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Advanced Energy Industries Inc (AEIS) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Advanced Energy Industries Inc

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CIK: 927003 Ticker: AEIS


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Financial News Release

Advanced Energy Announces First Quarter 2019 Results

•Q1 Revenue was $140.7 million
•Q1 GAAP EPS from continuing operations was $0.40
•Q1 Non-GAAP EPS was $0.58

FORT COLLINS, Colo., May 6, 2019
 - Advanced Energy Industries, Inc. (Nasdaq: AEIS), today announced financial results for the first quarter ended March 31, 2019.
“While 2019 is a shaping up to be a challenging year for the semiconductor market, Advanced Energy delivered solid profitability while continuing to execute on our strategy. Mixed semi demand profiles signal the early stage of market stabilization, and we believe the long-term drivers for wafer fab equipment growth remain intact setting up the potential for a recovery in 2020," said Yuval Wasserman, president and CEO. "We continue to invest in technology development with our customers and are focused on capitalizing on the many growth opportunities across our served markets."
First Quarter Results
Sales were $140.7 million in the first quarter of 2019 compared with $154.2 million in the fourth quarter of 2018 and $195.6 million in the first quarter of 2018.
GAAP net income from continuing operations was $15.4 million or $0.40 per diluted share, compared with $19.2 million or $0.50 per diluted share in the prior quarter, and $46.4 million or $1.16 per diluted share in the first quarter of 2018.
Non-GAAP net income was $22.4 million or $0.58 per diluted share in the first quarter of 2019, which included a $4.4 million discrete tax benefit. This compares with $28.0 million or $0.73 per diluted share in the fourth quarter of 2018, and $53.4 million or $1.34 per diluted share in the first quarter of 2018. A reconciliation of non-GAAP measures is provided in the tables below.
The company generated $6.9 million of operating cash from continuing operations in the quarter.
Discontinued Operations
The company’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 all purposes. Further financial detail regarding the amounts related to the discontinued inverter business are available in the company’s 2018 Annual Report on Form 10-K.
Second Quarter 2019 Guidance
Based on the company's current view, beliefs and assumptions, its guidance for the second quarter of 2019 is within the following ranges.
 
 
Q2 2019
Revenues
 
$130M - $140M
GAAP EPS from continuing operations
 
$0.10 - $0.25
Non-GAAP EPS
 
$0.25 - $0.40


The following information was filed by Advanced Energy Industries Inc (AEIS) on Monday, May 6, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Advanced Energy Industries Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Enitity Information
Condensed Consolidated Balance Sheets Parenthetical
Condensed Consolidated Statement Of Comprehensive Income
Condensed Consolidated Statement Of Operations Statement
Condensed Consolidated Statement Of Stockholders Equity Statement
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Accounts And Other Receivables
Accounts And Other Receivables (Tables)
Accounts And Other Receivables Components Of Accounts And Other Receivables (Details)
Basis Of Presentation - (Tables)
Basis Of Presentation - Cumulative Effect Of Recently Adopted Accounting Pronouncements (Details)
Business Acquisition (Notes)
Business Acquisition (Tables)
Business Acquisition - (Details)
Business Acquisition Assets Acquired And Liabilities Assumed (Details)
Business Acquisition Consideration Transferred (Details)
Business Acquisition Intangible Assets Acquired (Details)
Business Acquisition Unaudited Pro Forma Results (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies Commitments And Contingencies (Policies)
Credit Facility
Credit Facility (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Derivative Financial Instruments Gain (Loss) On Foreign Currency Exchange Contracts (Details)
Derivative Financial Instruments Gains And Losses Related To Foreign Currency Contracts (Tables)
Discontinued Operations (Notes)
Discontinued Operations (Tables)
Discontinued Operations Assets And Liabilities Of Discontinued Operations (Details)
Discontinued Operations Statement Of Operations For Discontinued Operations (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share Reconciliation Of The Weighted-Average Shares Outstanding Used In The Calculation Of Basic And Diluted Eps (Details)
Earnings Per Share Schedule Of Stock Options And Restricted Units Were Excluded In The Computation Of Diluted Earnings Per Share Because They Were Anti-Dilutive (Details)
Earnings Per Share Stock Buyback (Details)
Geographic And Customer Information (Tables)
Geographic And Customer Information Geographic And Customer Information (Notes)
Geographic And Customer Information Significant Customer Information (Details)
Goodwill
Goodwill (Tables)
Goodwill Schedule Of The Changes In Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes Narrative (Details)
Income Taxes Schedule Of Tax Expense And The Effective Tax Rate For Our Income From Continuing Operations (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets Schedule Of Amortization Expense Relating To Other Intangible Assets (Details)
Intangible Assets Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense (Details)
Intangible Assets Schedule Of Other Intangible Assets (Details)
Inventories
Inventories (Tables)
Inventories Components Of Inventories (Details)
Leases
Leases (Details)
Leases (Tables)
Leases Additional Lease Cost Information (Details)
Leases Operating Lease Maturity Schedule (Details)
Marketable Securities
Marketable Securities (Details)
Marketable Securities (Tables)
Marketable Securities Composition Of Marketable Securities (Details)
Marketable Securities Fair Value Of Our Marketable Securities (Details)
Marketable Securities The Maturities Of Our Marketable Securities Available For Sale (Details)
Operations And Summary Of Significant Accounting Policies And Estimates
Pension Liability (Details)
Pension Liability (Notes)
Pension Liability (Tables)
Pension Liability Net Pension Liability (Details)
Pension Liability Net Periodic Pension Expense (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment Depreciation Expense Recorded In Continuing Operations (Details)
Property And Equipment Details Of Property And Equipment (Details)
Related Party Transactions
Related Party Transactions (Details)
Related Party Transactions (Tables)
Related Party Transactions Schedule Of Related Party Transactions (Details)
Restructuring Costs
Restructuring Costs Restructuring Cost Cumulative Table (Tables)
Restructuring Costs Restructuring Liabilities (Details)
Restructuring Costs Schedule Of Restructuring Reserve By Cost Type (Details)
Revenue (Notes)
Revenue (Policies)
Revenue - Extended Warranty Revenue (Details)
Revenue 606 Financial Statement Impacts (Tables)
Revenue Narrative (Details)
Revenue Revenue By Geographical Location (Tables)
Revenue Revenue By Product Line (Details)
Revenue Revenue By Product Line (Tables)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation Narrative (Details)
Stock-Based Compensation Schedule Of Stock-Based Compensation (Details)
Stock-Based Compensation Summary Of Non-Vested Restricted Stock Units Activity (Details)
Stock-Based Compensation Summary Of Stock Option Activity (Details)
Warranties
Warranties (Tables)
Warranties Changes In Accrued Product Warranties (Details)
Warranties Narrative (Details)
Ticker: AEIS
CIK: 927003
Form Type: 10-Q Quarterly Report
Accession Number: 0000927003-19-000030
Submitted to the SEC: Mon May 06 2019 12:24:35 PM EST
Accepted by the SEC: Mon May 06 2019
Period: Sunday, March 31, 2019
Industry: Electronic Components

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