分组1 - Advanced Energy Industries (AEIS) reported quarterly earnings of $0.85 per share, exceeding the Zacks Consensus Estimate of $0.69 per share, but down from $1.11 per share a year ago, representing an earnings surprise of 23.19% [1] - The company posted revenues of $364.95 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 5.74%, but down from $415.51 million year-over-year [1] - Over the last four quarters, Advanced Energy has surpassed consensus EPS estimates three times, but has topped consensus revenue estimates only once [1] 分组2 - The stock has added about 1.1% since the beginning of the year, underperforming the S&P 500's gain of 14.5% [2] - The current consensus EPS estimate for the coming quarter is $1.01 on revenues of $394.98 million, and for the current fiscal year, it is $3.28 on revenues of $1.48 billion [4] - The Zacks Industry Rank for Semiconductor Equipment - Wafer Fabrication is currently in the bottom 22% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [5]

Revenue Performance - Total revenue for Q2 2024 was $364,947 thousand, a decrease of 12.2% compared to $415,508 thousand in Q2 2023[141] - Total revenue for the first half of 2024 was $692,422 thousand, a decrease of 17.6% from $840,548 thousand in the first half of 2023[144] - Semiconductor Equipment market revenue increased to $188,321 thousand, representing 51.6% of total revenue, up from $173,177 thousand (41.7%) in the same quarter last year[143] - Industrial and Medical market revenue decreased significantly by 38.0% to $79,104 thousand from $127,603 thousand in Q2 2023[143] - Data Center Computing market revenue grew by 23.5% to $72,964 thousand compared to $59,076 thousand in Q2 2023[143] Operating Income and Expenses - Operating income from continuing operations for Q2 2024 was $12,968 thousand, down from $29,825 thousand in Q2 2023[141] - Total operating expenses for the three months ended June 30, 2024, were $114,773, representing 31.4% of revenue, compared to $117,255 or 28.2% of revenue in the same period of 2023[153] - Research and development expenses for the three months ended June 30, 2024, were $52,335, an increase of $922 or 1.8% compared to $51,413 in the same period of 2023[154] - Selling, general, and administrative expenses for the three months ended June 30, 2024, were $55,013, a decrease of $600 or 1.1% compared to $55,613 in the same period of 2023[155] - Restructuring, asset impairments, and other charges for the three months ended June 30, 2024, were $625, a decrease of $2,529 or 80.2% compared to $3,154 in the same period of 2023[157] Profitability Metrics - Gross profit margin for Q2 2024 was 35.0%, slightly down from 35.4% in Q2 2023[141] - Gross profit for the three months ended June 30, 2024, was $127,741, a decrease of $19,339 or 13.1% compared to $147,080 in the same period of 2023[151] - Non-GAAP operating income for the six months ended June 30, 2024, was $55,307,000, down from $106,145,000 in the same period of 2023, representing a decrease of 47.9%[173] - Non-GAAP diluted earnings per share for the three months ended June 30, 2024, was $0.85, down from $1.11 in the same period of 2023[175] - Non-GAAP gross profit for the three months ended June 30, 2024, was $128,901,000, compared to $147,826,000 in the same period of 2023, reflecting a decrease of 12.8%[173] Interest and Taxation - Interest income for the three months ended June 30, 2024, increased to $12,119,000, a 181.8% increase from $4,301,000 in the same period of 2023[162] - Interest expense for the same period rose to $(6,956,000), reflecting a 143.4% increase from $(2,858,000) in the prior year[162] - The effective tax rate for the three months ended June 30, 2024, was 16.9%, compared to 14.9% for the same period in 2023[167] - Interest income for the six months ended June 30, 2024, reached $24,764,000, a 214.0% increase from $7,886,000 in the same period of 2023[162] Cash Flow and Financing - As of June 30, 2024, cash and cash equivalents totaled $986.1 million, with an additional $200.0 million available under the Revolving Facility[177] - Net cash from operating activities for the six months ended June 30, 2024 was $14.9 million, a decrease of $40.6 million compared to $55.5 million for the same period in the prior year[182] - The company completed a private offering of $575.0 million Convertible Notes, receiving net proceeds of approximately $561.1 million, intended for future growth and strategic acquisitions[178] - Total borrowings amounted to $920.0 million, with a fixed interest rate of 1.17% on $212.0 million due to interest rate swap agreements[179] - Quarterly cash dividends of $0.10 per share were paid, totaling $7.7 million for the six months ended June 30, 2024[181] Future Outlook and Strategic Initiatives - The company anticipates that long-term growth drivers will support its strategy despite current lower demand in certain markets[136] - The company anticipates additional charges of $1.0 million to $2.0 million related to the 2023 restructuring plan to be incurred through the second quarter of 2025[158] - The company anticipates a $10.6 million annual increase in interest expense after the expiration of interest rate swap contracts on September 10, 2024[195] - The company may seek additional debt or equity financing, although such financing may not be available on acceptable terms[177] - The company anticipates the 2022 Plan will be substantially completed by the end of 2024, aimed at improving operating efficiencies and reducing costs[160]

