Business
Advanced Energy Announces Second Quarter 2020 Results
Q2 revenue was a record $340 million, at the high end of the guidance range of $285 million to $345 million Q2 GAAP EPS from continuing operations was $0.76
About this update from Advanced Energy Industries, Inc.
[{"type":"text","content":"\n\nQ2 revenue was a record $340 million, at the high end of the guidance range of $285 million to $345 million\n\n\nQ2 GAAP EPS from continuing operations was $0.76\n\n\nQ2 Non-GAAP EPS was $1.18, above the guidance range of $0.50 to $1.10\n\n\n DENVER--(BUSINESS WIRE)--\nAdvanced Energy Industries, Inc. (Nasdaq: AEIS), today announced financial results for the second quarter ended June 30, 2020.\n\n\n“In Q2 we delivered record revenue with margins, earnings, and cash flow generation above expectations. As a pure play power leader, we are leveraging our operational excellence and market share gains, delivering on accelerating demand in many of our markets, and realizing the benefits of the Artesyn integration,\" said CEO Yuval Wasserman. “While visibility and operating conditions remain difficult due to COVID-19, we are executing our growth strategy ahead of plan.”\n\n\nSecond Quarter Results\n\n\nSales were $339.9 million in the second quarter of 2020 compared with $315.5 million in the first quarter of 2020 and $134.8 million in the second quarter of 2019.\n\n\nGAAP net income from continuing operations was $29.3 million or $0.76 per diluted share, compared with $18.4 million or $0.48 per diluted share in the prior quarter, and $23.4 million or $0.61 per diluted share in the second quarter of 2019.\n\n\nNon-GAAP net income was $45.4 million or $1.18 per diluted share in the second quarter of 2020. This compares with $34.9 million or $0.91 per diluted share in the first quarter of 2020, and $17.2 million or $0.45 per diluted share in the second quarter of 2019.\n\n\nA reconciliation of non-GAAP measures is provided in the tables below.\n\n\nThe company generated $38.6 million of operating cash from continuing operations in the quarter and made debt principal payments of $4.4 million.\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\nThird Quarter 2020 Guidance\n\n\nBased on the company’s current view, beliefs and assumptions, guidance for the third quarter of 2020 is with...