Advanced Energy(US:AEIS)2024-10-30 20:10Financial Performance - Revenue for Q3 2024 was $374.2 million, exceeding the mid-point of guidance and up from $364.9 million in Q2 2024, but down from $410.0 million in Q3 2023[1][3] - GAAP loss per share was $0.38, primarily due to a $28.5 million restructuring charge related to manufacturing consolidation[1][4] - Non-GAAP EPS was $0.98, above the mid-point of guidance, compared to $0.85 in Q2 2024 and $1.28 in Q3 2023[1][5] - Operating income for Q3 2024 was a loss of $11.0 million, compared to an operating income of $30.1 million in Q3 2023[1][21] - Basic earnings per share from continuing operations for the latest quarter was $(0.38), compared to $0.90 in the same quarter last year, representing a decline of 142.2%[22] - Net income for the nine months ended September 30, 2024, was $5,340 thousand, significantly lower than $90,782 thousand for the same period last year, a decline of 94.1%[25] - Net revenue for the nine months ended September 30, 2024, was $1,066,639 thousand, compared to $1,250,539 thousand for the same period last year, a decrease of 14.7%[27] - Gross profit from continuing operations for Q3 2024 was $134.1 million, down from $147.3 million in Q3 2023, representing a decrease of 9.2%[30] - Non-GAAP gross profit for Q3 2024 was $136.0 million, compared to $148.2 million in Q3 2023, reflecting a decline of 8.2%[30] - Non-GAAP income for Q3 2024 was $37.0 million, compared to $48.5 million in Q3 2023, indicating a decline of 23.2%[31] - Non-GAAP earnings per share for Q3 2024 was $0.98, down from $1.28 in Q3 2023, a decrease of 23.4%[33] - The company reported total revenue of $372 million for Q3 2024, compared to $412 million in Q3 2023, a decrease of 9.7%[34] Cash Flow and Assets - Cash flow from continuing operations was $35.4 million, with $3.9 million paid in dividends and $1.8 million used for stock repurchases[1][5] - Cash and cash equivalents at the end of the period were $657,288 thousand, down from $985,931 thousand at the end of the same period last year, a decline of 33.2%[25] - The company reported net cash from operating activities of $48,059 thousand for the nine months ended September 30, 2024, compared to $124,933 thousand for the same period last year, a decline of 61.6%[25] - Total current assets decreased to $1,345,708 thousand as of September 30, 2024, down from $1,711,894 thousand at December 31, 2023, a reduction of 21.4%[23] - Total liabilities decreased to $1,028,468 thousand as of September 30, 2024, down from $1,412,575 thousand at December 31, 2023, a reduction of 27.1%[23] - Long-term debt decreased to $564,000 thousand as of September 30, 2024, down from $895,679 thousand at December 31, 2023, a reduction of 37.0%[23] Guidance and Future Outlook - Q4 2024 revenue guidance is set at $392 million +/- $20 million, with GAAP EPS guidance of $0.47 +/- $0.29 and Non-GAAP EPS of $1.08 +/- $0.25[1][8] - The guidance for Q4 2024 non-GAAP earnings per share is projected to be between $0.83 and $1.33[34] - The company will host its 2024 Analyst Day on November 19, 2024, to discuss strategic growth initiatives and long-term financial goals[1][10] Market and Operational Insights - Advanced Energy is focused on developing new products and technologies to drive market share gains and improve gross margins[2] - Gross profit margin for Q3 2024 was 35.8%, slightly down from 35.9% in Q3 2023[1][21] - Non-GAAP operating income for Q3 2024 was $39.1 million, a decrease of 23.2% from $50.9 million in Q3 2023[30] - Non-GAAP operating margin for Q3 2024 was 10.5%, down from 12.4% in Q3 2023[30] - Operating expenses from continuing operations for Q3 2024 were $145.1 million, an increase from $117.3 million in Q3 2023, representing a rise of 23.7%[30] - The semiconductor equipment market generated $197,497 thousand in revenue for the three months ended September 30, 2024, up from $185,033 thousand in the same quarter last year, an increase of 7.9%[27]