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Advanced Energy Announces Fourth Quarter and Full Year 2020 Results

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Advanced Energy Industries, Inc. (Nasdaq: AEIS), a global leader in highly engineered, precision power conversion, measurement, and control solutions, today announced financial results for the fourth quarter and fiscal year ended December 31, 2020.

“Advanced Energy delivered a strong quarter and finish to the year, driven by our outstanding execution and robust demand for our industry-leading products and solutions,” said President and CEO Yuval Wasserman. “During 2020, we executed our growth strategy as a pure play power leader, exceeded our synergy goals, introduced many new products across our markets, and delivered record financial results. Despite operating in a challenging environment, Advanced Energy exits the year stronger than ever and is well-positioned to capitalize on our many growth opportunities.”

Fourth Quarter Results

Sales were $371.0 million in the fourth quarter of 2020, compared with $389.5 million in the third quarter of 2020 and $338.3 million in the fourth quarter of 2019.

GAAP net income from continuing operations was $41.9 million or $1.09 per diluted share in the quarter, compared with $45.6 million or $1.18 per diluted share in the prior quarter, and $10.5 million or $0.27 per diluted share in the fourth quarter of 2019.

Non-GAAP net income was $57.3 million or $1.49 per diluted share in the fourth quarter of 2020. This compares with $63.8 million or $1.66 per diluted share in the third quarter of 2020, and $33.4 million or $0.87 per diluted share in the fourth quarter of 2019.

A reconciliation of non-GAAP measures is provided in the tables below.

The company generated $67.1 million of operating cash from continuing operations during the quarter and made debt principal payments of $4.4 million.

Full Year 2020 Results

Sales were $1.42 billion in 2020 compared with $788.9 million in 2019, an increase of 79%.

GAAP net income from continuing operations was $135.2 million or $3.51 per diluted share in 2020, compared with $56.5 million or $1.47 per diluted share in 2019.

Non-GAAP net income was $201.5 million or $5.23 per diluted share in 2020, compared to $93.9 million or $2.44 per diluted share in 2019.

The company generated $202.2 million of operating cash from continuing operations in 2020 and ended the year with $483.0 million in cash and marketable securities.

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 2020 Annual Report on Form 10-K.

First Quarter 2021 Guidance

Based on the company’s current view, beliefs and assumptions, guidance for the first quarter of 2021 is within the following ranges.

 

 

 

 

 

 

 

 

Q1 2021

Revenues

$350M +/- $15M

GAAP EPS from continuing operations

$1.02 +/- $0.15

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Electrical Equipment & Parts
Electronic Components, Nec
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United States
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