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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 continuing operations was $0.73
  • Non-GAAP EPS was $1.11, above the mid-point of guidance

Advanced 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.

“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.”

Second Quarter Results

Sales 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.

GAAP 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.

Non-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.

Advanced Energy generated $23.6 million of cash flow from continuing operations during the quarter and paid $3.8 million in a quarterly dividend.

Third Quarter 2023 Guidance

Based on the Company’s current view, beliefs, and assumptions, guidance is within the following ranges:

 

Q3 2023

Revenue

$415 million +/- $15 million

GAAP EPS from continuing operations

$0.70 +/- $0.20

Non-GAAP EPS

$1.13 +/- $0.20

Conference Call

Management 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 the live earnings conference call, please dial 877-407-0890 approximately ten minutes prior to the start of the meeting and an operator will connect you. International participants can dial +1-201-389-0918. A webcast will also be available on our investor web page at ir.advancedenergy.com in the Events & Presentations section. The archived webcast will be available approximately two hours following the end of the live event.

About Advanced Energy

Advanced Energy Industries, Inc. (Nasdaq: AEIS) is a global leader in the design and manufacture of highly engineered, precision power conversion, measurement and control solutions for mission-critical applications and processes. Advanced Energy’s power solutions enable customer innovation in complex applications for a wide range of industries including semiconductor equipment, industrial production, medical and life sciences, data center computing, networking, and telecommunications. With engineering know-how and responsive service and support for customers around the globe, the company builds collaborative partnerships to meet technology advances, propels growth of its customers and innovates the future of power. Advanced Energy has devoted four decades to perfecting power. It is headquartered in Denver, Colorado, USA. For more information, visit www.advancedenergy.com.

Advanced Energy | Precision. Power. Performance. Trust.

Non-GAAP Measures

This release includes GAAP and non-GAAP income and per-share earnings data and other GAAP and non-GAAP financial information. Advanced Energy’s non-GAAP measures exclude the impact of non-cash related charges such as stock-based compensation and amortization of intangible assets, as well as discontinued operations, and non-recurring items such as acquisition-related costs and restructuring expenses. The non-GAAP measures included in this release are not in accordance with, or an alternative for, similar measures calculated under generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. We believe that these non-GAAP measures provide useful information to management and investors to evaluate business performance without the impacts of certain non-cash charges, non-economic foreign currency remeasurements, and other cash charges which are not part of our usual operations. We use these non-GAAP measures to assess performance against business objectives, make business decisions, develop budgets, forecast future periods, assess trends, and evaluate financial impacts of various scenarios. In addition, management’s incentive plans include these non-GAAP measures as criteria for achievements. Additionally, we believe that these non-GAAP measures, in combination with its financial results calculated in accordance with GAAP, provide investors with additional perspective. To gain a complete picture of all effects on our financial results from any and all events, management does (and investors should) rely upon the GAAP measures as well, as the items excluded from non-GAAP measures may contribute to not accurately reflecting the underlying performance of the company’s continuing operations for the period in which they are incurred. Furthermore, the use of non-GAAP measures has limitations in that such measures do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP, and these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures.

