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Market Overview

Advanced Energy Beats On Q4 Earnings, Names New CEO

  • Advanced Energy Industries, Inc. (NASDAQ: AEISappointed semiconductor industry veteran and former CEO of Amkor Technology, Inc. (NASDAQ: AMKR) Steve Kelley as the CEO and director effective March 1, 2021, upon Yuval Wasserman’s retirement.
  • Wasserman will remain as an executive advisor till March 31, 2022.
  • The company reported fourth-quarter revenue growth of 9.67% year-on-year to $370.969 million, exceeding the consensus estimate of $364.660 million.
  • EPS rose 71.26% to $1.49, above, analyst estimate of $1.35. Operating cash flow for the quarter was $67.1 million.
  • The revenue outlook for the first quarter of FY21 stands between $335 million and $365 million, in-line compared to the analyst estimate of $350.86 million. The EPS guidance lies between $1.10 and $1.40, higher versus the consensus estimate of $1.19.
  • Price Action: AEIS shares are trading lower by 5% at $109.1 on the last check Wednesday

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Posted-In: Earnings News Guidance Management Tech Media

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