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Vertiv Holdings, Hilton Worldwide term loans inch higher with earnings announcements
By Sara Rosenberg
New York, Oct. 26 – Vertiv Holdings Co. saw its term loan strengthen in trading on Wednesday following the release of third quarter numbers that showed better-than-expected earnings per share and net sales.
Vertiv’s term loan moved up to 95½ bid, 96½ offered from 95¼ bid, 96¼ offered after the company disclosed third quarter earnings, according to a market source.
For the quarter, the company reported diluted earnings per share of $0.06, versus $0.15 in the third quarter of 2021, and net income of $21.2 million, compared to net income of $56.2 million in the prior year. Non-GAAP adjusted diluted earnings per share for the quarter were $0.23, up from $0.20 in the comparable 2021 period, and non GAAP adjusted net income was $85.2 million, up from $73.3 million last year.
Net sales for the quarter were $1.481 billion, up 20.5% from $1.229 billion in the third quarter of 2021.
Also, Hilton Worldwide Holdings Inc.’s term loan gained some ground in the secondary market after the company announced its quarterly results.
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