Latest News by Industry
DENVER (AP) — DENVER (AP) — Advanced Energy Industries Inc. (AEIS) on Wednesday reported fourth-quarter profit of $43.7 million.
The Denver-based company said it had net income of $1.16 per share. Earnings, adjusted for amortization costs and restructuring costs, came to $1.70 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.58 per share.
The maker of power-conversion products posted revenue of $490.7 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $471.5 million.
For the year, the company reported profit of $199.7 million, or $5.29 per share. Revenue was reported as $1.85 billion.
For the current quarter ending in March, Advanced Energy expects its per-share earnings to range from 85 cents to $1.35.
The company said it expects revenue in the range of $395 million to $435 million for the fiscal first quarter.
Advanced Energy shares have climbed 13% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $97.25, a climb of 16% in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a AEIS">Zacks stock report on AEIS at https://www.zacks.com/ap/AEIS