Business
Advanced Energy Announces Third Quarter 2022 Results
Total revenue was $516 million, above high end of guidance range Revenue in each of our end markets grew greater than 40% year-over-year GAAP EPS from
About this update from Advanced Energy Industries, Inc.
[{"type":"text","content":"\n\nTotal revenue was $516 million, above high end of guidance range\n\n\nRevenue in each of our end markets grew greater than 40% year-over-year\n\n\nGAAP EPS from continuing operations was $1.99\n\n\nNon-GAAP EPS was $2.12, above the high end of guidance range\n\n\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, 2022.\n\n“We executed exceptionally well in the third quarter, delivering record quarterly revenue and earnings on improved supply and manufacturing output,” said Steve Kelley, president and CEO of Advanced Energy. “Demand for our precision power products was strong. We believe that our solid backlog, balanced market exposure and robust design win pipeline position Advanced Energy to continue to outperform our markets moving forward.”\n\nQuarter Results\n\nSales were $516.3 million in the third quarter of 2022, compared with $440.9 million in the second quarter of 2022 and $346.1 million in the third quarter of 2021.\n\nGAAP net income from continuing operations was $74.9 million or $1.99 per diluted share in the quarter, compared with $44.8 million or $1.19 per diluted share in the prior quarter, and $21.0 million or $0.55 per diluted share a year ago.\n\nNon-GAAP net income was $79.6 million or $2.12 per diluted share in the third quarter of 2022. This compares with $54.3 million or $1.44 per diluted share in the second quarter of 2022, and $34.0 million or $0.89 per diluted share in the third quarter of 2021.\n\nAdvanced Energy generated $65.4 million of cash flow from continuing operations during the quarter, repurchased $2.4 million of common stock and paid $3.8 million in a quarterly dividend.\n\nA reconciliation of GAAP to non-GAAP measures is provided in the tables below.\n\nFourth Quarter 2022 Guidance\n\nBased on the Company’s current view, beliefs, and assumptions, guidance for the fourth quarter of 2022 is within the following ranges:\n\n\n\n \n\n\n\n\nQ4 2022\n\n\n\n\n\nRevenues\n\n\n\n\n$470 million +/- $20 million\n\n\n\n\n\nGAAP EPS from continuing operations\n\n\n\n\n$1.18 +/- $0.25\n\n\n\n\n\nNon-GAAP EPS\n\n\n\n\n$1.55 +/- $0.25\n\n\n\n\nConference Call\n\nManagement will host a conference ca...