuously, perform optimally and grow with their business needs. Vertiv solves the most important challenges facing today’s data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Columbus, Ohio, USA, Vertiv employs approximately 20,000 people and does business in more than 130 countries. For more information, and for the latest news and content from Vertiv, visit Vertiv.com.
Non-GAAP Financial Measures
Financial information included in the news release to which this Exhibit is attached have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”). Vertiv has included certain non-GAAP financial measures in the news release, as further described above, that may not be directly comparable to other similarly titled measures used by other companies and therefore may not be comparable among companies. These non-GAAP financial measures include organic net sales growth (including on a segment basis), adjusted operating profit, adjusted operating profit margin, adjusted diluted EPS, and free cash flow, which management believes provides investors with useful supplemental information to evaluate the Company’s ongoing operations and to compare with past and future periods. Management also uses certain non-GAAP measures internally for forecasting, budgeting and measuring its operating performance. These measures should be viewed as supplementing, and not as an alternative or substitute for, the Company's financial results prepared in accordance with GAAP. Pursuant to the requirements of Regulation G, Vertiv has provided reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures. Information reconciling certain forward-looking GAAP measures to non-GAAP measures related to second quarter and full year 2021 guidance, including organic net sales growth and free cash flow, is not available without unreasonable effort due to high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations. For the same reasons, we are unable to compute the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results. See “Reconciliation of GAAP and Non-GAAP Financial Measures” on this Exhibit 99.1 for Vertiv’s reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27 of the Securities Act, and Section 21E of the Securities Exchange Act. These statements are only a prediction. Actual events or results may differ materially from those in the forward-looking statement set forth herein. Readers are referred to Vertiv’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q for a discussion of these and other important risk factors concerning Vertiv and its operations. Vertiv is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Category: Financial News
Exhibit 99.1 |
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Vertiv Holdings Co CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (Unaudited) (Dollars in millions except for per share data) |
|||||||
|
First Quarter
|
|
First Quarter
|
||||
Net sales |
|
|
|
||||
Net sales - products |
$ |
844.0 |
|
|
$ |
647.2 |
|
Net sales - services |
254.4 |
|
|
250.1 |
|
||
Net sales |
1,098.4 |
|
|
897.3 |
|
||
Costs and expenses |
|
|
|
||||
Cost of sales - products |
593.4 |
|
|
463.2 |
|
||
Cost of sales - services |
147.0 |
|
|
147.1 |
|
||
Cost of sales |
740.4 |
|
|
610.3 |
|
||
Operating expenses |
|
|
|
||||
Selling, general and administrative expenses |
250.1 |
|
|
264.8 |
|
||
Amortization of intangibles |
31.8 |
|
|
32.4 |
|
||
Restructuring costs |
2.0 |
|
|
(1.1 |
) |
||
Foreign currency (gain) loss, net |
(6.9 |
) |
|
1.8 |
|
||
Other operating expense (income) |
1.2 |
|
|
1.3 |
|
||
Operating profit (loss) |
