Currently, shares of Vertiv Holdings Co (NYSE: VRT) are trading at $11.49 after rising by 18.26% on providing an update to the market. VRT closed at $9.72 on Friday.
What is the latest update provided by VRT?
According to Vertiv (VRT), Rob Johnson, Chief Executive Officer, will retire on December 31, 2022 due to health reasons. Giordano Albertazzi, currently President, Americas, will assume the position of Chief Operating Officer effective immediately. On January 1, 2023, Albertazzi will replace Johnson as CEO and a Director on the Board of Directors.
Vertiv named Joseph DeAngelo as a director:
Also, Vertiv announced the appointment of Joseph DeAngelo to its Board of Directors. He will be part of the Nominating and Corporate Governance Committees as well as the Compensation Committee. The Board of Directors will now consist of eleven members with Mr. DeAngelo’s extensive financial and management experience.
Vertiv also provided a financial outlook for 2023 along with a 2022 update:
- Foreign exchange-adjusted third quarter orders increased 12% over last year.
- A record $4.7 billion backlog as of the end of August represents a 46% increase over the previous year.
- Despite reaffirming their guidance range, VRT anticipates they will be below what they had previously stated, primarily due to foreign exchange headwinds.
- Foreign exchange headwinds contributed to Vertiv’s revised adjusted operating profit guidance of $220 million to $240 million for the fourth quarter of 2022.
- According to the updated forecast, adjusted operating profits will range from $730 million to $750 million in 2023.
Q4 Update shared by VRT:
Vertiv (VRT) provided an update on its outlook for the third and fourth quarters of 2022. A record high backlog of orders at the end of August 2022 resulted from preliminary order growth of 12%, adjusted for foreign exchange, compared to the prior year. The adjusted operating profit guidance for the fourth quarter has been revised by VRT to $220 million to $240 million. In line with previous expectations, Vertiv’s new manufacturing facility in Mexico is on track with price realization, supplier qualification, and start-up.