Why Vertiv Stock Is Up Today
Vertiv Holdings (NYSE: VRT) reported fourth-quarter numbers that missed expectations, but the company is optimistic about 2023. In an earnings season where investors are mostly focused on what lies ahead, that was enough to get investors excited, sending shares of Vertiv up as much as 17% on Wednesday morning.
Vertiv is a provider of electronic equipment, analytics, and services for data centers. The company was carved out of Emerson Electric by private equity in 2016, and went public in 2020.
The company earned $0.28 per share in the fourth quarter on revenue of $1.66 billion, falling just short of the $0.31 per share earnings on revenue of $1.68 billion that Wall Street had expected. But the sales were a new quarterly record, and up 17% year over year, providing evidence that headwinds Vertiv had faced in recent quarters are now in the past.
Source Fool.com
