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Advanced Energy(AEIS) - 2024 Q2 - Quarterly Results
AEISAdvanced Energy(AEIS)2024-07-30 20:05

Financial Performance - Revenue for Q2 2024 was 364.9million,comparedto364.9 million, compared to 327.5 million in Q1 2024 and 415.5millioninQ22023[3]−GAAPEPSfromcontinuingoperationswas415.5 million in Q2 2023[3] - GAAP EPS from continuing operations was 0.41, an increase from 0.15inthepreviousquarteranddownfrom0.15 in the previous quarter and down from 0.73 a year ago[3] - Non-GAAP EPS was 0.85,comparedto0.85, compared to 0.58 in Q1 2024 and 1.11inQ22023[3]−Thecompanyreportedanetincomeof1.11 in Q2 2023[3] - The company reported a net income of 15.6 million for Q2 2024, compared to 5.8millioninQ12024and5.8 million in Q1 2024 and 27.5 million in Q2 2023[3] - Non-GAAP operating income for the second quarter of 2024 was 33.8million,adecreasefrom33.8 million, a decrease from 49.3 million in the previous year[37] - Q2 2024 diluted earnings per share from continuing operations reported at 0.41,downfrom0.41, down from 0.73 in Q2 2023[39] - Non-GAAP earnings per share for Q2 2024 at 0.85,comparedto0.85, compared to 1.11 in Q2 2023[39] - Total non-GAAP earnings per share for the six months ended June 30, 2024, at 1.43,downfrom1.43, down from 2.35 in the same period of 2023[39] Cash Flow and Dividends - The company generated 6.9millionincashflowfromcontinuingoperationsandpaid6.9 million in cash flow from continuing operations and paid 3.8 million in dividends during the quarter[3] - Cash and cash equivalents at the end of the period were 986.1million,downfrom986.1 million, down from 1,044.6 million at the beginning of the period[28] - The company reported a net cash from operating activities of 14.9millionfromcontinuingoperationsforthefirsthalfof2024,downfrom14.9 million from continuing operations for the first half of 2024, down from 55.5 million in the same period of 2023[28] Guidance and Projections - Guidance for Q3 2024 revenue is projected at 370million+/−370 million +/- 20 million, with GAAP EPS expected to be (0.10)+/−0.10) +/- 0.25 and Non-GAAP EPS at 0.90+/−0.90 +/- 0.25[6] - Q3 2024 revenue guidance set between 350million(lowend)and350 million (low end) and 390 million (high end)[40] - Non-GAAP earnings per share guidance for Q3 2024 projected at 0.65to0.65 to 1.15[40] Operating Expenses and Margins - Advanced Energy's operating expenses for Q2 2024 totaled 114.8million,comparedto114.8 million, compared to 117.3 million in Q1 2024[22] - Operating expenses from continuing operations were reported at 114.8millionforthesecondquarterof2024,comparedto114.8 million for the second quarter of 2024, compared to 117.3 million in the same quarter of 2023[35] - Gross margin for Q2 2024 was 35.0%, slightly down from 35.4% in Q2 2023[20] Market and Product Focus - The company continues to focus on incorporating differentiated technologies into systems to drive market share gains and profitability improvements[2] - The company plans to continue focusing on expanding its semiconductor equipment market and enhancing its product offerings[30] - Semiconductor Equipment revenue increased to 188.3million,up8.5188.3 million, up 8.5% from 173.2 million year-over-year[30] - North America revenue was 172.8million,slightlyupfrom172.8 million, slightly up from 171.5 million in the same quarter of 2023[32] Debt and Financial Position - Long-term debt decreased to 887.3millionfrom887.3 million from 895.7 million at the end of 2023[26] Non-GAAP Adjustments - Per share impact of non-GAAP adjustments net of tax for Q2 2024 at 0.44[39]−Stock−basedcompensationimpactonearningspershareat0.44[39] - Stock-based compensation impact on earnings per share at 0.28 for Q3 2024[40] - Amortization of intangible assets contributing 0.19toearningspershareforQ32024[40]−Restructuring,assetimpairments,andotherchargesimpactingearningspershareby0.19 to earnings per share for Q3 2024[40] - Restructuring, asset impairments, and other charges impacting earnings per share by 0.77 for Q3 2024[40] - Tax effects of excluded items resulting in a negative impact of $(0.24) on earnings per share for Q3 2024[40]