79.8 |
|
|
(12.2 |
) |
||
Interest expense, net |
24.1 |
|
|
68.9 |
|
||
Loss on extinguishment of debt |
0.4 |
|
|
174.0 |
|
||
Change in fair value of warrant liabilities |
13.6 |
|
|
(60.6 |
) |
||
Income (loss) before income taxes |
41.7 |
|
|
(194.5 |
) |
||
Income tax expense |
10.0 |
|
|
13.8 |
|
||
Net income (loss) |
$ |
31.7 |
|
|
$ |
(208.3 |
) |
|
|
|
|
||||
Earnings (loss) per share: |
|
|
|
||||
Basic |
$ |
0.09 |
|
|
$ |
(0.87 |
) |
Diluted |
$ |
0.09 |
|
|
$ |
(0.87 |
) |
Weighted-average shares outstanding: |
|
|
|
||||
Basic |
349,603,701 |
|
|
240,656,864 |
|
||
Diluted |
353,448,585 |
|
|
240,656,864 |
|
Vertiv Holdings Co CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions) |
|||||||
|
March 31, 2021 |
|
December 31, 2020
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
677.2 |
|
|
$ |
534.6 |
|
Accounts receivable, less allowances of |
1,294.5 |
|
|
1,354.4 |
|
||
Inventories |
511.1 |
|
|
446.6 |
|
||
Other current assets |
183.4 |
|
|
183.2 |
|
||
Total current assets |
2,666.2 |
|
|
2,518.8 |
|
||
Property, plant and equipment, net |
413.0 |
|
|
427.6 |
|
||
Other assets: |
|
|
|
||||
Goodwill |
599.8 |
|
|
607.2 |
|
||
Other intangible assets, net |
1,262.7 |
|
|
1,302.5 |
|
||
Deferred income taxes |
18.1 |
|
|
20.9 |
|
||
Other |
201.6 |
|
|
196.8 |
|
||
Total other assets |
2,082.2 |
|
|
2,127.4 |
|
||
Total assets |
$ |
5,161.4 |
|
|
$ |
5,073.8 |
|
LIABILITIES AND EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current portion of long-term debt and short-term borrowings |
$ |
22.0 |
|
|
$ |
22.0 |
|
Current portion of warrant liabilities |
— |
|
|
68.5 |
|
||
Accounts payable |
737.8 |
|
|
730.5 |
|
||
Accrued expenses and other liabilities |
869.2 |
|
|
901.8 |
|
||
Income taxes |
16.4 |
|
|
18.8 |
|
||
Total current liabilities |
1,645.4 |
|
|
1,741.6 |
|
||
Long-term debt, net |
2,126.9 |
|
|
2,130.5 |
|
||
Deferred income taxes |
104.0 |
|
|
116.5 |
|
||
Warrant liabilities |
101.3 |
|
|
87.7 |
|
||
Other long-term liabilities |
455.1 |
|
|
485.4 |
|
||
Total liabilities |
4,432.7 |
|
|
4,561.7 |
|
||
Equity |
|
|
|
||||
Preferred stock, |
— |
|
|
— |
|
||
Common stock, |
— |
|
|
— |
|
||
Additional paid-in capital |
1,975.6 |
|
|
1,791.8 |
|
||
Accumulated deficit |
(1,299.5 |
) |
|
(1,331.2 |
) |
||
Accumulated other comprehensive (loss) income |
52.6 |
|
|
51.5 |
|
||
Total equity (deficit) |
728.7 |
|
|
512.1 |
|
||
Total liabilities and equity |
$ |
5,161.4 |
|
|
$ |
5,073.8 |
|
Vertiv Holdings Co CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) (In millions) |
|||||||
|
First Quarter
|
|
First Quarter
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net income (loss) |
$ |
31.7 |
|
|
$ |
(208.3 |
) |
Adjustments to reconcile net loss to net cash used for operating activities: |
|
|
|
||||
Depreciation |
16.9 |
|
|
14.2 |
|
||
Amortization |
35.3 |
|
|
36.3 |
|
||
Deferred income taxes |
(7.5 |
) |
|
(3.6 |
) |
||
Amortization of debt discount and issuance costs |
1.8 |
|
|
5.9 |
|
||
Loss on extinguishment of debt |
0.4 |
|
|
174.0 |
|
||
Change in fair value of warrant liabilities |
13.6 |
|
|
(60.6 |
) |
||
Changes in operating working capital |
(44.6 |
) |
|
(139.2 |
) |
||
Stock based compensation |
5.6 |
|
|
0.7 |
|
||
Changes in tax receivable agreement |
1.8 |
|
|
9.0 |
|
||
Other |
5.7 |
|
|
(23.1 |
) |
||
Net cash provided by (used for) operating activities |
60.7 |
|
|
(194.7 |
) |
||
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
(16.8 |
) |
|
(6.7 |
) |
||
Investments in capitalized software |
(1.1 |
) |
|
(1.8 |
) |
||
