DENVER (AP) — DENVER (AP) — Advanced Energy Industries Inc. (AEIS) on Wednesday reported first-quarter net income of $24.7 million.
The Denver-based company said it had net income of 65 cents per share. Earnings, adjusted for one-time gains and costs, were $1.23 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.04 per share.
The maker of power-conversion products posted revenue of $404.6 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $385.3 million.
For the current quarter ending in June, Advanced Energy expects its per-share earnings to range from $1.05 to $1.55.
The company said it expects revenue in the range of $400 million to $440 million for the fiscal second quarter.
Advanced Energy shares have decreased 17% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $96.42, a climb of nearly 1% in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AEIS at https://www.zacks.com/ap/AEIS
