Advanced Energy Q4 Revenue Increased 55.8% y/y
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.
â€œAE had an exceptional 2016. Our powerful model generated impressive results across the board, driving significant profitability,â€ said Yuval Wasserman, president and CEO of Advanced Energy. â€œOur 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.