Forward-Looking Statements

This release and statements we make on the above announced conference call contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this report that are not historical information are forward-looking statements. For example, statements relating to our beliefs, expectations and plans are forward-looking statements, as are statements that certain actions, conditions, or circumstances will continue. The inclusion of words such as "anticipate," "expect," "estimate," "can," "may," "might," "continue," "enables," "plan," "intend," "should," "could," "would," "likely," "potential," or "believe," as well as statements that events or circumstances "will" occur or continue, indicate forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to: (a) supply chain disruptions and component shortages that may impact our ability to timely manufacture products and deliver to customers; (b) the effects of global macroeconomic conditions upon demand for our products and services, including supply chain cost increases, inflationary pressures, economic downturns, and volatility and cyclicality of the industries we serve; (c) the impact of political and geographical risks, including trade and export regulations, other effects of international disputes, war, terrorism, or geopolitical tensions; (d) managing backlog orders; (e) our ability to develop new products expeditiously and be successful in the design win process; (f) delays in capital spending by end-users in our served markets; (g) the risks and uncertainties related to the integration of acquired companies including SL Power Electronics; (h) the continuing spread of COVID-19 and its potential adverse impact on our operations; (i) our ability to avoid additional costs and lawsuits after the solar inverter wind-down; (j) the accuracy of our assumptions on which our financial statement projections are based; (k) the timing of orders received from customers; (l) our ability to realize benefits from cost improvement efforts including avoided costs, restructuring plans and inorganic growth; (m) unanticipated changes to management’s estimates, reserves or allowances; and (n) changes and adjustments to the tax expense and benefits related to the U.S. tax law changes, any of which could negatively impact our customers’ and our presence, operations, and financial results. These and other risks are described in Advanced Energy’s Form 10-K, Forms 10-Q and other reports and statements filed with the Securities and Exchange Commission (the “SEC”). These reports and statements are available on the SEC’s website at www.sec.gov. Copies may also be obtained from Advanced Energy’s investor relations page at ir.advancedenergy.com or by contacting Advanced Energy’s investor relations at 970-407-6555. Forward-looking statements are made and based on information available to us on the date of this press release. Aspirational goals and targets discussed on the conference call or in the presentation materials should not be interpreted in any respect as guidance. We assume no obligation to update the information in this press release.

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2023

 

2022

 

2023

 

2023

 

2022

Sales, net

 

$

415,508

 

$

440,949

 

$

425,040

 

$

840,548

 

$

838,408

 

Cost of sales

 

 

268,428

 

 

278,791

 

 

269,929

 

 

538,357

 

 

531,934

 

Gross profit

 

 

147,080

 

 

162,158

 

 

155,111

 

 

302,191

 

 

306,474

 

Gross margin %

 

 

35.4

%

 

36.8

%

 

36.5

%

 

36.0

%

 

36.6

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

51,413

 

 

48,009

 

 

51,610

 

 

103,023

 

 

91,623

 

Selling, general, and administrative

 

 

55,613

 

 

55,022

 

 

55,358

 

 

110,971

 

 

104,340

 

Amortization of intangible assets

 

 

7,075

 

 

6,523

 

 

7,062

 

 

14,137

 

 

12,032

 

Restructuring

 

 

3,154

 

 

(161

)

 

1,043

 

 

4,197

 

 

1,057

 

Total operating expenses

 

 

117,255

 

 

109,393

 

 

115,073

 

 

232,328

 

 

209,052

 

Operating income

 

 

29,825

 

 

52,765

 

 

40,038

 

 

69,863

 

 

97,422

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense), net

 

 

2,425

 

 

3,249

 

 

(550

)

 

1,875

 

 

2,407

 

Income from continuing operations, before income taxes

 

 

32,250

 

 

56,014

 

 

39,488

 

 

71,738

 

 

99,829

 

Provision for income taxes

 

 

4,795

 

 

11,203

 

 

7,736

 

 

12,531

 

 

18,156

 

Income from continuing operations

 

 

27,455

 

 

44,811

 

 

31,752

 

 

59,207

 

 

81,673

 

Income (loss) from discontinued operations, net of income taxes

 

 

(315

)

 

180

 

 

(831

)

 

(1,146

)

 

82

 

Net income

 

 

27,140

 

 

44,991

 

 

30,921

 

 

58,061

 

 

81,755

 

Income from continuing operations attributable to noncontrolling interest

 

 

 

 

21

 

 

 

 

 

 

7

 

Net income attributable to Advanced Energy Industries, Inc.

