2023-08-02 05:59:58 ET
- Vertiv press release ( NYSE: VRT ): Q2 Non-GAAP EPS of $0.46 beats by $0.17 .
- Revenue of $1.73B (+23.6% Y/Y) beats by $110M , organic net sales growth of 25%.
- Adjusted operating margin of 14.5%, up 860 basis points compared to last year’s second quarter.
- Operating cash flow of $254 million and adjusted free cash flow of $227 million, an increase of $460 million over the second quarter 2022.
- Outlook: Raising 2023 net sales guidance to $6,810 million at the midpoint, $285 million higher than prior guidance vs. consensus of $6.55B.
- Raising 2023 operating profit guidance to $768 million at the midpoint and adjusted operating profit to $950 million at the midpoint, an anticipated improvement of 116% compared to full year 2022
- Raising 2023 adjusted free cash flow guidance to $550 million at the midpoint, $200 million higher than prior guidance. Net leverage of 3.1x at end of second quarter and forecasted to be ~2.3x by year-end.
- Adjusted diluted EPS of $1.54 - $1.64 vs. consensus of $1.26.
- Third Quarter 2023 Guidance: Net sales of $1,700M - $1,800M vs. consensus of $1.65B; Adjusted diluted EPS of $0.41 - $0.46 vs. consensus of $0.33.
For further details see:
Vertiv beats Q2 top and bottom line estimates; initiates Q3 and raises FY23 outlook