AEIS Advanced Energy Industries Inc

• 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 $0.85, 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, 2024.

“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.”

Quarter Results

Revenue 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.

GAAP 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.

Non-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.

Advanced Energy generated $6.9 million in cash flow from continuing operations during the quarter and paid $3.8 million in quarterly dividends.

The 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.

A reconciliation of GAAP and non-GAAP measures is provided in the tables below.

Third Quarter 2024 Guidance

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

 

 

Q3 2024

Revenue

$370 million +/- $20 million

GAAP EPS from continuing operations

($0.10) +/- $0.25

Non-GAAP EPS

$0.90 +/- $0.25

Conference Call

Management will host a conference call today, July 30, 2024, 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. The non-GAAP results presented below exclude the impact of non-cash related charges, such as stock-based compensation, amortization of intangible assets, and long-term unrealized foreign exchange gains and losses. In addition, we exclude discontinued operations and other non-recurring items such as acquisition-related costs, facility expansion and related costs, restructuring, asset impairments, and other charges, as they are not indicative of future performance. The tax effect of our non-GAAP adjustments represents the anticipated annual tax rate applied to each non-GAAP adjustment after consideration of their respective book and tax treatments. In addition, the tax effect also includes a discrete tax benefit associated with the release of a portion of our deferred tax asset valuation allowance.

The non-GAAP measures included in this release are not prepared 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," and similar expressions and the negative versions thereof indicate forward-looking statements; however, not all forward-looking statements may contain such words or expressions. These forward-looking statements are based upon information available as of the date of this report and management’s current estimates, forecasts, and assumptions. Although we believe that our expectations reflected in or suggested by these forward-looking statements are reasonable, we may not achieve the results, performance, plans, or objectives expressed or implied by such forward-looking statements. Forward-looking statements involve risks and uncertainties, which are difficult to predict and many of which are beyond our control.

Risks and uncertainties to which our forward-looking statements are subject include, but are not limited to: our ability to achieve design wins with new and existing customers; our ability to accurately forecast and meet customer demand; risks related to global economic conditions, including, but not limited to, the impact of escalating global conflicts on macroeconomic conditions, economic uncertainty, market volatility, rising interest rates, inflation, or recession; risks inherent in our international operations, including the effect of trade and export controls, political and geographical risks, fluctuations in currency exchange rates; concentration of our customer base; risks associated with breach of our information security measures; our loss of or inability to attract and retain key personnel; disruptions to our manufacturing operations or those of our customers or suppliers; risks associated with our manufacturing footprint optimization and movement of manufacturing locations for certain products; our ability to successfully identify, close, integrate and realize anticipated benefits from our acquisitions; quality issues or unanticipated costs in fulfilling our warranty obligations (including our discontinued solar inverter product line), and adequacy of our warranty reserves; our ability to enforce, protect and maintain our proprietary technology and intellectual property rights; our ability to achieve cost savings, profitability, and gross margin goals; changes to tax laws and regulations or our tax rates; changes in federal, state, local and foreign regulations, including with respect to privacy and data protection, and environmental regulation; the effect of our debt obligations and restrictive covenants on our ability to operate our business; customer price sensitivity; risks related to our unfunded pension obligations; restructuring and severance activities; legal matters, claims, and proceedings; our estimates of the fair value of intangible assets; and the potential impact of dilution related to our convertible debt, hedge, and warrant transactions.

Actual results could differ materially and adversely from those expressed in any forward-looking statements, and readers are cautioned not to place undue reliance on forward-looking statements. Factors that could contribute to these differences or prove our forward-looking statements, by hindsight, to be overly optimistic or unachievable include, but are not limited to, the risks and uncertainties listed above and 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,

 

 

2024

2023

2024

2024

2023

Revenue, net

 

$

364,947

 

$

415,508

 

$

327,475

 

$

692,422

 

$

840,548

 

Cost of revenue

 

 

237,206

 

 

268,428

 

 

214,646

 

 

451,852

 

 

538,357

 

Gross profit

 

 

127,741

 

 

147,080

 

 

112,829

 

 

240,570

 

 

302,191

 

Gross margin %

 

 

35.0

%

 

35.4

%

 

34.5

%

 

34.7

%

 

36.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

52,335

 

 

51,413

 

 

49,836

 

 

102,171

 

 

103,023

 