 

$

27,140

 

$

44,970

 

$

30,921

 

$

58,061

 

$

81,748

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 

37,573

 

 

37,520

 

 

37,475

 

 

37,524

 

 

37,535

 

Diluted weighted-average common shares outstanding

 

 

37,803

 

 

37,710

 

 

37,757

 

 

37,804

 

 

37,754

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to Advanced Energy Industries, Inc:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations:

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.73

 

$

1.19

 

$

0.85

 

$

1.58

 

$

2.18

 

Diluted earnings per share

 

$

0.73

 

$

1.19

 

$

0.84

 

$

1.57

 

$

2.16

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

Basic loss per share

 

$

(0.01

)

$

 

$

(0.02

)

$

(0.03

)

$

 

Diluted loss per share

 

$

(0.01

)

$

 

$

(0.02

)

$

(0.03

)

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.72

 

$

1.20

 

$

0.83

 

$

1.55

 

$

2.18

 

Diluted earnings per share

 

$

0.72

 

$

1.19

 

$

0.82

 

$

1.54

 

$

2.17

 

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

 

2023

 

2022

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

455,252

 

$

458,818

Accounts and other receivables, net

 

 

258,752

 

 

 

300,683

 

Inventories

 

 

392,349

 

 

 

376,012

 

Other current assets

 

 

46,850

 

 

 

53,001

 

Total current assets

 

 

1,153,203

 

 

 

1,188,514

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

159,025

 

 

 

148,462

 

Operating lease right-of-use assets

 

 

93,994

 

 

 

100,177

 

Other assets

 

 

85,500

 

 

 

84,056

 

Goodwill and intangible assets, net

 

 

458,185

 

 

 

470,959

 

Total assets

 

$

1,949,907

 

 

$

1,992,168

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

149,259

 

 

$

170,467

 

Other accrued expenses

 

 

118,750

 

 

 

185,805

 

Current portion of long-term debt

 

 

20,000

 

 

 

20,000

 

Current portion of operating lease liabilities

 

 

15,421

 

 

 

16,771

 

Total current liabilities

 

 

303,430

 

 

 

393,043

 

 

 

 

 

 

 

 

Long-term debt

 

 

343,516

 

 

 

353,262

 

Other long-term liabilities

 

 

177,682

 

 

 

179,596

 

Long-term liabilities

 

 

521,198

 

 

 

532,858

 

 

 

 

 

 

 

 

Total liabilities

 

 

824,628

 

 

 

925,901

 

 

 

 

 

 

 

 

Total stockholders' equity

 

 

1,125,279

 

 

 

1,066,267

 

Total liabilities and stockholders’ equity

 

$

1,949,907

 

 

$

1,992,168

 

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

2023

 

2022

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income

 

$

58,061

 

 

$

81,755

 

Less: income (loss) from discontinued operations, net of income taxes

 

 

(1,146

)

 

 

82

 

Income from continuing operations, net of income taxes

 

 

59,207

 

 

 

81,673

 

 

 

 

 

 

 

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

32,966

 

 

 

28,877

 

Stock-based compensation

 

 

14,738

 

 

 

8,986

 

Benefit for deferred income taxes

 

 

(786

)

 

 

(1,977

)

Loss on disposal and sale of assets

 

 

192

 

 

 

374

 

Changes in operating assets and liabilities, net of assets acquired

 

 

(50,813

)

 

 

(70,392

)

Net cash from operating activities from continuing operations

 

 

55,504

 

 

 

47,541

 

Net cash from operating activities from discontinued operations

 

 

(3,090

)

 

 

55

 

Net cash from operating activities

 

 

52,414

 

 

 

47,596

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of investments

 

 

(3,128

)

 

 

 

Purchases of property and equipment

 

 

(33,623

)

 

 

(25,476

)

Acquisitions, net of cash acquired

 

 

 

 

 

(145,779

)

Net cash from investing activities

 

 

(36,751

)

 

 

(171,255

)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Payments on long-term borrowings

 

 

(10,000

)

 

 

(10,000

)

Dividend payments

 

 

(7,592

)

 

 

(7,595

)

Purchase and retirement of common stock

 

 

 

