Advanced Energy reports sales, earnings increases, but lags estimates
DENVER and FORT COLLINS — Advanced Energy Industries Inc. (Nasdaq: AEIS), with its headquarters in Denver and manufacturing and research facility in Fort Collins, has reported sales up for the second quarter of the year over both the first quarter and the second quarter of 2020.
“We achieved year-over-year revenue and earnings growth in Q2,” Steve Kelley, president and CEO, said in a statement accompanying the financial report. “Although the near-term supply chain and operating environment remains challenging, demand continues to strengthen across all our markets, and we have solid visibility into 2022. We are winning with our highly-engineered, proprietary power solutions, positioning the company to deliver long-term profitable growth.”
Sales totaled $361.3 million in the second quarter of 2021, compared with $351.6 million in the first quarter of 2021 and $339.9 million in the second quarter of 2020.
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GAAP net income from continuing operations totaled $35.5 million or 92 cents per diluted share in the quarter, compared with $38.4 million or 99 cents per diluted share in the prior quarter, and $29.3 million or 76 cents per diluted share a year ago.
The company generated $33.8 million of operating cash flow from continuing operations during the quarter, made debt principal payments of $4.4 million, repurchased $6.5 million of common stock at $90.34 per share, paid $15.1 million for the acquisition of Tegam Inc., and paid $3.9 million in a quarterly dividend, according to the report.
The company reported that its board has increased the company’s stock repurchase authorization to $200 million.
Advanced Energy’s earnings lagged the Zacks Consensus Estimate. The company’s stock price declined 12.13% Tuesday, losing $12.48 to close at $90.37 per share.