Advanced Energy posts year-over-year revenue gain of 152%

DENVER — Advanced Energy Industries Inc. (Nasdaq: AEIS) posted its best quarterly revenue in company history as the stay-at-home economy skyrocketed demand for more electronics. The Denver developer of power-control systems for electronics posted revenues of $339.88 million last quarter, a gain of 152% from the same period last year and beating Wall Street estimates by $21.68 million, according to data from finance site Seeking Alpha. Its adjusted earnings per share of 76 cents beat consensus estimates by 20 cents, and its overall profit was just more than $130.3 million. In a call with analysts Wednesday morning, CEO Yuval Wasserman said the ongoing digitalization of the economy forced by the COVID-19 pandemic led to high demand for electronics. “The strength in demand is fueled by multiple technology trends that… was accelerated adoption due to COVID-19,” he said. However, Wasserman said the pandemic has created some raw-material bottlenecks that may weigh down future performance. Advanced Energy was founded in Fort Collins and maintains a large research plant in the city’s northeast corner, but moved its administrative headquarters to Denver in March.
Source: BizWest

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