Advanced Energy posts lower Q2 sales

FORT COLLINS — Advanced Energy Industries Inc. (Nasdaq: AEIS) posted lower revenues in the second quarter of fiscal year 2019 as compared with the previous period and the second quarter of 2018.

Sales were $134.8 million in the second quarter of 2019, compared with $140.7 million in the first quarter of 2019 and $196.0 million in the second quarter of 2018, according to Advance Energy’s earnings report released Monday afternoon. 

Earnings were $17.2 million or 45 cents per diluted share in the second quarter of 2019, down from  $49.4 million or $1.25 per diluted share in the same period last year.

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The company anticipates sales of about $128 million in the third quarter of this fiscal year.

“Our strong operating performance in the face of continued market weakness enabled us to deliver solid results in the quarter. Also, we continued to see strong adoption of our technologies into our customers’ next-generation manufacturing processes,” Advanced Energy CEO Yuval Wasserman said in a prepared statement. “Further, we believe the pending acquisition of Artesyn Embedded Power will provide a platform for more balanced and steady growth going forward. Despite the current market slowdown, we are executing our strategy to deliver strong long-term earnings growth.”