Advanced Energy reports ‘challenging’ first quarter

FORT COLLINS — Advanced Energy Industries Inc. (Nasdaq: AEIS) reported a sharp drop in sales and net income for the first quarter ended March 31.

The Fort Collins-based company, which designs and manufactures precision power-conversion devices for the semiconductor and advanced-manufacturing sectors, recorded sales of $140.7 million in the first quarter, down from $154.2 million in the fourth quarter of 2018 and down from $195.6 million in the first quarter of 2018.

Net income from continuing operations totaled $15.4 million, compared with $19.2 million in the fourth quarter and $46.4 million in the first quarter of 2018.

“While 2019 is shaping up to be a challenging year for the semiconductor market, Advanced Energy delivered solid profitability while continuing to execute on our strategy,” Advanced Energy president and CEO Yuval Wasserman said in a prepared statement. “Mixed semi demand profiles signal the early stage of market stabilization, and we believe the long-term drivers for wafer fab equipment growth remain intact setting up the potential for a recovery in 2020. We continue to invest in technology development with our customers and are focused on capitalizing on the many growth opportunities across our served markets.”