- Advanced Energy Industries Inc (NASDAQ: AEIS) reported first-quarter FY21 revenue growth of 11.4% year-on-year to $351.6 million, above the company’s midpoint guidance of $350 million, narrowly missing the analyst consensus of $352.46 million.
- Semiconductor Equipment revenue rose 35.2% Y/Y to $180.7 million; Industrial and Medical revenue increased 26.5% to $78.4 million; Data Center Computing revenue declined 31.4% to $59.2 million; Telecom and Networking revenue declined 1% to $33.3 million.
- U.S. revenue rose 12.8% Y/Y to $131.6 million, North America ex-U.S. declined 44.9% to $26.2 million, Asia increased 34.8% to $149.6 million, Europe rose 3.3% to $40.4 million, and Other Countries’ rose 271% to $3.8 million.
- Non-GAAP net income rose 42.4% to $49.7 million with adjusted EPS of $1.29, beating analyst consensus of $1.26.
- The company generated $54.1 million in operating cash flow and held $509.9 million in cash and equivalents.
- The company paid $3.9 million in a quarterly dividend.
- CEO Steve Kelley expected the demand to increase through the balance of the year with tailwinds across all of the markets.
- Guidance: Q2 revenue guidance was $360 million, below the analyst consensus of $374.63 million. The non-GAAP EPS guidance was $1.25, above the company guidance midpoint of $1.25, below the analyst consensus of $1.41.
- Price action: AEIS shares traded lower by 8.75% at $94.21 on the last check Wednesday.
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