Advanced Energy(US:AEIS)2024-07-30 20:05Financial Performance - Revenue for Q2 2024 was $364.9 million, compared to $327.5 million in Q1 2024 and $415.5 million in Q2 2023[3] - GAAP EPS from continuing operations was $0.41, an increase from $0.15 in the previous quarter and down from $0.73 a year ago[3] - Non-GAAP EPS was $0.85, compared to $0.58 in Q1 2024 and $1.11 in Q2 2023[3] - The company reported a net income of $15.6 million for Q2 2024, compared to $5.8 million in Q1 2024 and $27.5 million in Q2 2023[3] - Non-GAAP operating income for the second quarter of 2024 was $33.8 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, down from $0.73 in Q2 2023[39] - Non-GAAP earnings per share for Q2 2024 at $0.85, 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, down from $2.35 in the same period of 2023[39] Cash Flow and Dividends - The company generated $6.9 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 $986.1 million, down from $1,044.6 million at the beginning of the period[28] - The company reported a net cash from operating activities of $14.9 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 $370 million +/- $20 million, with GAAP EPS expected to be ($0.10) +/- $0.25 and Non-GAAP EPS at $0.90 +/- $0.25[6] - Q3 2024 revenue guidance set between $350 million (low end) and $390 million (high end)[40] - Non-GAAP earnings per share guidance for Q3 2024 projected at $0.65 to $1.15[40] Operating Expenses and Margins - Advanced Energy's operating expenses for Q2 2024 totaled $114.8 million, compared to $117.3 million in Q1 2024[22] - Operating expenses from continuing operations were reported at $114.8 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 $188.3 million, up 8.5% from $173.2 million year-over-year[30] - North America revenue was $172.8 million, slightly up from $171.5 million in the same quarter of 2023[32] Debt and Financial Position - Long-term debt decreased to $887.3 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-based compensation impact on earnings per share at $0.28 for Q3 2024[40] - Amortization of intangible assets contributing $0.19 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]