Advanced Energy posts record quarterly sales

DENVER and FORT COLLINS — Advanced Energy Industries Inc. (Nasdaq: AEIS) posted its best sales quarter in its history on Thursday on the back of growing demand in its markets.

The power controls maker posted sales of $389.52 million and earnings of $1.18 per share, beating Wall Street consensus estimates by $38.61 million and 27 cents per share, respectively, according to finance site Seeking Alpha.

That revenue figure represents a 122.5% increase over sales from the same period last year.

The company said it saw the largest quarter-to-quarter growth in its medical and telecommunications businesses with sales increases of 23% and 18.5%, respectively, in those sectors due to growing demand for COVID-19-related products and 5G deployment.

However, the semiconductor market was its cash cow, bringing in $167 million in revenue in the third quarter.

“…We are well positioned to grow faster than the markets we serve and to achieve or exceed our strategic aspirational goals,” CEO Yuval Wasserman said in a statement.

Advanced Energy moved its corporate headquarters to Denver this year but was founded in Fort Collins and maintains a research and manufacturing site in the city’s northeast corner.

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