Stock Monitor: CTS Corp. Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 13, 2018 / Active-Investors.com has just released a free earnings report on Advanced Energy Industries, Inc. (NASDAQ: AEIS). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AEIS. Advanced Energy reported its fourth quarter fiscal 2017 operating and financial results on January 30, 2018. The maker of power-conversion products outperformed top- and bottom-line expectations and provided guidance for the upcoming quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for CTS Corporation (NYSE: CTS), which also belongs to the Technology sector as the Company Advanced Energy Industries. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Advanced Energy Industries most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the three months ended December 31, 2017, Advanced Energy's sales surged 32% to $179.2 million compared to sales of $135.3 million in Q4 2016. The Company's reported numbers exceeded analysts' estimates by $1.98 million.
For full year (FY) 2017, Advanced Energy's sales totaled $671.0 million compared to $483.7 million in FY16, reflecting an increase of 39%.
During Q4 2017, Advanced Energy's GAAP loss from continuing operations was $29.0 million, or $0.73 per share, compared to income from continuing operations of $40.4 million, or $1.01 per diluted share, in Q4 2016. The Company's reported quarter results were impacted by one-time tax expenses of $6.4 million associated with the write-down of solar inverter business and $72.9 million associated with US tax reform enacted in December 2017.
For Q4 2017, Advanced Energy's non-GAAP income from continuing operations was $52.4 million, or $1.31 per diluted share, compared to income of $42.6 million, or $1.06 per diluted share, in Q4 2016. The Company's earnings beat Wall Street's estimates of $1.22 per share.
Advanced Energy's GAAP income from continuing operations was $136.1 million, or $3.39 per diluted share, in FY17 versus $116.9 million, or $2.92 per diluted share, in FY16. The Company's reported period results included a one-time tax benefit of $33.8 million associated with the write-down of the solar inverter business and a one-time tax expense of $72.9 million associated with the recently enacted US tax reform. Advanced Energy's non-GAAP income from continuing operations was $191.5 million, or $4.77 per diluted share, in FY17 compared to $124.6 million, or $3.11 per diluted share, in FY16.
Advanced Energy's Segment Results
During Q4 2017, the semiconductor segment's sales reached a new record of $123.6 million, up 27.6% on a y-o-y basis. The Company's sales outpaced Semiconductor Wafer Fab Equipment (WFE) industry as 3DNAND investment continued. The Company noted that the segment growth was driven by multiple vectors, supported by accelerating data usage.
For Q4 2017, the Industrial segment's revenue soared 60.6% to $30.6 million, outpacing market performance. The Company's Service revenue for the reported quarter climbed to $25 million, reflecting growth of 28.7% on a y-o-y basis. Having grown sequentially for eight consecutive quarters, the service segment has grown to a $100 million annual run rate business for Advance Energy. The Company's growth in the segment was aided by expanded capabilities, economies of scale, improved responsiveness, flexibility, and quality.
Advance Energy ended FY17 with $410.4 million in cash and marketable securities. The Company generated cumulative cash flow from continuing operations of $190 million for FY17 and repurchased $30 million, or approximately 422,000 shares, as part of its share buyback initiative. Advance Energy generated $49.6 million of operating cash from continuing operations in Q4 2017.
For first quarter 2018, Advance Energy is forecasting revenue in the range of $183.0 million to $193.0 million. The Company is estimating GAAP earnings in the range of $1.19 to $1.29 per share and non-GAAP earnings in the band of $1.27 to $1.37 per share.
Stock Performance Snapshot
February 12, 2018 - At Monday's closing bell, Advanced Energy's stock rose 1.02%, ending the trading session at $65.16.
Volume traded for the day: 450.66 thousand shares.
Stock performance in the past twelve-month period – up 5.11%
After yesterday's close, Advanced Energy's market cap was at $2.59 billion.
Price to Earnings (P/E) ratio was at 19.30.
The stock is part of the Technology sector, categorized under the Diversified Electronics industry. This sector was up 1.3% at the end of the session.
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