Financial Performance - Revenue for Q2 2024 was $364.9 million, compared to $327.5 million in Q1 2024 and $415.5 million in Q2 2023[3] - GAAP EPS from continuing operations was $0.41, an increase from $0.15 in the previous quarter and down from $0.73 a year ago[3] - Non-GAAP EPS was $0.85, compared to $0.58 in Q1 2024 and $1.11 in Q2 2023[3] - The company reported a net income of $15.6 million for Q2 2024, compared to $5.8 million in Q1 2024 and $27.5 million in Q2 2023[3] - Non-GAAP operating income for the second quarter of 2024 was $33.8 million, a decrease from $49.3 million in the previous year[37] - Q2 2024 diluted earnings per share from continuing operations reported at $0.41, down from $0.73 in Q2 2023[39] - Non-GAAP earnings per share for Q2 2024 at $0.85, compared to $1.11 in Q2 2023[39] - Total non-GAAP earnings per share for the six months ended June 30, 2024, at $1.43, down from $2.35 in the same period of 2023[39] Cash Flow and Dividends - The company generated $6.9 million in cash flow from continuing operations and paid $3.8 million in dividends during the quarter[3] - Cash and cash equivalents at the end of the period were $986.1 million, down from $1,044.6 million at the beginning of the period[28] - The company reported a net cash from operating activities of $14.9 million from continuing operations for the first half of 2024, down from $55.5 million in the same period of 2023[28] Guidance and Projections - Guidance for Q3 2024 revenue is projected at $370 million +/- $20 million, with GAAP EPS expected to be ($0.10) +/- $0.25 and Non-GAAP EPS at $0.90 +/- $0.25[6] - Q3 2024 revenue guidance set between $350 million (low end) and $390 million (high end)[40] - Non-GAAP earnings per share guidance for Q3 2024 projected at $0.65 to $1.15[40] Operating Expenses and Margins - Advanced Energy's operating expenses for Q2 2024 totaled $114.8 million, compared to $117.3 million in Q1 2024[22] - Operating expenses from continuing operations were reported at $114.8 million for the second quarter of 2024, compared to $117.3 million in the same quarter of 2023[35] - Gross margin for Q2 2024 was 35.0%, slightly down from 35.4% in Q2 2023[20] Market and Product Focus - The company continues to focus on incorporating differentiated technologies into systems to drive market share gains and profitability improvements[2] - The company plans to continue focusing on expanding its semiconductor equipment market and enhancing its product offerings[30] - Semiconductor Equipment revenue increased to $188.3 million, up 8.5% from $173.2 million year-over-year[30] - North America revenue was $172.8 million, slightly up from $171.5 million in the same quarter of 2023[32] Debt and Financial Position - Long-term debt decreased to $887.3 million from $895.7 million at the end of 2023[26] Non-GAAP Adjustments - Per share impact of non-GAAP adjustments net of tax for Q2 2024 at $0.44[39] - Stock-based compensation impact on earnings per share at $0.28 for Q3 2024[40] - Amortization of intangible assets contributing $0.19 to earnings per share for Q3 2024[40] - Restructuring, asset impairments, and other charges impacting earnings per share by $0.77 for Q3 2024[40] - Tax effects of excluded items resulting in a negative impact of $(0.24) on earnings per share for Q3 2024[40]

