Advanced Energy earns 1Q profit

FORT COLLINS – Advanced Energy Industries Inc. (Nasdaq: AEIS) said Monday that its earnings rose to $14.7 million during the first quarter vs. $6.8 million during the same period a year earlier.

Advanced Energy, headquartered in Fort Collins, makes solar and thin-films products. Company revenue rose to $141.9 million from $111.8 million.

First-quarter earnings fell, however, from the $34.4 million in net income posted during the fourth quarter.

CEO Garry Rogerson said despite first-quarter solar-inverter seasonality and new products that pressured margins, Advanced Energy extended its reach with new product lines in new places during the first quarter.

Advanced Energy acquired two companies, HiTek Power Group and AEG Power Solutions GmbH, since January.

The company ended the quarter with $122.7 million in cash and marketable securities, a decrease of $27 million due to the acquisition of AEG Power Solutions.

“With the completion of two successful acquisitions since the beginning of the year, we continue to generate and deploy our cash effectively,” Rogerson said in an earnings statement issued after the market closed. “Overall, our business model is expanding our opportunities for future growth as we add adjacent power conversion products and new markets and continue our focus on reducing costs to drive year-over-year profitability.” 

The company’s precision power product sales totaled $82.9 million during the first quarter, up from $61.8 million during the same quarter last year. Solar inverter sales rose to $58.1 million vs. $50 million during the first quarter of 2013. 

Advanced Energy said its customers are seeing a decline in second-quarter orders. The company expects sales of $135 million to $145 million during the second quarter and earnings per share of 26 cents to 31 cents.

Advanced Energy gained less than one point to close at $21.39 on Monday.

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