Fort Collins-based Advanced Energy posts 1Q profit
FORT COLLINS — Advanced Energy Industries Inc. (Nasdaq: AEIS) on Monday reported a profit of $22.3 million, or 56 cents per share, for its first quarter 2016 that ended March 31.
The Fort Collins-based maker of power and control products used in semiconductors, flat-panel displays and other electronics reported sales of $103 million for the quarter compared with $86.9 million in the fourth quarter of 2015 and $109.5 million in the first quarter of 2015.
Advanced Energy is rebounding from a poor 2015, in which it lost $158.5 million, or $3.89 per share, because of its lagging solar-inverter business that it shut down late in the year.
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“Semiconductor revenues rebounded nearly 39 percent from the fourth quarter, driving better-than-expected total sales and earnings per share from continuing operations,” Yuval Wasserman, Advanced Energy’s president and CEO, said in a prepared statement. “Our leading position as an enabler of critical applications in high-growth areas of semiconductors processing, combined with our growing service business, more than offset the temporary slowdown in our industrial applications and should allow us to continue to grow faster than the markets we serve, reflecting the advantages of our diversified model.”
Advanced Energy’s stock closed at $33.30 per share on Monday. Its 52-week range is $21.12 -$35.79.
