Advanced Energy posts $117M profit for 2016

FORT COLLINS — Advanced Energy Industries Inc. (Nasdaq: AEIS) on Monday reported a profit of $116.9 million, or $2.92 per share, for its fiscal year 2016 that ended Dec. 31, an increase compared with $83.5 million, or $2.03 per share, in 2015.

The Fort Collins-based maker of power and control products used in semiconductors, flat-panel displays and other electronics, reported revenue of $483.7 million for the year, compared with $414.8 million in 2015.

The company’s fourth-quarter results were up compared with the previous year’s quarter. Revenue was $135.3 million compared with $126.6 million in the third quarter of 2016 and $86.9 million in the fourth quarter of 2015. Profit was  $40.4 million, or $1.01 per share, in the fourth quarter of 2016 compared with $29 million, or 73 cents per share, in the third quarter, and $11.5 million, or 28 cents per share, in the fourth quarter of 2015.

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The company ended the quarter with $286.7 million in cash and marketable securities.

Advanced Energy’s president and chief executive, Yuval Wasserman, said semiconductor and service revenues reached new highs, offsetting a fourth-quarter decline in industrial applications.