 

 

(23,578

)

Net payments related to stock-based awards

 

 

(1,384

)

 

 

(1,667

)

Net cash from financing activities

 

 

(18,976

)

 

 

(42,840

)

 

 

 

 

 

 

 

EFFECT OF CURRENCY TRANSLATION ON CASH

 

 

(253

)

 

 

(5,188

)

 

 

 

 

 

 

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

(3,566

)

 

 

(171,687

)

CASH AND CASH EQUIVALENTS, beginning of period

 

 

458,818

 

 

 

544,372

 

CASH AND CASH EQUIVALENTS, end of period

 

$

455,252

 

 

$

372,685

 

ADVANCED ENERGY INDUSTRIES, INC.

SUPPLEMENTAL INFORMATION (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Market

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2023

 

2022

 

2023

 

2023

 

2022

Semiconductor Equipment

 

$

173,177

 

$

228,797

 

$

194,209

 

$

367,386

 

$

431,754

Industrial and Medical

 

 

127,603

 

 

 

104,951

 

 

 

123,020

 

 

 

250,623

 

 

 

187,849

 

Data Center Computing

 

 

59,076

 

 

 

69,161

 

 

 

59,659

 

 

 

118,735

 

 

 

145,399

 

Telecom and Networking

 

 

55,652

 

 

 

38,040

 

 

 

48,152

 

 

 

103,804

 

 

 

73,406

 

Total

 

$

415,508

 

 

$

440,949

 

 

$

425,040

 

 

$

840,548

 

 

$

838,408

 

Net Sales by Geographic Region

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2023

 

2022

 

2023

 

2023

 

2022

North America

 

$

171,516

 

$

206,117

 

$

180,942

 

$

352,458

 

$

388,838

Asia

 

 

186,498

 

 

 

180,181

 

 

 

179,183

 

 

 

365,681

 

 

 

342,228

 

Europe

 

 

56,213

 

 

 

49,851

 

 

 

62,566

 

 

 

118,779

 

 

 

96,516

 

Other

 

 

1,281

 

 

 

4,800

 

 

 

2,349

 

 

 

3,630

 

 

 

10,826

 

Total

 

$

415,508

 

 

$

440,949

 

 

$

425,040

 

 

$

840,548

 

 

$

838,408

 

ADVANCED ENERGY INDUSTRIES, INC.

SELECTED OTHER DATA (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP measure - operating expenses and operating income, excluding certain items

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2023

 

2022

 

2023

 

2023

 

2022

Gross profit from continuing operations, as reported

 

$

147,080

 

 

$

162,158

 

 

$

155,111

 

 

$

302,191

 

 

$

306,474

 

Adjustments to gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

589

 

 

 

402

 

 

 

383

 

 

 

972

 

 

 

633

 

Facility expansion, relocation costs and other

 

 

60

 

 

 

1,187

 

 

 

957

 

 

 

1,017

 

 

 

2,471

 

Acquisition-related costs

 

 

97

 

 

 

64

 

 

 

53

 

 

 

150

 

 

 

(438

)

Non-GAAP gross profit

 

 

147,826

 

 

 

163,811

 

 

 

156,504

 

 

 

304,330

 

 

 

309,140

 

Non-GAAP gross margin

 

 

35.6

%

 

 

37.1

%

 

 

36.8

%

 

 

36.2

%

 

 

36.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses from continuing operations, as reported

 

 

117,255

 

 

 

109,393

 

 

 

115,073

 

 

 

232,328

 

 

 

209,052

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

(7,075

)

 

 

(6,523

)

 

 

(7,062

)

 

 

(14,137

)

 

 

(12,032

)

Stock-based compensation

 

 

(7,348

)

 

 

(4,656

)

 

 

(6,418

)

 

 

(13,766

)

 

 

(8,353

)

Acquisition-related costs

 

 

(1,165

)

 

 

(4,159

)

 

 

(878

)

 

 

(2,043

)

 