Selling, general, and administrative

 

 

55,013

 

 

55,613

 

 

55,124

 

 

110,137

 

 

110,971

 

Amortization of intangible assets

 

 

6,800

 

 

7,075

 

 

6,947

 

 

13,747

 

 

14,137

 

Restructuring, asset impairments, and other charges

 

 

625

 

 

3,154

 

 

245

 

 

870

 

 

4,197

 

Total operating expenses

 

 

114,773

 

 

117,255

 

 

112,152

 

 

226,925

 

 

232,328

 

Operating income

 

 

12,968

 

 

29,825

 

 

677

 

 

13,645

 

 

69,863

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

12,119

 

 

4,301

 

 

12,645

 

 

24,764

 

 

7,886

 

Interest expense

 

 

(6,956

)

 

(2,858

)

 

(7,127

)

 

(14,083

)

 

(5,588

)

Other income (expense), net

 

 

638

 

 

982

 

 

1,379

 

 

2,017

 

 

(423

)

Income from continuing operations, before income tax

 

 

18,769

 

 

32,250

 

 

7,574

 

 

26,343

 

 

71,738

 

Income tax provision

 

 

3,165

 

 

4,795

 

 

1,787

 

 

4,952

 

 

12,531

 

Income from continuing operations

 

 

15,604

 

 

27,455

 

 

5,787

 

 

21,391

 

 

59,207

 

Loss from discontinued operations, net of income tax

 

 

(575

)

 

(315

)

 

(571

)

 

(1,146

)

 

(1,146

)

Net income

 

$

15,029

 

$

27,140

 

$

5,216

 

$

20,245

 

$

58,061

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 

37,474

 

 

37,573

 

 

37,359

 

 

37,417

 

 

37,524

 

Diluted weighted-average common shares outstanding

 

 

37,777

 

 

37,803

 

 

37,687

 

 

37,733

 

 

37,804

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to Advanced Energy Industries, Inc:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations:

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.42

 

$

0.73

 

$

0.15

 

$

0.57

 

$

1.58

 

Diluted earnings per share

 

$

0.41

 

$

0.73

 

$

0.15

 

$

0.57

 

$

1.57

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

Basic loss per share

 

$

(0.02

)

$

(0.01

)

$

(0.02

)

$

(0.03

)

$

(0.03

)

Diluted loss per share

 

$

(0.02

)

$

(0.01

)

$

(0.02

)

$

(0.03

)

$

(0.03

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.40

 

$

0.72

 

$

0.14

 

$

0.54

 

$

1.55

 

Diluted earnings per share

 

$

0.40

 

$

0.72

 

$

0.14

 

$

0.54

 

$

1.54

 

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

 

2024

 

 

2023

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

986,148

 

$

1,044,556

Accounts receivables, net

 

 

262,419

 

 

282,430

Inventories

 

 

383,141

 

 

336,137

Other current assets

 

 

46,131

 

 

48,771

Total current assets

 

 

1,677,839

 

 

1,711,894

 

 

 

 

 

 

 

Property and equipment, net

 

 

180,624

 

 

167,665

Operating lease right-of-use assets

 

 

103,522

 

 

95,432

Other assets

 

 

130,782

 

 

136,448

Goodwill and intangible assets, net

 

 

449,092

 

 

445,318

Total assets

 

$

2,541,859

 

$

2,556,757

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

157,523

 

$

141,850

Other accrued expenses

 

 

113,015

 

 

156,254

Current portion of long-term debt

 

 

20,000

 

 

20,000

Current portion of operating lease liabilities

 

 

16,299

 

 

17,744

Total current liabilities

 

 

306,837

 

 

335,848

 

 

 

 

 

 

 

Long-term debt

 

 

887,309

 

 

895,679

Other long-term liabilities

 

 

182,637

 

 

181,048

Long-term liabilities

 

 

1,069,946

 

 

1,076,727

 

 

 

 

 

 

 

Total liabilities

 

 

1,376,783

 

 

1,412,575

 

 

 

 

 

 

 

Total stockholders' equity

 

 

1,165,076

 

 

1,144,182

Total liabilities and stockholders’ equity

 

$

2,541,859

 

$

2,556,757

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

 

2023

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

Net income

 

$

20,245

 

 

$

58,061

 

Less: loss from discontinued operations, net of income tax

 

