Advanced Energy Industries, Inc. announced financial results for the first quarter ended March 31, 2017. Sales were $149.4 million compared with $135.3 million in the fourth quarter of 2016 and $103.0 million in the first quarter of 2016. First quarter GAAP income from continuing operations was $35.4 million, or $0.88 per diluted share.
"Our financial performance this quarter continued to reach new highs, with increases in Semiconductor and Service revenues and a sizable rebound in Industrial applications," said Yuval Wasserman, president and CEO of Advanced Energy. "In total, our business performed significantly better than last year's first quarter due to our operational leverage and robust business model. With our continuous innovation and resulting design wins, we are benefiting from our customers' success in next-generation technologies. Our strong balance sheet is allowing us to pursue a number of opportunities for future growth and profitability."
GAAP income from continuing operations was $35.4 million or $0.88 per diluted share in the first quarter of 2017 compared with $40.4 million or $1.01 per diluted share in the prior quarter, and $20.2 million or $0.50 per diluted share in the first quarter of 2016.
The company generated $42.7 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.
Based on the company’s current view, beliefs and assumptions, guidance for the second quarter of 2017 is within the following ranges: Revenues are projected between $150 million and $160 million; GAAP operating margins from continuing operations between 28% and 30%; GAAP EPS from continuing operations between $0.96 and $1.06.