Business
Advanced Energy Announces First Quarter 2020 Results
Q1 revenue was $315.5 million, above the guidance midpoint of $310 million Q1 GAAP EPS from continuing operations was $0.48 Q1 Non-GAAP EPS was $0.91, above
About this update from Advanced Energy Industries, Inc.
[{"type":"text","content":"\n\nQ1 revenue was $315.5 million, above the guidance midpoint of $310 million\n\n\nQ1 GAAP EPS from continuing operations was $0.48\n\n\nQ1 Non-GAAP EPS was $0.91, above the guidance midpoint of $0.70\n\n\n DENVER--(BUSINESS WIRE)--\nAdvanced Energy Industries, Inc. (Nasdaq: AEIS), today announced financial results for the first quarter ended March 31, 2020.\n\n\nYuval Wasserman, president and CEO, stated, “In the midst of a global pandemic and constrained economic activity, our team executed well to deliver strong results across all our financial metrics while preserving the health and safety of our employees and meeting our customers’ needs.”\n\n\nFirst Quarter Results\n\n\nSales were $315.5 million in the first quarter of 2020 compared with $338.3 million in the fourth quarter of 2019 and $140.7 million in the first quarter of 2019.\n\n\nGAAP net income from continuing operations was $18.4 million or $0.48 per diluted share, compared with $10.5 million or $0.27 per diluted share in the prior quarter, and $15.4 million or $0.40 per diluted share in the first quarter of 2019.\n\n\nNon-GAAP net income was $34.9 million or $0.91 per diluted share in the first quarter of 2020. This compares with $33.4 million or $0.87 per diluted share in the fourth quarter of 2019, and $22.4 million or $0.58 per diluted share in the first quarter of 2019.\n\n\nA reconciliation of non-GAAP measures is provided in the tables below.\n\n\nThe company generated $28.9 million of operating cash from continuing operations in the quarter, repurchased approximately 170,000 shares at $42.59 per share for a total of $7.2 million and made debt principal payments of $4.4 million. In addition, the company entered into a SWAP agreement following the end of the quarter to convert 85% of its variable interest rate debt into fixed interest rate debt with a total effective rate of 1.271%(1).\n\n\nDiscontinued Operations\n\n\nThe 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 all purposes. Further financial detail regarding the amounts related to the discontinued inverter business are available in the company’s 2019 Annual Report on Form 10‑K.\n\n\nSecond Quarter 2020 Guidance\n\n\nBased on the company’s current view,...