Business
Advanced Energy Announces Third Quarter 2020 Results
Q3 revenue was a record $390 million, above the guidance range of $325 million to $375 million Q3 GAAP EPS from continuing operations was $1.18 Q3 Non-GAAP
About this update from Advanced Energy Industries, Inc.
[{"type":"text","content":"\n\nQ3 revenue was a record $390 million, above the guidance range of $325 million to $375 million\n\n\nQ3 GAAP EPS from continuing operations was $1.18\n\n\nQ3 Non-GAAP EPS was also a record at $1.66, above the guidance range of $0.90 to $1.40\n\n\n DENVER--(BUSINESS WIRE)--\nAdvanced Energy Industries, Inc. (Nasdaq: AEIS) today announced financial results for the third quarter ended September 30, 2020.\n\n“This was an exceptional quarter for Advanced Energy with record revenue, earnings, and cash flow generation, driven by solid demand across our market verticals and strong execution throughout our global organization,” said CEO Yuval Wasserman. “Our Q3 results validate our long term business model and strategy. With multiple growth drivers, combined with our market and technology leadership and our proven operational excellence, we are well positioned to grow faster than the markets we serve and to achieve or exceed our strategic aspirational goals.”\n\nThird Quarter Results\n\nSales were $389.5 million in the third quarter of 2020 compared with $339.9 million in the second quarter of 2020 and $175.1 million in the third quarter of 2019.\n\nGAAP net income from continuing operations was $45.6 million or $1.18 per diluted share, compared with $29.3 million or $0.76 per diluted share in the prior quarter, and $7.3 million or $0.19 per diluted share in the third quarter of 2019.\n\nNon-GAAP net income was $63.8 million or $1.66 per diluted share in the third quarter of 2020. This compares with $45.4 million or $1.18 per diluted share in the second quarter of 2020, and $20.9 million or $0.54 per diluted share in the third quarter of 2019.\n\nA reconciliation of non-GAAP measures is provided in the tables below.\n\nThe company generated $67.5 million of operating cash from continuing operations in the quarter and made debt principal payments of $4.4 million.\n\nDiscontinued Operations\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\nFourth Quarter 2020 Guidance\n\nBased on the company’s current view, belief...