Net cash used for investing activities |
(17.9 |
) |
|
(8.5 |
) |
||
Cash flows from financing activities: |
|
|
|
||||
Borrowings from ABL revolving credit facility |
— |
|
|
324.2 |
|
||
Repayments of ABL revolving credit facility |
— |
|
|
(193.1 |
) |
||
Borrowing on Term Loan, net of discount |
— |
|
|
2,189.0 |
|
||
Repayment on Term Loan |
(5.5 |
) |
|
— |
|
||
Repayment on Prior Term Loan |
— |
|
|
(2,070.0 |
) |
||
Repayment of Prior Notes |
— |
|
|
(1,370.0 |
) |
||
Payment of redemption premiums |
— |
|
|
(75.0 |
) |
||
Payment of debt issuance costs |
— |
|
|
(11.2 |
) |
||
Proceeds from reverse recapitalization, net |
— |
|
|
1,827.0 |
|
||
Payment to Vertiv Stockholder |
— |
|
|
(341.6 |
) |
||
Proceeds from the exercise of warrants |
107.5 |
|
|
— |
|
||
Exercise of employee stock options |
0.9 |
|
|
— |
|
||
Net cash provided by financing activities |
102.9 |
|
|
279.3 |
|
||
Effect of exchange rate changes on cash and cash equivalents |
(3.1 |
) |
|
(6.4 |
) |
||
Increase (decrease) in cash, cash equivalents and restricted cash |
142.6 |
|
|
69.7 |
|
||
Beginning cash, cash equivalents and restricted cash |
542.6 |
|
|
233.7 |
|
||
Ending cash, cash equivalents and restricted cash |
$ |
685.2 |
|
|
$ |
303.4 |
|
Changes in operating working capital |
|
|
|
||||
Accounts receivable |
$ |
47.1 |
|
|
$ |
63.8 |
|
Inventories |
(68.4 |
) |
|
(46.0 |
) |
||
Other current assets |
(5.3 |
) |
|
1.4 |
|
||
Accounts payable |
20.7 |
|
|
(42.3 |
) |
||
Accrued expenses and other liabilities |
(41.5 |
) |
|
(120.3 |
) |
||
Income taxes |
2.8 |
|
|
4.2 |
|
||
Total changes in operating working capital |
$ |
(44.6 |
) |
|
$ |
(139.2 |
) |
Reconciliation of GAAP and non-GAAP Financial Measures
To supplement this press release, we have included certain non-GAAP financial measures that reflect the historical financial results presented in the format of the performance metrics we are beginning to report in 2021. Management believes these non-GAAP financial measures provide investors with additional meaningful financial information that should be considered when assessing our underlying business performance and trends. Further, management believes these non-GAAP financial measures also enhance investors' ability to compare period-to-period financial results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's reported results prepared in accordance with GAAP. Our non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of each of these non-GAAP financial measures to GAAP information are also included. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the company's performance. Disclosing these non-GAAP financial measures allows investors and management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance.
Vertiv’s non-GAAP financial measures include:
- Adjusted operating profit (loss), which represents operating profit (loss), adjusted to exclude amortization of intangibles;
- Adjusted operating profit (loss) margins, which represents adjusted operating profit (loss) divided by net sales; and
- Adjusted diluted EPS, which represents diluted earnings per share adjusted to exclude amortization of intangibles.
Regional Segment Results
|
First Quarter |
|||||||||||||||||||
|
2021 |
|
2020 |
|
Δ |
|
Δ% |
|
Organic Δ% |
|||||||||||
Net sales (1) |
|
|
|
|
|
|
|
|
|
|||||||||||
Americas |
$ |
501.5 |
|
|
$ |
466.7 |
|
|
$ |
34.8 |
|
|
7.5 |
% |
|
7.9 |
% |
|||
APAC |
|
357.4 |
|
|
|
223.9 |
|
|
|
133.5 |
|
|
59.6 |
% |
|
53.6 |
% |
|||
EMEA |
|
239.5 |
|
|
|
206.7 |
|
|
|
32.8 |
|
|
15.9 |
% |
|
8.8 |
% |
|||
|
$ |
1,098.4 |
|
|
