Summary by Moomoo AI
Vertiv Holdings reported robust Q3 2024 financial results with net sales reaching $2.07 billion, a 19% increase from $1.74 billion in Q3 2023. Operating profit surged 48.1% to $371.6 million, while net income rose 87.7% to $176.6 million. Gross margin improved to 36.5% from 36.0% year-over-year, driven by higher volumes, pricing actions, and improved manufacturing productivity.The Americas segment led growth with sales up 19.5% to $1.2 billion and operating profit increasing 46.9%. Europe, Middle East & Africa delivered strong performance with 26.1% sales growth to $442.5 million, while Asia Pacific revenue rose 11.3% to $432.4 million. The company maintained strong liquidity with $908.7 million in cash and $584.2 million available under its credit facility.Management continued executing strategic initiatives, including capacity expansion and thermal management portfolio development. The company invested in new manufacturing facilities in Pune, India and Pelzer, South Carolina to support growing demand, particularly in AI infrastructure. Vertiv also implemented cost optimization measures and improved operational efficiency across regions.
