Digital infrastructure power and cooling company Vertiv posted third-quarter revenues of $2.07 billion, above analyst expectations which was 19 percent higher than the same time last year, while operating profit was $372 million, up 48 percent. However, the company said that it expected to earn an adjusted 82 cents a share on sales of $2.14bn for the current quarter. Wall Street analysts, meanwhile, were expecting fourth-quarter earnings of 75 cents a share on sales of $2.16bn.
“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,” Giordano Albertazzi, Vertiv CEO, said.
“We are very encouraged by the acceleration of liquid cooling revenue, which is a visible contributor to our third quarter results, despite a yet immature market. Pipelines continue to grow. 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.”
