Vertiv reported $3.27 billion in Q2 revenue, below the $3.38 billion analysts expected, despite beating earnings forecasts.
Vertiv Holdings posted second-quarter adjusted earnings of $1.52 per share, surpassing the $1.42 estimate, while revenue rose 24% year-over-year to $3.27 billion. The revenue figure fell short of the $3.38 billion analysts anticipated, triggering a 12% premarket decline in Vertiv stock.
The company attributed the revenue miss to temporary supply chain congestion and multi-phased project execution delays. Despite the shortfall, Vertiv raised its full-year guidance, now projecting adjusted earnings of $6.65 to $6.75 per share on sales of $13.8 billion to $14.2 billion, up from prior estimates of $6.30 to $6.40 and $13.5 billion to $14 billion.
Wall Street had expected full-year earnings of $6.49 per share on $13.88 billion in sales. The updated guidance did not offset the negative market reaction to the Q2 revenue miss.