NEW YORK - Vertiv Holdings Co. (NYSE:VRT) reported a robust first quarter, with earnings surpassing analyst expectations and revenue showing a healthy increase from the previous year.

The company's adjusted earnings per share (EPS) for the first quarter came in at $0.43, which was $0.07 higher than the analyst consensus of $0.36. Revenue for the quarter reached $1.64 billion, exceeding the consensus estimate of $1.62 billion and marking an 8% increase from the first quarter of 2023.

Following the earnings release, Vertiv's stock price soared by more than 17%, indicating a strong positive market response to the company's earnings and future outlook.

The company's strong performance is reflected in its organic orders, which surged 60% compared to the same period last year, and a book-to-bill ratio of 1.5x. Additionally, Vertiv ended the quarter with a record high backlog of $6.3 billion.

The company also demonstrated an aggressive capital deployment strategy, repurchasing approximately 9.1 million shares for $600 million at a weighted average price of $66 per share.

In light of these results, Vertiv has raised its full-year 2024 guidance. The company now expects net sales growth of 12% at the midpoint, with operating profit projected between $1,150 million and $1,200 million and adjusted operating profit anticipated to be in the range of $1,325 million to $1,375 million.

This represents a significant 28% increase at the midpoint compared to the full year 2023.

For the second quarter of 2024, Vertiv forecasts an EPS range of $0.53 to $0.57, which brackets the analyst consensus of $0.55. Revenue guidance for Q2 is set between $1.9 billion and $1.95 billion, with the midpoint slightly above the consensus estimate of $1.9 billion.