Advanced Energy inverter revenues grow 34% in Q2 2013

29 July 2013

Advanced Energy Industries Inc. (AE, Fort Collins, Colorado, U.S.) has released second quarter 2013 results, reporting a 34% year-over-year increase in revenues to USD 68.0 million and a -2.6% operating margin in its Solar Energy division, which makes inverters.

The company credits growth in the division to its acquisition of a three-phase string inverter product line through its purchase of REFUsol (Metzingen, Germany) in April 2013. AE also notes the impact of USD 24.2 million in restructuring charges during the second quarter, and estimates that the majority of restructuring charges will be concluded in the third quarter of 2013.

“We are pleased with our performance in the second quarter, having made significant progress on our aggressive restructuring and integration plan,” said AE CEO Garry Rogerson. “Improved profitability returned to our Thin Films business this quarter as we expanded into new applications, our markets recovered and we continued to reduce our costs.”

“In our Solar Energy business we are already seeing initial demand and a growing pipeline for our newly-acquired three-phase string product line and recently-released one megawatt inverter offering. With a strong and building backlog in both business units we anticipate an acceleration of earnings per share for 2013.”

Return to profitability anticipated in Q3 2013

Overall, AE revenues grew to USD 140 million during the quarter, but the company experienced a -8.2% operating margin and net loss of USD 9.8 million. In the third quarter of 2013, AE expects USD 140 to 150 million in sales as well as a return to profitability.