Business
Advanced Energy Announces Fourth Quarter and Full Year 2020 Results
Q4 revenue was $371 million, above the guidance midpoint of $360 million Fiscal 2020 revenue was $1.416 billion, up 79% over 2019 Q4 GAAP EPS from continuing
About this update from Advanced Energy Industries, Inc.
[{"type":"text","content":"\n\nQ4 revenue was $371 million, above the guidance midpoint of $360 million\n\n\nFiscal 2020 revenue was $1.416 billion, up 79% over 2019\n\n\nQ4 GAAP EPS from continuing operations was $1.09; non-GAAP EPS was $1.49, at the high end of the guidance range of $1.10 to $1.50\n\n\nFiscal 2020 non-GAAP EPS was a record $5.23, more than double the $2.44 from fiscal 2019\n\n\n2020 operating cash flow from continuing operations exceeded $200 million\n\n\n DENVER--(BUSINESS WIRE)--\nAdvanced Energy Industries, Inc. (Nasdaq: AEIS), a global leader in highly engineered, precision power conversion, measurement, and control solutions, today announced financial results for the fourth quarter and fiscal year ended December 31, 2020.\n\n“Advanced Energy delivered a strong quarter and finish to the year, driven by our outstanding execution and robust demand for our industry-leading products and solutions,” said President and CEO Yuval Wasserman. “During 2020, we executed our growth strategy as a pure play power leader, exceeded our synergy goals, introduced many new products across our markets, and delivered record financial results. Despite operating in a challenging environment, Advanced Energy exits the year stronger than ever and is well-positioned to capitalize on our many growth opportunities.”\n\nFourth Quarter Results\n\nSales were $371.0 million in the fourth quarter of 2020, compared with $389.5 million in the third quarter of 2020 and $338.3 million in the fourth quarter of 2019.\n\nGAAP net income from continuing operations was $41.9 million or $1.09 per diluted share in the quarter, compared with $45.6 million or $1.18 per diluted share in the prior quarter, and $10.5 million or $0.27 per diluted share in the fourth quarter of 2019.\n\nNon-GAAP net income was $57.3 million or $1.49 per diluted share in the fourth quarter of 2020. This compares with $63.8 million or $1.66 per diluted share in the third quarter of 2020, and $33.4 million or $0.87 per diluted share in the fourth quarter of 2019.\n\nA reconciliation of non-GAAP measures is provided in the tables below.\n\nThe company generated $67.1 million of operating cash from continuing operations during the quarter and made debt principal payments of $4.4 million.\n\nFull Year 2020 Results\n\nSales were $1.42 billion in 2020 compared with $788.9 million in 2019, an increase of 79%...