Vertiv NYSE: VRT)stock is moving lower Wednesday following the company's recent quarterly report. The company's share price was down 2.5% as of 3:30 p.m. ET despite the S&P 500 being up 0.8% at the same point in the session and the Nasdaq Composite being up 1.4%. The stock had been off as much as 5% earlier in the day.
Vertiv published its first-quarter results before the market opened today and delivered better-than-expected earnings. Despite the profit beat, the company's share price is moving lower today.
Image source: Getty Images.
Vertiv stock sinks even with big earnings beat
Vertiv recorded non-GAAP (adjusted) earnings per share of $1.17 in the first quarter, beating the average analyst estimate by $0.16 per share. Meanwhile, sales of roughly $2.65 billion were roughly in line with the average analyst target. Even though the company grew sales nearly 30% year over year in the period, some investors were looking for stronger revenue. Concerns about the near-term growth outlook are also weighing on the stock.
NYSE: VRT
Key Data Points
What's next for Vertiv?
For this year, Vertiv is guiding for sales to come in between $13.5 billion and $14 billion. With that guidance range, organic growth is projected to come in between 29% and 31% on an annual basis. Meanwhile, adjusted earnings per share are projected to be between $6.30 and $6.40 per share -- a guidance range that came in significantly ahead of the average analyst estimate's target for adjusted per-share earnings of $6.16.
By most measures, Vertiv's Q1 results and forward guidance looked quite strong -- but expectations were high heading into the report. Even with today's modest pullback, the stock is up roughly 351% over the last year.
