viewAdvanced Energy Industries, Inc.

Advanced Energy Industries’ Q4 results top views but shares dive


Advanced Energy Industries (NASDAQ:AEIS), which manufactures power conversion systems, reported on Monday after the markets closed better-than-expected fourth quarter results.  However, the markets reacted negatively.   
As of 12:23 pm EST, the company’s shares are down 7.5%. 

The fall may have been because analysts were looking for more upside to the company’s first quarter outlook, according to financial website TheStreet.com.

For the fourth quarter, the Colorado-based company earned a net income of $31.4 million, or 45 cents per diluted share, up from $1.5 million, or 4 cents per diluted share for the year-ago period.  Revenues more than doubled to $148.7 million from $58 million, helped by strong sales in the renewable inverter segment. 

Analysts polled by Thomson Reuters expected the company to earn 39 cents a share on revenues of $145 million. 

Sales from the inverter segment rose 38% quarter-to-quarter while sales of the thin film segment grew 5.3%. 

Meanwhile, sales from the semiconductor segment fell 18.6% and service revenues held steady.

Bookings for the fourth quarter were $113.3 million, down 29% sequentially.

Gross margin for the fourth quarter increased sequentially to 43.6% from 43.1% in the third quarter, mainly due to a decline in warranty costs.

At quarter end, the company had $140.6 million of cash and investments.

For the first quarter of fiscal 2011, the company expects sales to be in the range of $132 million to $142 million. 

Earnings per share are expected to range from 32 cents a share to 38 cents a share.

Quick facts: Advanced Energy Industries, Inc.

Price: 73.89 USD

Market: NASDAQ
Market Cap: $2.82 billion

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