$ |
897.3 |
|
|
$ |
201.1 |
|
|
22.4 |
% |
|
19.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted operating profit (loss) |
||||||||||||||||||||
Americas |
$ |
126.4 |
|
|
$ |
91.5 |
|
|
$ |
34.9 |
|
|
38.1 |
% |
|
|
||||
APAC |
|
53.1 |
|
|
|
20.9 |
|
|
|
32.2 |
|
|
154.1 |
% |
|
|
||||
EMEA |
|
33.4 |
|
|
|
20.8 |
|
|
|
12.6 |
|
|
60.6 |
% |
|
|
||||
Corporate (2) |
|
(101.3 |
) |
|
|
(113.0 |
) |
|
|
11.7 |
|
|
(10.4 |
)% |
|
|
||||
|
$ |
111.6 |
|
|
$ |
20.2 |
|
|
$ |
91.4 |
|
|
452.5 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted operating profit (loss) margins (3) |
||||||||||||||||||||
Americas |
|
25.2 |
% |
|
|
19.6 |
% |
|
|
5.6 |
% |
|
|
|
|
|||||
APAC |
|
14.9 |
% |
|
|
9.3 |
% |
|
|
5.6 |
% |
|
|
|
|
|||||
EMEA |
|
13.9 |
% |
|
|
10.1 |
% |
|
|
3.8 |
% |
|
|
|
|
|||||
Vertiv |
|
10.2 |
% |
|
|
2.3 |
% |
|
|
7.9 |
% |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
(1) |
Segment net sales are presented excluding intercompany sales. |
|
(2) |
Corporate costs consist of headquarters management costs, other incentive compensation, global IT costs, and global ER&D. |
|
(3) |
Adjusted operating profit (loss) margins calculated as adjusted operating profit (loss) divided by net sales. |
Sales by Product and Service Offering
|
First Quarter |
|||||||||||||||||
|
2021 |
|
2020(1) |
|
Δ |
|
Δ % |
|
Organic Δ % |
|||||||||
Americas: |
|
|
|
|
|
|
|
|
|
|||||||||
Critical infrastructure & solutions |
$ |
279.2 |
|
|
$ |
239.8 |
|
|
$ |
39.4 |
|
|
16.4 |
% |
|
16.9 |
% |
|
Services & spares |
154.2 |
|
|
161.6 |
|
|
(7.4 |
) |
|
(4.6 |
)% |
|
(4.1 |
)% |
||||
Integrated rack solutions |
68.1 |
|
|
65.3 |
|
|
2.8 |
|
|
4.3 |
% |
|
4.6 |
% |
||||
|
$ |
501.5 |
|
|
$ |
466.7 |
|
|
$ |
34.8 |
|
|
7.5 |
% |
|
7.9 |
% |
|
Asia Pacific: |
|
|
|
|
|
|
|
|
|
|||||||||
Critical infrastructure & solutions |
$ |
216.3 |
|
|
$ |
116.3 |
|
|
$ |
100.0 |
|
|
86.0 |
% |
|
83.2 |
% |
|
Services & spares |
95.5 |
|
|
79.3 |
|
|
16.2 |
|
|
20.4 |
% |
|
16.1 |
% |
||||
Integrated rack solutions |
45.6 |
|
|
28.3 |
|
|
17.3 |
|
|
61.1 |
% |
|
40.6 |
% |
||||
|
$ |
357.4 |
|
|
$ |
223.9 |
|
|
$ |
133.5 |
|
|
59.6 |
% |
|
53.6 |
% |
|
EMEA: |
|
|
|
|
|
|
|
|
|
|||||||||
Critical infrastructure & solutions |
$ |
132.4 |
|
|
$ |
105.4 |
|
|
$ |
27.0 |
|
|
25.6 |
% |
|
18.0 |
% |
|
Services & spares |
72.1 |
|
|
65.4 |
|
|
6.7 |
|
|
10.2 |
% |
|
3.4 |
% |
||||
Integrated rack solutions |
35.0 |
|
|
35.9 |
|
|
(0.9 |
) |
|
(2.5 |
)% |
|
(8.0 |
)% |
||||
|
$ |
239.5 |
|
|
$ |
206.7 |
|
|
$ |
32.8 |
|
|
15.9 |
% |
|
8.8 |
% |
|
Total: |
|
|
|
|
|
|
|
|
|
|||||||||
Critical infrastructure & solutions |
$ |
627.9 |
|
|
$ |
461.5 |
|
|
$ |
166.4 |
|
|
36.1 |
% |
|
33.5 |
% |
|
Services & spares |
321.8 |
|
|
306.3 |
|
|
15.5 |
|
|
5.1 |
% |
|
2.8 |
% |
||||
Integrated rack solutions |
148.7 |
|
|
129.5 |
|
|
19.2 |
|
|
14.8 |
% |
|
9.6 |
% |
||||
|
$ |
1,098.4 |
|
|
$ |
897.3 |
|
|
$ |
201.1 |
|
|
22.4 |
% |
|
19.5 |
% |
(1) |
Beginning in the second quarter of 2020, sales were moved within product and service offering categories to reflect a strategic realignment within the Company's matrix organizational structure. Comparative results for Critical infrastructure & solutions, Services & spares and Integrated rack solutions for the three months ended March 31, 2020 have been adjusted by |
Segment Information
Operating profit (loss) (1) |
First Quarter
|
|
First Quarter
|
||||
Americas |
$ |
126.4 |
|
|
$ |
91.5 |
|
Asia Pacific |
53.1 |
|
|
20.9 |
|
||
Europe, Middle East & Africa |
33.4 |
|
|
20.8 |
|
||
Total reportable segments |
