Business
Advanced Energy Announces Third Quarter 2021 Results
Q3 revenue was $346 million, above the midpoint of guidance GAAP EPS from continuing operations was $0.55 Non-GAAP EPS was $0.89, above the midpoint of
About this update from Advanced Energy Industries, Inc.
[{"type":"text","content":"\n\nQ3 revenue was $346 million, above the midpoint of guidance\n\n\nGAAP EPS from continuing operations was $0.55\n\n\nNon-GAAP EPS was $0.89, above the midpoint of guidance\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 third quarter ended September 30, 2021.\n\n“Our third quarter results represent solid performance in a supply-constrained environment,” said Steve Kelley, president and CEO of Advanced Energy. “Demand for our highly engineered power delivery systems remains extremely robust. In addition, we are very pleased by the customer reaction to our new technologies and products, the drivers of AE’s future revenue and profit growth.”\n\nThird Quarter Results\n\nSales were $346.1 million in the third quarter of 2021, compared with $361.3 million in the second quarter of 2021 and $389.5 million in the third quarter of 2020.\n\nGAAP net income from continuing operations was $21.0 million or $0.55 per diluted share in the quarter, compared with $35.5 million or $0.92 per diluted share in the prior quarter, and $45.6 million or $1.18 per diluted share a year ago.\n\nNon-GAAP net income was $34.0 million or $0.89 per diluted share in the third quarter of 2021. This compares with $48.1 million or $1.25 per diluted share in the second quarter of 2021, and $63.8 million or $1.66 per diluted share in the third quarter of 2020.\n\nA reconciliation of non-GAAP measures is provided in the tables below.\n\nThe company generated $18.3 million of cash flow from continuing operations during the quarter, repurchased $52.6 million of common stock at $86.93 per share, and paid $3.9 million in a quarterly dividend.\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 is available in the company’s 2020 Annual Report on Form 10-K.\n\nFourth Quarter 2021 Guidance\n\nBased on the company’s current view, beliefs and assumptions, guidance for the fourth quarter of 2021 is within the following...