Advanced Energy Industries beats earnings expectations

FORT COLLINS — Advanced Energy Industries Inc. (Nasdaq: AEIS) beat Wall Street expectations in its third quarter earnings out Tuesday morning, despite a much lower profit for the quarter than usual.

The Fort Collins-based power supply company posted revenues of $175.1 million in the period, an increase of $2 million from the same quarter last year. Its non-adjusted earnings were 47 cents per share, or 19 cents per share when adjusted to generally accepted accounting principles.

The company’s revenue beat Wall Street consensus estimates by $22 million, and its non-adjusted earnings per share beat by 9 cents, but its adjusted earnings missed those estimates by 7 cents, according to data compiled by Seeking Alpha.

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The company made $7.63 million in profits for the period, a sharp decline from the $34.77 million it posted in the same period last year. However, that may be explained in part by the closure of Advanced Energy’s $400 million acquisition of Artesyn Embedded Technologies Inc. in mid-September.

Advanced Energy stocks shot up 10.2 percent to $70.90 per share in early trading before leveling out to $68.36 per share as of 11 a.m. Mountain Time.