Advanced Energy (AEIS) Q3 Earnings & Revenues Beat Estimates
Zacks Investment Research | Nov 12, 2019 08:56PM ET
Advanced Energy Industries, Inc. (NASDAQ:AEIS) reported third-quarter 2019 non-GAAP earnings of 54 cents per share, beating the Zacks Consensus Estimate by 45.9%. Further, the figure was higher than management’s guided range of 28-38 cents.
Notably, Artesyn Embedded Power buyout contributed 7 cents per share to the bottom line. Excluding the acquisition, EPS would have been 47 cents.
However, the reported figure declined 48.6% on a year-over-year basis but surged 20% sequentially.
Revenues of $175.1 million surpassed the Zacks Consensus Estimate of $154.7 million and management’s guided range of $123-$133 million. Further, the figure improved 1.2% from the year-ago quarter and 30% from the prior quarter.
The top line was driven by solid momentum across Asia during the reported quarter. Further, improving demand in semiconductor equipment market remained positive.
Additionally, acquisition contributions remained a major positive. Artesyn Embedded Power buyout accounted for $41 million of revenues in the reported quarter.
Further, Advanced Energy made foray into two new growth markets – data center computing, and telecom and networking on the back of Artesyn Embedded Power acquisition.
However, the company bore the impact of macro-economic headwinds throughout the third quarter. Further, sluggishness in the semiconductor market persisted as a headwind.
Coming to price performance, Advanced Energy has gained 52.8% on a year-to-date basis, underperforming the Original post
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