 

(1,146

)

 

 

(1,146

)

Income from continuing operations, net of income tax

 

 

21,391

 

 

 

59,207

 

 

 

 

 

 

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

 

 

 

 

Depreciation and amortization

 

 

33,918

 

 

 

32,966

 

Stock-based compensation

 

 

22,389

 

 

 

14,738

 

Amortization of debt issuance costs and debt discount

 

 

1,630

 

 

 

254

 

Deferred income tax benefit

 

 

(42

)

 

 

(786

)

Loss (gain) on disposal and sale of assets

 

 

(16

)

 

 

192

 

Unrealized gain on investment

 

 

(567

)

 

 

—

 

Changes in operating assets and liabilities, net of assets acquired

 

 

(63,830

)

 

 

(51,067

)

Net cash from operating activities from continuing operations

 

 

14,873

 

 

 

55,504

 

Net cash from operating activities from discontinued operations

 

 

(876

)

 

 

(3,090

)

Net cash from operating activities

 

 

13,997

 

 

 

52,414

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

Purchases of long-term investments

 

 

(2,401

)

 

 

(3,128

)

Purchases of property and equipment

 

 

(31,406

)

 

 

(33,623

)

Acquisitions, net of cash acquired

 

 

(13,762

)

 

 

—

 

Net cash from investing activities

 

 

(47,569

)

 

 

(36,751

)

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

Payments on long-term borrowings

 

 

(10,000

)

 

 

(10,000

)

Dividend payments

 

 

(7,658

)

 

 

(7,592

)

Net payments related to stock-based awards

 

 

(5,500

)

 

 

(1,384

)

Net cash from financing activities

 

 

(23,158

)

 

 

(18,976

)

 

 

 

 

 

EFFECT OF CURRENCY TRANSLATION ON CASH

 

 

(1,678

)

 

 

(253

)

 

 

 

 

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

(58,408

)

 

 

(3,566

)

CASH AND CASH EQUIVALENTS, beginning of period

 

 

1,044,556

 

 

 

458,818

 

CASH AND CASH EQUIVALENTS, end of period

 

$

986,148

 

 

$

455,252

 

ADVANCED ENERGY INDUSTRIES, INC.

SUPPLEMENTAL INFORMATION (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Revenue by Market

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2024

 

2023

 

2024

 

2024

 

2023

Semiconductor Equipment

 

$

188,321

 

$

173,177

 

$

179,903

 

$

368,224

 

$

367,386

Industrial and Medical

 

 

79,104

 

 

127,603

 

 

83,418

 

 

162,522

 

 

250,623

Data Center Computing

 

 

72,964

 

 

59,076

 

 

41,902

 

 

114,866

 

 

118,735

Telecom and Networking

 

 

24,558

 

 

55,652

 

 

22,252

 

 

46,810

 

 

103,804

Total

 

$

364,947

 

$

415,508

 

$

327,475

 

$

692,422

 

$

840,548

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Revenue by Geographic Region

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2024

 

2023

 

2024

 

2024

 

2023

North America

 

$

172,794

 

$

171,516

 

$

134,079

 

$

306,873

 

$

352,458

Asia

 

 

151,955

 

 

186,498

 

 

151,943

 

 

303,898

 

 

365,681

Europe

 

 

39,813

 

 

56,213

 

 

40,553

 

 

80,366

 

 

118,779

Other

 

 

385

 

 

1,281

 

 

900

 

 

1,285

 

 

3,630

Total

 

$

364,947

 

$

415,508

 

$

327,475

 

$

692,422

 

$

840,548

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,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

Gross profit from continuing operations, as reported

 

$

127,741

 

 

$

147,080

 

 

$

112,829

 

 

$

240,570

 

 

$

302,191

 

Adjustments to gross profit:

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

1,056

 

 

 

589

 

 

 

829

 

 

 

1,885

 

 

 

972

 

Facility expansion, relocation costs and other

 

 

161

 

 

 

60

 

 

 

1,308

 

 

 

1,469

 

 

 

1,017

 

Acquisition-related costs

 

 

(57

)

 

 

97

 

 

 

44

 

 

 

(13

)

 

 

150

 

Non-GAAP gross profit

 

 

128,901

 

 

 

147,826

 

 

 

115,010

 

 

 

243,911

 

 

 

304,330

 

