Advanced Energy Industries, Inc. reported net income of $6.2 million, or $0.15 per diluted share, in the first quarter of 2010. Net income increased sequentially from the $1.5 million, or $0.04 per diluted share, earned in the fourth quarter of 2009. The company lost $79.8 million, or $1.90 per share, in the first quarter of 2009.
Advanced Energy Industries, Inc. also reported a strong increase in revenues on a sequential and year over year basis. Revenues in the first quarter of 2010 were $81.6 million, up from $66.4 million in the fourth quarter of 2009, and $32.6 million in the first quarter of 2009.
Dr. Hans Betz, the CEO of Advanced Energy Industries, Inc., said, “Marked by the third consecutive quarter of greater than 20% total revenue growth, we were extremely pleased with our first quarter results. Momentum in the semiconductor capital equipment market drove the majority of the growth this quarter continuing the three-quarter trend of over 40% expansion in that market.”
Advanced Energy Industries, Inc. also provided guidance for the second quarter of 2010. The company expects revenue to be in a range of $92-102 million, and earnings per share to be in a range of $0.21-0.31.
Advanced Energy Industries, Inc. is a technology company that sells power and flow management products for the solar power and other industries.