Advanced Energy Industries, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 31, 2023 at 04:01 pm EDT
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Advanced Energy Industries, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 409.99 million compared to USD 516.27 million a year ago. Net income was USD 32.72 million compared to USD 74.17 million a year ago. Basic earnings per share from continuing operations was USD 0.9 compared to USD 2 a year ago. Diluted earnings per share from continuing operations was USD 0.89 compared to USD 1.99 a year ago. Basic earnings per share was USD 0.87 compared to USD 1.98 a year ago. Diluted earnings per share was USD 0.86 compared to USD 1.97 a year ago.
For the nine months, sales was USD 1,250.54 million compared to USD 1,354.68 million a year ago. Net income was USD 90.78 million compared to USD 155.92 million a year ago. Basic earnings per share from continuing operations was USD 2.47 compared to USD 4.18 a year ago. Diluted earnings per share from continuing operations was USD 2.45 compared to USD 4.15 a year ago. Basic earnings per share was USD 2.42 compared to USD 4.16 a year ago. Diluted earnings per share was USD 2.4 compared to USD 4.13 a year ago.
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.