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Advanced Energy Announces 40% Y/Y Revenue Growth

Advanced Energy Industries, Inc. announced financial results for the second quarter ended June 30, 2017. The company reported second quarter sales of $165.9 million, 40% higher compared with the year-earlier period. Second quarter GAAP income from continuing operations was $45.9 million, or $1.14 per diluted share. Non-GAAP income from continuing operations was $49.2 million, or $1.22 per diluted share.

"Building on our continuous innovation, early stage engagement with customers and operational excellence led to outstanding results this quarter," said Yuval Wasserman, president and CEO. "The complexity of advanced processing technologies is driving increased power content, fueling our record semiconductor growth. Our industrial business continues to grow, aided by new applications and the expansion of our addressable market. With strong cash generation, we are executing on our acquisition strategy and making headway on our aspirational goals."

Sales were $165.9 million compared with $149.4 million in the first quarter of 2017 and $118.8 million in the second quarter of 2016.

GAAP income from continuing operations was $45.9 million or $1.14 per diluted share in the second quarter of 2017 compared with $35.4 million or $0.88 per diluted share in the prior quarter, and $27.3 million or $0.68 per diluted share in the second quarter of 2016.

Non-GAAP income from continuing operations was $49.2 million or $1.22 per diluted share in the second quarter of 2017 compared with $41.9 million or $1.04 per diluted share in the prior quarter, and $29.2 million or $0.73 per diluted share in the same period last year. A reconciliation of non-GAAP measures is provided in the tables below.

The company generated $64.0 million of operating cash from continuing operations.

The company's financial statements for all periods presented reflect results for the continuing precision power business, with the discontinued inverter business included in discontinued operations for both the balance sheet and income statement. Further financial detail regarding the amounts related to the discontinued inverter business are available in the company's 2016 Annual Report on Form 10-K.

Based on the company’s current view, beliefs and assumptions, guidance for the third quarter of 2017 is within the following ranges: Revenues of $160M – $170M; GAAP operating margins from continuing operations from 27% – 29%; GAAP EPS from continuing operations between $1.02 and $1.12; Non-GAAP operating margins from continuing operations of 30% – 32%; and Non-GAAP EPS from continuing operations between $1.10 and $1.20.

Advanced Energy Industries Inc.
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