Vertiv Holdings Co shares jumped 12% in pre-market trading on Wednesday after the digital infrastructure and power-management product maker reported third-quarter 2023 adjusted earnings per share (EPS) of $0.52, surpassing the FactSet consensus estimate of $0.44.
Its revenue for the period, meanwhile, rose 18% to $1.74 billion, but narrowly missed the analyst consensus forecast of $1.75 billion.
"We are still in the early stages, but the industry is gearing up to deploy the data center infrastructure needed to meet the compute capacity that AI is demanding," Vertiv CEO Giordano Albertazzi said in a statement.
"Our end markets remain healthy and momentum continues."
Looking ahead, the company said it expects to report 4Q adjusted EPS of $0.48 to $0.52 on revenue of $1.83 billion to $1.85 billion.
Wall Street was expecting revenue of $1.82 billion and adjusted EPS of $0.47.
Shares of Vertiv have soared more than 180% year to date.
Contact Sean at sean@proactiveinvestors.com