212.9 |
|
|
133.2 |
|
||
Foreign currency gain (loss) |
6.9 |
|
|
(1.8 |
) |
||
Corporate and other |
(108.2 |
) |
|
(111.2 |
) |
||
Total corporate, other and eliminations |
(101.3 |
) |
|
(113.0 |
) |
||
Amortization of intangibles |
(31.8 |
) |
|
(32.4 |
) |
||
Operating profit (loss) |
$ |
79.8 |
|
|
$ |
(12.2 |
) |
(1) |
Beginning in the first quarter of 2021, operating profit (loss) is the primary income measure used for assessing segment performance and making operating decisions. Comparative results for the three months ended March 31, 2020 have been presented in conformity with the updated format. |
Reconciliation of Net Cash Provided By (Used For) Operating Activities to Free Cash Flow
|
First Quarter
|
|
First Quarter
|
||||
Net cash provided by (used for) operating activities |
$ |
60.7 |
|
|
$ |
(194.7 |
) |
Capital expenditures |
(16.8 |
) |
|
(6.7 |
) |
||
Investments in capitalized software |
(1.1 |
) |
|
(1.8 |
) |
||
Free cash flow |
$ |
42.8 |
|
|
$ |
(203.2 |
) |
Reconciliation from operating profit (loss) to adjusted operating profit (loss)
|
First Quarter
|
|
First Quarter
|
||||
Operating profit (loss) |
$ |
79.8 |
|
|
$ |
(12.2 |
) |
Amortization of intangibles |
31.8 |
|
|
32.4 |
|
||
Adjusted operating profit (loss) |
$ |
111.6 |
|
|
$ |
20.2 |
|
Reconciliation from operating profit (loss) margin to adjusted operating profit (loss) margin
|
|
First Quarter
|
|
First Quarter
|
|
Δ |
|||
Vertiv net sales |
|
1,098.4 |
|
|
897.3 |
|
|
201.1 |
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"@type": "FAQPage",
"name": "Vertiv Delivers 22.4% Net Sales Growth; Achieves Record Backlog; Raises Full Year Guidance FAQs",
"mainEntity": [
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"@type": "Question",
"name": "What were Vertiv's net sales for the first quarter of 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Vertiv reported net sales of $1,098 million for the first quarter of 2021."
}
},
{
"@type": "Question",
"name": "How did Vertiv's first quarter 2021 performance compare to last year?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Vertiv's first quarter 2021 net sales increased by 22.4% compared to the same quarter in 2020."
}
},
{
"@type": "Question",
"name": "What is Vertiv's backlog as of March 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Vertiv's backlog reached a record $2.1 billion at the end of March 2021."
}
},
{
"@type": "Question",
"name": "What was the net income for Vertiv in the first quarter of 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Vertiv's net income for the first quarter of 2021 was $32 million."
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FAQ
What were Vertiv's net sales for the first quarter of 2021?
Vertiv reported net sales of $1,098 million for the first quarter of 2021.
How did Vertiv's first quarter 2021 performance compare to last year?
Vertiv's first quarter 2021 net sales increased by 22.4% compared to the same quarter in 2020.
What is Vertiv's backlog as of March 2021?
Vertiv's backlog reached a record $2.1 billion at the end of March 2021.
What was the net income for Vertiv in the first quarter of 2021?
Vertiv's net income for the first quarter of 2021 was $32 million.
What is the updated adjusted operating profit guidance for Vertiv in 2021?
Vertiv increased its full-year adjusted operating profit guidance to $595 million.
Vertiv Holdings Co
NYSE:VRTVRT RankingsVRT Latest NewsVRT Stock Data
44.57B
371.47M
0.91%
87.24%
4.44%
Electrical Equipment & Parts
Electronic Components, Nec
United States of America
WESTERVILLE
|