Company: VRT
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0001628280-25-019372
Chunk: 50

Company: Vertiv Holdings Co
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 %9.1 %

Asia Pacific net sales were $447.2 in the first quarter of 2025, an increase of $114.9, or 34.6%, from the first quarter of 2024. The increase in sales were primarily driven by growth across the whole region, partially offset by the negative impact of foreign currency of approximately $6.0. Net sales of products improved by $109.8, and service & spares improved by $5.1.

Operating profit (loss) in the first quarter of 2025 was $45.7, an increase of $15.3 compared with the first quarter of 2024 mainly driven by leveraging our fixed costs and a benefit due to employee related costs in the first quarter of 2024.

Europe, Middle East & Africa

(Dollars in millions)Three months ended March 31, 2025Three months ended March 31, 2024$ Change% ChangeNet sales$403.5 $381.8 $21.7 5.7 %Operating profit (loss)78.7 70.3 8.4 11.9 Margin19.5 %18.4 %

Europe, Middle East & Africa net sales of $403.5 in the first quarter of 2025, increased by $21.7, or 5.7%, from the first quarter of 2024. Sales increases were primarily due to increased volumes due to products increasing by $21.7, partially offset by the negative impact of foreign currency of approximately $5.6. Sales of services & spares remained flat compared to the first quarter of 2024.

Operating profit (loss) in the first quarter of 2025 was $78.7, an increase of $8.4 compared with the first quarter of 2024. Margin increased primarily due to fixed cost leverage on higher volumes and procurement driven productivity improvement.

Vertiv Corporate and Other

Corporate and other costs include costs associated with our headquarters located in Westerville, Ohio, as well as centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, IT, Legal, and global product platform development and offering management. Corporate and other costs were $47.4 and $39.9 in the first quarter of 2025 and 2024, respectively. Total corporate, other, and elimination costs increased $7.5 compared to the first quarter of 2024 primarily due to an increase of certain