Advanced Energy Q3 Revenue Up 6.6% Sequentially
Advanced Energy Industries, Inc. announced financial results for the third quarter ended September 30, 2016. The company reported third quarter sales of $126.6 million. Third quarter GAAP income from continuing operations was $29.0 million, or $0.73 per diluted share.
â€œAfter a third straight quarter of compelling top and bottom line performance driven by strength in semiconductors, flat panel display and services, 2016 is shaping up to be an impressive year for AE,â€ said Yuval Wasserman, president and CEO of Advanced Energy. â€œOur leading precision power products and services continue to be chosen by our customers to support their move to next-generation technologies such as 3DNAND and 10nm Logic. With our semiconductor business showing no signs of slowing and the diversity of our Industrial applications growing, we are getting closer to our near-term aspirational goals.â€
Sales were $126.6 million compared with $118.8 million in the second quarter of 2016 and $109.8 million in the third quarter of 2015. GAAP income from continuing operations was $29.0 million or $0.73 per diluted share in the third quarter of 2016 compared to $27.3 million or $0.68 per diluted share in the second quarter, and $23.3 million or $0.56 per diluted share in the third quarter of 2015. The company ended the quarter with $249.8 million in cash and marketable securities.
The companyâ€™s financial statements for all periods presented reflect results for the continuing precision power business, with the discontinued inverter business included in discontinued operations for both the balance sheet and income statement.