Business
Advanced Energy Reports Second Quarter 2024 Results
Revenue was $364.9 million, at the higher end of guidance GAAP EPS from continuing operations was $0.41, above the mid-point of guidance Non-GAAP EPS was
About this update from Advanced Energy Industries, Inc.
[{"type":"text","content":"\n\nRevenue was $364.9 million, at the higher end of guidance\n\n\n\nGAAP EPS from continuing operations was $0.41, above the mid-point of guidance\n\n\n\nNon-GAAP EPS was $0.85, 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, 2024.\n\n\n“Second quarter financial results exceeded expectations, with sequential revenue growth in three of our four markets,” said Steve Kelley, president and CEO of Advanced Energy. “We continue to work intensively with our customers to incorporate AE’s differentiated technologies into leading-edge systems. These efforts, together with the execution of our manufacturing consolidation plan, are expected to drive meaningful market share gains and profitability improvement as our markets recover.”\n\n\nQuarter Results\n\n\nRevenue was $364.9 million in the second quarter of 2024, compared with $327.5 million in the first quarter of 2024 and $415.5 million in the second quarter of 2023.\n\n\nGAAP net income from continuing operations was $15.6 million or $0.41 per diluted share in the quarter, compared with $5.8 million or $0.15 per diluted share in the prior quarter, and $27.5 million or $0.73 per diluted share a year ago.\n\n\nNon-GAAP net income was $32.0 million or $0.85 per diluted share in the second quarter of 2024. This compares with $21.9 million or $0.58 per diluted share in the first quarter of 2024, and $41.9 million or $1.11 per diluted share in the second quarter of 2023.\n\n\nAdvanced Energy generated $6.9 million in cash flow from continuing operations during the quarter and paid $3.8 million in quarterly dividends.\n\n\nThe company announced plans to take further actions related to its previously announced manufacturing consolidation initiatives. Advanced Energy expects to incur employment-related charges for severance, benefits expenses, payroll taxes, and facility exit costs. The majority of these charges are expected to be recognized during the third quarter of 2024.\n\n\nA reconciliation of GAAP and non-GAAP measures is provided in the tables below.\n\n\nThird Quarter 2024 Guidance\n\n\nBased on the Company’s current view, beliefs, and assumptions...