Group 1: Acquisition Proposal - Advanced Energy (AEIS) announced a cash offer of £19.50 per share to acquire XP Power Limited, valuing XP Power's equity at £468 million [1] - The offer represents a 68% premium to XP Power's closing price as of May 20, 2024 [1] - The total proposed consideration for the acquisition is £571 million, aimed at enhancing AEIS's offerings in various end markets [1] Group 2: Market Position and Product Development - AEIS has secured major design wins in the semiconductor market for its next-generation plasma power products, including eVoS and eVerest [2] - The company launched Evergreen, an advanced modular high-power platform in the Industrial and Medical segment, featuring new air-cooled Vento products [2] - There are concerns regarding sluggish demand in non-semi markets, particularly in Data Center Computing and Telecom and Networking due to reduced infrastructure investments [2] Group 3: Financial Performance Expectations - For Q2 2024, AEIS anticipates revenues of $350 million (+/- $20 million), with a year-over-year decline of 18.32% [3] - The expected non-GAAP earnings for Q2 2024 are 73 cents per share (+/- 25 cents), indicating a decline of 34.23% year-over-year [3] Group 4: Stock Performance and Rankings - AEIS currently holds a Zacks Rank 5 (Strong Sell), with shares dropping 1.1% year-to-date compared to a 16.5% rise in the Zacks Computer & Technology sector [4] - Other technology stocks with better rankings include Arista Networks (ANET) with a Zacks Rank 1 (Strong Buy) and CrowdStrike (CRWD) and Intuit (INTU) with Zacks Rank 2 (Buy) [4] - Year-to-date performance for Arista Networks shows a gain of 34.6%, while CrowdStrike has gained 36.8% [4][5]

Core Insights - Advanced Energy Industries (AEIS) reported total revenue of $327.48 million for the quarter ending March 2024, reflecting a decrease of 23% compared to previous periods [2][5] - The company's international operations are crucial for understanding its financial strength and growth potential, given the interconnectedness of the global economy [1][6] Revenue Breakdown - Asia contributed 46.4% of total revenue, amounting to $151.94 million, which was a surprise increase of 2.56% compared to Wall Street's expectation of $148.15 million [3] - Revenue from Other countries was only $0.9 million, representing 0.3% of total revenue, which was a significant miss of 75.68% against the expected $3.7 million [3] - Europe generated $40.55 million, accounting for 12.4% of total revenue, which was a shortfall of 14.21% from the anticipated $47.27 million [4] Future Projections - Analysts project total revenue for the current fiscal quarter to reach $339.4 million, a decline of 18.3% year-over-year, with Asia expected to contribute 48.7% ($165.13 million) [5] - For the entire year, total revenue is forecasted at $1.52 billion, down 8.1% from the previous year, with Asia contributing 43.7% ($665.29 million) [5] Market Trends - The dependency on global markets presents both opportunities and risks for AEIS, making the monitoring of international revenue trends essential for predicting future performance [6] - The stock price of AEIS has appreciated by 1.1% over the past four weeks, contrasting with a 0.4% decline in the S&P 500 [8]

Advanced Energy Industries (AEIS) reported non-GAAP earnings of 58 cents per share in first-quarter 2024, missing the Zacks Consensus Estimate by 18.31%. The bottom-line figure declined 53.2% on a year-over-year basis.Revenues of $327 million lagged the Zacks Consensus Estimate by 8.35% and declined 23% year over year, primarily due to the weakness across non-semi markets.End Market in DetailSemiconductor Equipment: Revenues (54.9% of total revenues) generated from the market fell 7.4% year over year to $17 ...

Advanced Energy Industries, Inc. (NASDAQ:AEIS) Q1 2024 Earnings Conference Call May 1, 2024 4:30 PM ET Company Participants Edwin Mok - Vice President, Strategic Marketing & Investor Relations Steve Kelley - President & Chief Executive Officer Paul Oldham - Executive Vice President & Chief Financial Officer Conference Call Participants Joe Quatrochi - Wells Fargo Steve Barger - KeyBanc Capital Markets Krish Sankar - TD Cowen James Ricchiuti - Needham & Co. Scott Graham - Seaport Research Mark Miller - Bench ...

Advanced Energy Industries (AEIS) reported $327.48 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 23%. EPS of $0.58 for the same period compares to $1.24 a year ago.The reported revenue represents a surprise of -8.35% over the Zacks Consensus Estimate of $357.3 million. With the consensus EPS estimate being $0.71, the EPS surprise was -18.31%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectation ...

Advanced Energy Industries (AEIS) came out with quarterly earnings of $0.58 per share, missing the Zacks Consensus Estimate of $0.71 per share. This compares to earnings of $1.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -18.31%. A quarter ago, it was expected that this maker of power-conversion products would post earnings of $1.15 per share when it actually produced earnings of $1.24, delivering a surprise of 7.83%.Ove ...

Q1 2024 Earnings Presentation MAY 1, 2024 1 SAFE HARBOR The company’s guidance and other statements herein or made on the earnings conference call contain, in addition to historical information, forward-looking statements within the ...