Advanced Energy Beats Q1 and Raises Outlook

Overview

• Advanced Energy reported net income of $66.8 million with earnings of $1.58 per share and adjusted earnings of $2.09 per share, topping the $1.97 consensus from Zacks.
• Revenue came in at $511 million, which exceeded Wall Street expectations and underscored solid demand for the company’s power-conversion products.
• For the quarter ending in June, the company forecast earnings of $1.93 to $2.43 per share and revenue of $520 million to $560 million.
• Shares have gained 86% this year and more than tripled over 12 months, with a recent price of $389.24 that reflects investors’ upbeat view of results and guidance.
• The board declared a quarterly dividend of $0.10 per share payable June 5 to holders of record May 25, offering a small cash return as the company serves markets from semiconductor equipment to industrial and medical devices.