Non-GAAP gross margin

 

 

35.3

%

 

 

35.6

%

 

 

35.1

%

 

 

35.2

%

 

 

36.2

%

 

 

 

 

 

 

 

 

 

 

 

Operating expenses from continuing operations, as reported

 

 

114,773

 

 

 

117,255

 

 

 

112,152

 

 

 

226,925

 

 

 

232,328

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

(6,800

)

 

 

(7,075

)

 

 

(6,947

)

 

 

(13,747

)

 

 

(14,137

)

Stock-based compensation

 

 

(10,328

)

 

 

(7,348

)

 

 

(10,176

)

 

 

(20,504

)

 

 

(13,766

)

Acquisition-related costs

 

 

(1,934

)

 

 

(1,165

)

 

 

(1,266

)

 

 

(3,200

)

 

 

(2,043

)

Restructuring, asset impairments, and other charges

 

 

(625

)

 

 

(3,154

)

 

 

(245

)

 

 

(870

)

 

 

(4,197

)

Non-GAAP operating expenses

 

 

95,086

 

 

 

98,513

 

 

 

93,518

 

 

 

188,604

 

 

 

198,185

 

Non-GAAP operating income

 

$

33,815

 

 

$

49,313

 

 

$

21,492

 

 

$

55,307

 

 

$

106,145

 

Non-GAAP operating margin

 

 

9.3

%

 

 

11.9

%

 

 

6.6

%

 

 

8.0

%

 

 

12.6

%

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP measure - income excluding certain items

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

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

 

$

15,604

 

 

$

27,455

 

 

$

5,787

 

 

$

21,391

 

 

$

59,207

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

6,800

 

 

 

7,075

 

 

 

6,947

 

 

 

13,747

 

 

 

14,137

 

Acquisition-related costs

 

 

1,877

 

 

 

1,262

 

 

 

1,310

 

 

 

3,187

 

 

 

2,193

 

Facility expansion, relocation costs, and other

 

 

161

 

 

 

60

 

 

 

1,308

 

 

 

1,469

 

 

 

1,017

 

Restructuring, asset impairments, and other charges

 

 

625

 

 

 

3,154

 

 

 

245

 

 

 

870

 

 

 

4,197

 

Unrealized foreign currency loss (gain)

 

 

(1,545

)

 

 

(2,266

)

 

 

(1,757

)

 

 

(3,302

)

 

 

(1,213

)

Tax effect of non-GAAP adjustments, including certain discrete tax benefits

 

 

(498

)

 

 

(1,051

)

 

 

(622

)

 

 

(1,120

)

 

 

(2,172

)

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

 

 

23,024

 

 

 

35,689

 

 

 

13,218

 

 

 

36,242

 

 

 

77,366

 

Stock-based compensation, net of tax

 

 

8,993

 

 

 

6,191

 

 

 

8,694

 

 

 

17,687

 

 

 

11,495

 

Non-GAAP income, net of income tax

 

$

32,017

 

 

$

41,880

 

 

$

21,912

 

 

$

53,929

 

 

$

88,861

 

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,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

Diluted earnings per share from continuing operations, as reported

 

$

0.41

 

$

0.73

 

$

0.15

 

$

0.57

 

$

1.57

Add back:

 

 

 

 

 

 

 

 

 

 

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

 

 

0.44

 

 

 

0.38

 

 

 

0.43

 

 

 

0.86

 

 

 

0.78

 

Non-GAAP earnings per share

 

$

0.85

 

 

$

1.11

 

 

$

0.58

 

 

$

1.43

 

 

$

2.35

 

 

 

Reconciliation of Q3 2024 Guidance

Low End

High End

 

Revenue

 

$350 million

 

$390 million

 

Reconciliation of non-GAAP earnings per share

 

 

 

 

GAAP earnings per share

$

(0.35

)

$

0.15

 

Stock-based compensation

 

0.28

 

 

0.28

 

Amortization of intangible assets

 

0.19

 

 

0.19

 

Restructuring, asset impairments, and other charges

 

0.77

 

 

0.77

 

Tax effects of excluded items

 

(0.24

)

 

(0.24

)

Non-GAAP earnings per share

$

0.65

 

$

1.15

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240730102829/en/

Andrew Huang Advanced Energy Industries, Inc. 970-407-6555 ir@aei.com