Advanced Energy Industries Reports Financial Results for Third Quarter 2024

Advanced Energy Industries, Inc. (Nasdaq: AEIS) recently released its financial results for the third quarter ending September 30, 2024. The company reported revenue of $374.2 million, surpassing the mid-point of the guidance range. Despite a GAAP loss per share of $0.38, attributed mainly to the closure of a production site in China, the company demonstrated resilience with a non-GAAP EPS of $0.98, exceeding the mid-point of the guidance.

Steve Kelley, the President and CEO of Advanced Energy, commented on the quarter’s performance, noting that the outcomes surpassed expectations, driven by increased demand in the semiconductor and data center computing sectors. He emphasized the company’s focus on developing new products, securing design wins, and optimizing its operational footprint to enhance market share and gross margins.

In the third quarter, the company reported a GAAP net loss of $14.1 million from continuing operations. This figure included a $28.5 million restructuring charge related to manufacturing consolidation efforts. Non-GAAP net income stood at $37.0 million or $0.98 per diluted share.

Advanced Energy generated $35.4 million in cash flow from operations during the quarter, paid out $3.9 million in dividends, and repurchased $1.8 million in shares at an average price of $93.58 per share. The company also made significant changes to its credit agreement in Q3 of 2024, increasing the capacity of its senior unsecured revolving facility to $600 million and repaying the outstanding balance under a term loan facility to leverage cash resources for reduced net interest expense.

Looking forward, guidance for the fourth quarter of 2024 includes revenue within the range of $392 million plus or minus $20 million, with an expected GAAP EPS from continuing operations of $0.47 plus or minus $0.29. Non-GAAP EPS for the same period is projected at $1.08 plus or minus $0.25.

The company will host a conference call today, October 30, 2024, at 4:30 p.m. Eastern Time to discuss these financial results. Additionally, Advanced Energy will host its 2024 Analyst Day on November 19, 2024, to provide insights into strategic growth initiatives and market updates.

Advanced Energy Industries, Inc. is a global leader in precision power conversion, measurement, and control solutions for various industries. For more details on the financial results and future events, visit the company’s website at www.advancedenergy.com.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Advanced Energy Industries’s 8K filing here.

About Advanced Energy Industries

Advanced Energy Industries, Inc provides precision power conversion, measurement, and control solutions in the United States and internationally. The company's plasma power products offer solutions to enable innovation for semiconductor and thin film plasma processes, such as dry etch and deposition.