Advanced Energy Industries Q3 Profit Down

(RTTNews) - Advanced Energy Industries, Inc. (AEIS), Monday reported third-quarter net income from continuing operations of $21.0 million or $0.55 per share, down from $45.6 million or $1.18 per share a year ago.

Adjusted income for the quarter was $34.0 million or $0.89 per share, down from $63.8 million or $1.66 per share a year ago.

Sales for the quarter slipped to $346.1 million from $389.5 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.82 per share on revenues of $341.52 million for the quarter.

"Our third quarter results represent solid performance in a supply-constrained environment," said Steve Kelley, president and CEO of Advanced Energy. "Demand for our highly engineered power delivery systems remains extremely robust. In addition, we are very pleased by the customer reaction to our new technologies and products, the drivers of AE's future revenue and profit growth."

Looking forward to the fourth quarter, the company expects adjusted earnings of $0.92 per share, plus or minus $0.25, and revenues of $355 million, plus or minus $20 million. Analysts currently estimate earnings of $1.12 per share on revenues of $373.09 million for the quarter.