 

(5,827

)

Restructuring

 

 

(3,154

)

 

 

161

 

 

 

(1,043

)

 

 

(4,197

)

 

 

(1,057

)

Non-GAAP operating expenses

 

 

98,513

 

 

 

94,216

 

 

 

99,672

 

 

 

198,185

 

 

 

181,783

 

Non-GAAP operating income

 

$

49,313

 

 

$

69,595

 

 

$

56,832

 

 

$

106,145

 

 

$

127,357

 

Non-GAAP operating margin

 

 

11.9

%

 

 

15.8

%

 

 

13.4

%

 

 

12.6

%

 

 

15.2

%

Reconciliation of Non-GAAP measure - income excluding certain items

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2023

 

2022

 

2023

 

2023

 

2022

Income from continuing operations, less non-controlling interest, net of income taxes

 

$

27,455

 

 

$

44,790

 

 

$

31,752

 

 

$

59,207

 

 

$

81,666

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

7,075

 

 

 

6,523

 

 

 

7,062

 

 

 

14,137

 

 

 

12,032

 

Acquisition-related costs

 

 

1,262

 

 

 

4,223

 

 

 

931

 

 

 

2,193

 

 

 

5,389

 

Facility expansion, relocation costs, and other

 

 

60

 

 

 

1,187

 

 

 

957

 

 

 

1,017

 

 

 

2,471

 

Restructuring

 

 

3,154

 

 

 

(161

)

 

 

1,043

 

 

 

4,197

 

 

 

1,057

 

Unrealized foreign currency gain

 

 

(2,266

)

 

 

(5,569

)

 

 

1,053

 

 

 

(1,213

)

 

 

(6,854

)

Acquisition-related costs and other included in other income (expense), net

 

 

 

 

 

85

 

 

 

 

 

 

 

 

 

85

 

Tax effect of non-GAAP adjustments

 

 

(1,051

)

 

 

(752

)

 

 

(1,121

)

 

 

(2,172

)

 

 

(1,821

)

Non-GAAP income, net of income taxes, excluding stock-based compensation

 

 

35,689

 

 

 

50,326

 

 

 

41,677

 

 

 

77,366

 

 

 

94,025

 

Stock-based compensation, net of taxes

 

 

6,191

 

 

 

3,946

 

 

 

5,304

 

 

 

11,495

 

 

 

6,971

 

Non-GAAP income, net of income taxes

 

$

41,880

 

 

$

54,272

 

 

$

46,981

 

 

$

88,861

 

 

$

100,996

 

ADVANCED ENERGY INDUSTRIES, INC.

SELECTED OTHER DATA (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of non-GAAP measure - per share earnings excluding certain items

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2023

 

2022

 

2023

 

2023

 

2022

Diluted earnings per share from continuing operations, as reported

 

$

0.73

 

$

1.19

 

$

0.84

 

$

1.57

 

$

2.16

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share impact of non-GAAP adjustments, net of tax

 

 

0.38

 

 

 

0.25

 

 

 

0.40

 

 

 

0.78

 

 

 

0.52

 

Non-GAAP earnings per share

 

$

1.11

 

 

$

1.44

 

 

$

1.24

 

 

$

2.35

 

 

$

2.68

 

Reconciliation of Q3 2023 Guidance

Low End

High End

 

Revenue

 

$400 million

 

$430 million

 

Reconciliation of non-GAAP earnings per share

 

 

 

 

GAAP earnings per share

$

0.50

 

$

0.90

 

Stock-based compensation

 

0.20

 

 

0.20

 

Amortization of intangible assets

 

0.19

 

 

0.19

 

Restructuring and other

 

0.12

 

 

0.12

 

Tax effects of excluded items

 

(0.08

)

 

(0.08

)

Non-GAAP earnings per share

$

0.93

 

$

1.33

 

 

Contacts

Andrew Huang

Advanced Energy Industries, Inc.

970-407-6555

ir@aei.com

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