Advanced Energy Industries, Inc. announced financial results for the fourth quarter and year ended December 31, 2016. The company reported fourth quarter sales of $135.3 million. Fourth quarter GAAP income from continuing operations was $40.4 million, or $1.01 per diluted share. Non-GAAP income from continuing operations was $42.6 million, or $1.06 per diluted share.
“AE had an exceptional 2016. Our powerful model generated impressive results across the board, driving significant profitability,†said Yuval Wasserman, president and CEO of Advanced Energy. “Our Semiconductor and Service revenues reached new highs, more than offsetting the fourth quarter decline in Industrial applications. We continue to expand our presence as a critical enabler by capitalizing on the build-out and expansion of important semiconductor technologies. We enter 2017 with a healthy outlook, a strong balance sheet and a variety of opportunities that we believe will take AE to the next level and move us closer to our new aspirational goals.â€
Fourth quarter results included: Sales were $135.3 million compared with $126.6 million in the third quarter of 2016 and $86.9 million in the fourth quarter of 2015. GAAP income from continuing operations was $40.4 million or $1.01 per diluted share in the fourth quarter of 2016 compared with $29.0 million or $0.73 per diluted share in the third quarter, and $11.5 million or $0.28 per diluted share in the fourth quarter of 2015. The company generated $44.4 million of operating cash from continuing operations.
Full year 2016 included: Sales were $483.7 million compared with $414.8 million in 2015. GAAP income from continuing operations was $116.9 million or $2.92 per diluted share, compared with $83.5 million or $2.03 per diluted share in 2015. The company generated $126.5 million in cash from continuing operations and ended the year with $286.7 million in cash and marketable securities.
