AE reports quarterly profit; 2012 income declines
Annual earnings, however, fell considerably despite a rise in fourth-quarter earnings. Advanced Energy posted net income of $20.6 million in 2012 vs. $36.3 million in 2011.
The Fort Collins company's fourth-quarter profit translated to a 13 cent per-share jump compared with a 6 cent loss. Sales in the period came to $113 million vs. $112.5 million in the fourth quarter of 2011.
Advanced Energy's solar sales came to $59.6 million, a 2.6 percent increase from the prior fourth quarter.
Sales form the company's thin-films business declined to $53.3 million, 2 percent lower than the last fourth quarter.
The company also incurred a $2 million charge during the quarter related to a restructuring plan that it announced in September 2011.
Looking ahead, Advanced Energy said it anticipated first-quarter sales of $105 million to $115 million.
"With the majority of our restructuring efforts successfully implemented and a strong financial and operational platform in place, we begin the year focused on driving revenue growth," CEO Garry Rogerson said.
Demand for large-scale solar inverters remains strong in the North American market, Rogerson added. In its thin-films business, the company has begun to see signs pointing to a recovery in some markets.
Advanced Energy shares fell 3 percent, closing at $15.15 on Monday. Shares were up 3 percent to 15.62 in after-hours trading.
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