Vertiv Holdings Co. (VRT) Investor Conference and Raises 2023 Guidance
Tweet
Share
E-mailGet Alerts VRT Hot Sheet
Join SI Premium – FREE
Vertiv (NYSE: VRT), a global provider of critical digital infrastructure and continuity solutions, will host its previously announced Investor Conference today at the New York Stock Exchange from 10 a.m. to 3 p.m. Eastern Time. Vertiv’s management team will update investors on the Company’s vision and strategy, current business and operations, accelerated growth opportunities and financial performance. A webcast of the live event and presentation materials can be accessed in the Investor Relations section of Vertiv’s website at investors.vertiv.com. A replay of Vertiv’s 2023 Investor Conference will also be available for 30 days following the webcast and can be accessed at investors.vertiv.com.
Vertiv also announced that effective today, its Board of Directors approved a share repurchase program authorizing the company to repurchase up to $3 billion of common stock over the next four years. The program is intended to provide the company with flexibility in returning capital to shareholders. Vertiv expects that the repurchases will be effected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, block trades, derivative contracts or otherwise, including in compliance with Rule 10b-18. The specific timing of any repurchases will be determined at management’s discretion and will depend on a number of factors, including available liquidity, the company's stock price, the company's financial outlook, and alternative investment options. The share repurchase program does not obligate Vertiv to repurchase any specific dollar amount or number of shares and the Board's authorization of the program may be modified, suspended or discontinued at any time.
Vertiv’s Board has declared an increase in the company’s annual cash dividend for 2023 to $0.025 per share of the company’s Class A common stock. The cash dividend will be payable on December 27, 2023 to shareholders of record of Class A common stock at the close of business on December 11, 2023.
The company has increased 2023 financial guidance as it continues to see strong market demand for its critical digital infrastructure products and services.
| Current Full Year 2023 Guidance(3) |
| Previous Full Year 2023 Guidance |
Net sales | $6,875M - $6,895M |
| $6,826M - $6,851M |
Organic net sales growth(2) | 21.9% - 22.3% |
| 20.9% - 21.4% |
Adjusted operating profit(1) | $1,035M - $1,045M |
| $1,020M - $1,030M |
Adjusted operating margin(2) | 15.0% - 15.2% |
| 14.6% - 15.4% |
Adjusted diluted EPS(1) | $1.72 - $1.76 |
| $1.69 - $1.73 |
Adjusted free cash flow(2) | $600M - $650M |
| $600M - $650M |
(1) | This release contains certain non-GAAP metrics. For reconciliations to the relevant GAAP measures and an explanation of the non-GAAP measures and reasons for their use, please refer to sections of this release entitled “Non-GAAP Financial Measures” and “Reconciliation of GAAP and non-GAAP Financial Measures.” | |
(2) | This is a forward-looking non-GAAP financial measure that cannot be reconciled for those reasons set forth under “Non-GAAP Financial Measures” of this release. | |
(3) | In connection with our Investor Conference being held today, we have decided to update our existing guidance to factor in our financial performance through the end of October and our current outlook for the remainder of the year to address this special circumstance. We do not anticipate making a practice of issuing interim guidance in future and no inference should be made from the failure to do so. Please refer to the cautionary language under “Forward Looking Statements” below. |
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Redwood Trust prices $185M convertible notes due 2030
- SFL extends Hapag-Lloyd charter, adds $750M to backlog
- Tetra Tech adds $500M to share repurchase program
Create E-mail Alert Related Categories
Corporate News, GuidanceRelated Entities
Dividend, Stock Buyback, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
