Advanced Energy Industries, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total sales of $179,214,000 compared to $135,343,000 a year ago. Operating income was $58,062,000 compared to $38,546,000 a year ago. Income from continuing operations before income taxes was $58,621,000 compared to $38,627,000 a year ago. Net loss was $29,590,000 or $0.75 basic and diluted per share compared to profit of $44,281,000 or $1.11 diluted per share a year ago. Loss from continuing operations, net of income taxes was $29,007,000 or $0.73 basic and diluted per share compared to profit of $40,436,000 or $1.01 diluted per share a year ago. The company generated $49.6 million of cash from continuing operations. Non-GAAP operating income from continuing operations was $61,078,000 compared to $41,566,000 a year ago. Non-GAAP income from continuing operations, net of income taxes was $52,420,000 compared to $42,575,000 a year ago. Non-GAAP per share earnings from continuing operations was $1.31 compared to $1.06 a year ago.

For the year, the company reported total sales of $671,012,000 compared to $483,704,000 a year ago. Operating income was $200,770,000 compared to $126,857,000 a year ago. Income from continuing operations before income taxes was $198,191,000 compared to $128,076,000 a year ago. Net income was $137,861,000 compared to loss of $127,454,000 a year ago. Net income was $137,861,000 or $3.43 diluted per share compared to $127,454,000 or $3.18 diluted per share a year ago. Income from continuing operations, net of income taxes was $136,101,000 or $3.39 diluted per share compared to $116,948,000 or $2.92 diluted per share a year ago. Net cash provided by operating activities was $182,701,000 compared to $119,287,000 a year ago. Purchases of property and equipment were $9,042,000 compared to $6,821,000 a year ago. Non-GAAP operating income from continuing operations was $217,819,000 compared to $137,356,000 a year ago. Non-GAAP income from continuing operations, net of income taxes was $191,538,000 compared to $124,593,000 a year ago. Non-GAAP per share earnings from continuing operations was $4.77 compared to $3.11 a year ago.

The company provided earnings guidance for the first quarter of 2018. For the first quarter, the company expects revenues in the range of $183 million to $193 million, GAAP earnings per share from continuing operations in the range of $1.19 to $1.29 and non-GAAP earnings per share from continuing operations in the range of $1.27 to $1.37. The company expects GAAP operating margin in the range of 30% to 32% and non-GAAP operating margin in the range of 32% to 34%.

For 2018, the company currently expects annual tax rate to be in the mid-teens.