Advanced Energy reports record revenue

DENVER – Advanced Energy Industries Inc. (Nasdaq: AEIS) reported record revenues for total sales and semiconductor sales as part of a second-quarter earnings statement released today.

Advanced Energy, a provider of precision power conversion, measurement and control solutions, formerly was headquartered in Fort Collins. While retaining an engineering and production facility in Northern Colorado, its headquarters now is in Denver.

Total revenue was a record $440.9 million for the quarter that ended June 30, above the high end of guidance range, the company said, and semiconductor revenue was also a record and grew 30% from last year.

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“Second quarter financial results surpassed our expectations, largely due to improved availability of key components and good operational execution,” said Steve Kelley, president and chief executive of Advanced Energy, in a written statement. “Customer demand remains strong, and we are pleased by the level of customer interest in our new technologies and products, the foundation of our long-term profitable growth.”

The second-quarter total sales figure was up from $397.5 million in the first quarter of 2022 and $361.3 million in the second quarter of 2021.

GAAP net income from continuing operations was $44.8 million or $1.19 per diluted share in the quarter, compared with $36.9 million or 98 cents per diluted share in the prior quarter, and $35.5 million or 92 cents per diluted share a year ago. Non-GAAP net income was $54.3 million or $1.44 per diluted share in the second quarter of 2022. This compares with $46.7 million or $1.24 per diluted share in the first quarter of 2022, and $48.1 million or $1.25 per diluted share in the second quarter last year.

Advanced Energy generated $37.6 million of cash flow from continuing operations during the quarter, repurchased $17 million of common stock and paid $3.8 million in a quarterly dividend.

Advanced Energy also reported that its board of directors increased the company’s existing share repurchase authorization to $200 million.