Business
Advanced Energy Reports Second Quarter 2023 Results
Revenue was $416 million, above the mid-point of guidance Industrial & Medical revenue was a quarterly record and grew 22% from last year GAAP EPS from
About this update from Advanced Energy Industries, Inc.
[{"type":"text","content":"\n\nRevenue was $416 million, above the mid-point of guidance\n\n\n\nIndustrial & Medical revenue was a quarterly record and grew 22% from last year\n\n\n\nGAAP EPS from continuing operations was $0.73\n\n\n\nNon-GAAP EPS was $1.11, above the mid-point of guidance\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 second quarter ended June 30, 2023.\n\n\n“Second quarter results were led by record revenue in the Industrial and Medical market, highlighting the benefits of our broad-based growth and diversification strategy,” said Steve Kelley, president and CEO of Advanced Energy. “We are experiencing strong design win activity across the portfolio, with particularly high interest in our two new plasma power platforms for semiconductor applications.”\n\n\nSecond Quarter Results\n\n\nSales were $415.5 million in the second quarter of 2023, compared with $425.0 million in the first quarter of 2023 and $440.9 million in the second quarter of 2022.\n\n\nGAAP net income from continuing operations was $27.5 million or $0.73 per diluted share in the quarter, compared with $31.8 million or $0.84 per diluted share in the prior quarter, and $44.8 million or $1.19 per diluted share a year ago.\n\n\nNon-GAAP net income was $41.9 million or $1.11 per diluted share in the second quarter of 2023. This compares with $47.0 million or $1.24 per diluted share in the first quarter of 2023, and $54.3 million or $1.44 per diluted share in the second quarter of 2022.\n\n\nAdvanced Energy generated $23.6 million of cash flow from continuing operations during the quarter and paid $3.8 million in a quarterly dividend.\n\n\nThird Quarter 2023 Guidance\n\n\nBased on the Company’s current view, beliefs, and assumptions, guidance is within the following ranges:\n\n\n\n\n \n\n\n\n\n\n\nQ3 2023\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n$415 million +/- $15 million\n\n\n\n\n\n\n\n\nGAAP EPS from continuing operations\n\n\n\n\n\n\n$0.70 +/- $0.20\n\n\n\n\n\n\n\n\nNon-GAAP EPS\n\n\n\n\n\n\n$1.13 +/- $0.20\n\n\n\n\n\n\n\nConference Call\n\n\nManagement will host a conference call today, August 3, 2023, at 4:30 p.m. Eastern Time to discuss the second quarter financial results. To participate in th...