Investing.com -- Vertiv Holdings (NYSE:VRT) hiked its sales forecast for fiscal 2024 and topped expectations for Q3 results, though its shares still fell around 4% in premarket trading Wednesday.
For the fiscal Q3 2024, provider infrastructure and services for data centers posted Q3 earnings per share (EPS) of $0.76, beating consensus estimates of $0.69. Revenue for the period stood at $2.07 billion, also above the $1.98 billion projected by analysts.
In the Americas, net sales totaled $1.20 billion, surpassing the estimated $1.15 billion.
The company's adjusted operating margin was 20.1%, slightly above the forecasted 19.9%.
“Vertiv’s strong performance in the third quarter was driven by robust underlying demand for our critical digital infrastructure products and services, our continued and unrelenting focus on strong operational execution and Vertiv’s unique market position in enabling artificial intelligence and other critical applications for the data center,” said Giordano Albertazzi, Vertiv’s CEO.
“There are clear indications of an acceleration in AI development that is truly encouraging, and which is driving demand across our entire AI-enabling portfolio of power, thermal, IT systems, infrastructure solutions and services.”
For the fourth quarter of 2024, Vertiv expects EPS to range between $0.80 and $0.84, higher than the consensus estimate of $0.75. Revenue is projected to be between $2.115 billion and $2.165 billion, compared to the market estimate of $2.15 billion.
Looking further ahead, Vertiv forecasts 2024 EPS between $2.66 and $2.70, beating the consensus of $2.49.
The company expects net sales to be between $7.78 billion and $7.83 billion, up from the previous range of $7.59 billion to $7.74 billion, and above the estimated $7.73 billion.