Vertiv Holdings Co has recently released its 10-Q report, providing a detailed look at its financial performance and operations. The company is a global leader in designing, manufacturing, and servicing critical digital infrastructure technologies for data centers, communication networks, and commercial and industrial environments. It offers a wide range of products and services, including AC and DC power management products, thermal management products, integrated rack systems, and predictive analytics, among others, under various brand names such as Vertiv, Liebert, NetSure, and Geist. The company serves a diverse range of industries, including cloud services, financial services, healthcare, transportation, manufacturing, and energy, through a network of direct sales professionals, independent sales representatives, and channel partners across the Americas, Asia Pacific, Europe, the Middle East, and Africa. Vertiv Holdings Co is headquartered in Westerville, Ohio.
In the 10-Q report, Vertiv Holdings Co's management discusses the company's financial condition and results of operations. The report highlights the company's net sales, cost of sales, gross profit, selling, general and administrative expenses, amortization of intangibles, restructuring costs, foreign currency gain/loss, and other operating expenses. It also provides insights into the change in fair value of warrant liabilities, interest expense, and income tax expense.
Notably, the report indicates a significant increase in net sales, which amounted to $2,073.5 million in the third quarter of 2024, representing a 19.0% increase compared to the same period in 2023. This increase was primarily driven by higher sales volumes and product sales. The cost of sales also saw an increase of 18.1%, resulting in a gross profit of $756.4 million, or 36.5% of sales. Selling, general and administrative expenses slightly increased by 2.3%, while other operating expenses, including restructuring costs and foreign currency losses, also saw an uptick.
Additionally, the report details the change in fair value of warrant liabilities, interest expenses, and income tax expenses, providing a comprehensive overview of the company's financial performance during the specified period. These figures offer investors and stakeholders valuable insights into Vertiv Holdings Co's operations and financial health, helping them make informed decisions regarding their involvement with the company. The market has reacted to these announcements by moving the company's shares 3.5% to a price of $113.87. If you want to know more, read the company's complete 10-Q report here.
