Advanced Energy Industries, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the First Quarter of 2018; Provides Annual Tax Rate Guidance for the Full Year of 2018
January 30, 2018 at 04:05 pm
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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.
Advanced Energy Industries, Inc. provides engineered, critical, precision power conversion, measurement, and control solutions to its customers. The Company designs, manufactures, sells, and supports precision power products that transform, refine, and modify the raw electrical power coming from either the utility or the building facility and convert it into various types of controllable, usable power that is predictable, repeatable, and customizable to meet the necessary requirements for powering a range of complex equipment. Its precision power products and solutions are designed to enable new process technologies, enhance productivity, and provide critical power capabilities for its customers. Its service group offers warranty and after-market repair services. It provides repair service and customer support through its worldwide support organization. Its support services include warranty and non-warranty repair services, calibration, upgrades, and refurbishments of its products.
Advanced Energy Industries, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the First Quarter of 2018; Provides Annual Tax Rate Guidance for the Full Year of 2018