Vertiv is forecasting a boost in sales for the year 2024 following a surge in demand and an uptick in orders that drove its earnings and revenue up in the fourth quarter of last year.
Projected Earnings and Revenue for 2024
The digital-infrastructure supplier anticipates adjusted earnings, excluding one-time items, to fall within the range of $2.20 to $2.26 per share for 2024, with sales expected to range between $7.515 billion to $7.655 billion. This forecast represents a substantial increase of about 10% compared to its 2023 total. Analysts surveyed by FactSet had previously estimated earnings of $2.24 a share on revenues of $7.54 billion.
First-Quarter Performance Outlook
Vertiv’s outlook for the first quarter includes adjusted earnings anticipated to range from 32 cents to 36 cents per share, with revenue projected to fall between $1.575 billion to $1.625 billion. Analysts had previously forecasted earnings of 37 cents per share on revenues of $1.62 billion.
Fourth Quarter Results
In the fourth quarter, the Columbus, Ohio-based company reported a profit of $232.6 million, or 60 cents per share, compared to $26.6 million, or 7 cents per share, in the same period the previous year.
After adjusting for amortization of intangibles, changes in warrant liability, and nonrecurring tax benefits, the adjusted earnings were reported at 56 cents per share. This exceeded analyst expectations of 53 cents per share.
Revenue saw a 13% increase, reaching $1.87 billion, slightly below analyst projections of $1.89 billion.
