DENVER (AP) — DENVER (AP) — Advanced Energy Industries Inc. (AEIS) on Monday reported first-quarter earnings of $66.8 million.
On a per-share basis, the Denver-based company said it had net income of $1.58. Earnings, adjusted for stock option expense and amortization costs, were $2.09 per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.97 per share.
The maker of power-conversion products posted revenue of $511 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $510.9 million.
For the current quarter ending in June, Advanced Energy expects its per-share earnings to range from $1.93 to $2.43.
The company said it expects revenue in the range of $520 million to $560 million for the fiscal second quarter.
Advanced Energy shares have risen 86% since the beginning of the year. In the final minutes of trading on Monday, shares hit $389.24, more than tripling in the last 12 months.
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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
