Business
Advanced Energy Reports Fourth Quarter and Full Year 2022 Results
Q4 revenue was $491 million, above the high end of guidance Q4 GAAP EPS from continuing operations was $1.20; Q4 Non-GAAP EPS was $1.70, above the mid-point
About this update from Advanced Energy Industries, Inc.
[{"type":"text","content":"\n\nQ4 revenue was $491 million, above the high end of guidance\n\n\nQ4 GAAP EPS from continuing operations was $1.20; Q4 Non-GAAP EPS was $1.70, above the mid-point of guidance\n\n\n2022 revenue was a record $1.85 billion, with each end market up 20% or more\n\n\n2022 GAAP EPS from continuing operations was $5.35; 2022 Non-GAAP EPS was a record $6.49\n\n\n2022 cash flow from continuing operations was $184 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 year ended December 31, 2022.\n\n“We delivered strong financial results in the fourth quarter, taking advantage of improved component availability and solid manufacturing execution,” said Steve Kelley, president and CEO of Advanced Energy. “For the full year, we achieved record revenue and earnings, thanks to strong demand in all of our markets and improved execution across the company. Although we expect lower revenue in the near-term due to a downturn in the semiconductor equipment market, we anticipate a record level of design-in activity, leveraging our strong pipeline of technology-leading products.”\n\nQuarter Results\n\nSales were $490.7 million in the fourth quarter of 2022, compared with $516.3 million in the third quarter of 2022 and $396.9 million in the fourth quarter of 2021.\n\nGAAP net income from continuing operations was $45.3 million or $1.20 per diluted share in the quarter, compared with $74.9 million or $1.99 per diluted share in the prior quarter, and $39.7 million or $1.05 per diluted share a year ago.\n\nNon-GAAP net income was $64.2 million or $1.70 per diluted share in the fourth quarter of 2022. This compares with $79.6 million or $2.12 per diluted share in the third quarter of 2022, and $51.5 million or $1.36 per diluted share in the fourth quarter of 2021.\n\nAdvanced Energy generated $70.7 million of cash flow from continuing operations during the quarter, repurchased $0.7 million of common stock and paid $3.8 million in a quarterly dividend.\n\nFull Year 2022 Results\n\n2022 revenue was a record $1.85 billion, a 27% increase from $1.46 billion in 2021.\n\nGAAP net income from continuing operations was a record $201.9 million or $5.35 per diluted sh...