Advanced Energy grows revenue more than 30 percent year over year

FORT COLLINS — Advanced Energy Industries Inc. (Nasdaq: AEIS) posted first-quarter earnings of $1.16 per share, or $46.4 million.

The earnings are a significant improvement over the same period the year prior when Advanced Energy had a $29 million loss, or 73 cent loss per share.

The Fort Collins-based company, which makes power technologies and solutions, posted quarterly revenue of $195.6 million, a 31 percent year-over-year increase and beating expectations by $7.7 million.

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“Carrying on the momentum seen in 2017, first quarter semiconductor revenue again reached record levels while our Industrial business soared to new historical highs due to the rapid adoption of our advanced technology and expanding geographical presence,” said Yuval Wasserman, president and CEO of Advanced Energy, in a prepared statement. “Our diversification strategy is working – producing strong results – as we continue to execute on our strategic plan towards our aspirational goals. We believe our strong balance sheet provides the flexibility required to acquire new products and technologies and return value to shareholders.”

The company’s financial statements added that it has discontinued its inverter business, and is continuing operations in the precision power business.

Looking ahead, Advanced Energy expects second-quarter earnings per share to be between $1.23 and $1.33. Revenue is expected to be between $193 million and $207 million.