Advanced Energy posts $10.5M quarterly profit

FORT COLLINS — Robust revenue drove a $10.5 million quarterly profit for Advanced Energy Industries Inc. (Nasdaq: AEIS), the Fort Collins-based power-supply company reported in an earnings report released Tuesday morning.

Advanced Energy reported fourth-quarter revenue of $338.3 million, up from $154.2 million in the fourth quarter of 2018. Net income totaled $10.3 million, compared with $19.4 million in the comparable period the previous year.

The profit represented 27 cents per diluted share, down from 50 cents per diluted share in the fourth quarter of 2018.

For the year, Advanced Energy recorded revenue of $788.9 million, compared with $718.9 million in 2018, an increase of 9.7 percent.

Net income from continuing operations for 2019 totaled $65 million, or $1.47 per diluted share, compared with $147.1 million, or $3.74 per diluted share, in 2018.

Advanced Energy president and CEO Yuval Wasserman credited the semiconductor and data-center computing markets for revenue growth in the fourth quarter.

“Our fourth quarter marked a strong finish to fiscal year 2019, with quarterly revenue and non-GAAP earnings per share above our guidance ranges,” Wasserman said in a prepared statement. “We continue to benefit from the results of our past design wins as they transition into solid incremental revenue growth and market share gains. The semiconductor equipment and data center computing markets were particularly strong this quarter, with our semiconductor revenues growing 30% sequentially.”

on Facebook on LinkedIn