Company: VRT
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0001628280-25-019372
Chunk: 94

Company: Vertiv Holdings Co
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 2
Chunk 94
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1 0.3 0.8 266.7 Foreign currency (gain) loss, net2.6 3.2 (0.6)(18.8)Other operating expense (income)(0.2)0.3 (0.5)(166.7)Operating profit (loss)290.7 202.6 88.1 43.5 Interest expense, net25.3 39.0 (13.7)(35.1)Change in fair value of warrant liabilities— 176.6 (176.6)(100.0)Income tax expense100.9 (7.1)108.0 (1,521.1)Net income (loss)$164.5 $(5.9)$170.4 (2,888.1)%

Net Sales

Net sales were $2,036.0 in the first quarter of 2025, an increase of $396.9, or 24.2%, compared with $1,639.1 in the first quarter of 2024. The increase in sales was primarily driven by higher sales volumes, partially offset by the negative impacts from foreign currency of $17.4. Product sales increased $373.7, which included the negative impacts from foreign currency of $10.9. Services & spares sales increased $23.2, which included the negative impacts from foreign currency of $6.5.

Excluding intercompany sales, net sales were $1,185.3 in the Americas, $447.2 in Asia Pacific and $403.5 in Europe, Middle East & Africa. Movements in net sales by segment and offering are each detailed in the Business Segments section below.

Cost of Sales 

Cost of sales were $1,349.5 in the first quarter of 2025, an increase of $276.8, or 25.8% compared to the first quarter of 2024. The increase in cost of sales was primarily driven by the impact of higher volumes. Gross profit was $686.5 in the first quarter of 2025, or 33.7% of sales, compared to $566.4, or 34.6% of sales in the first quarter of 2024. Margin is slightly down in the first quarter of 2025 due primarily to the mix of product and service sales in addition to tariffs.

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Selling, General and Administrative Expenses 

Selling,