Digital infrastructure power and cooling company Vertiv posted third-quarter revenues of $2.07 billion, above analyst expectations.
That 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.
Shares fell slightly on the guidance, but are still up around 140 percent year-to-date.
“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.”
The company said that its new modular infrastructure factory in Pelzer, South Carolina, has started production shipments.
Dave Cote, Vertiv’s executive chairman, said: “Gio and the Vertiv team continue to deliver outstanding results, bolstered by a laser focus on continuously improving operational excellence and building a high-performance culture.
"Those efforts are clearly paying off, with Vertiv’s adjusted operating margin surpassing 20 percent in the quarter. With even more room for operational improvement and the AI phase of the digital age just beginning, Vertiv has a long runway to accelerate growth and create even greater shareholder value.”