Published on 2 May 2024 on Zacks via Yahoo Finance
Advanced Energy (AEIS) Q1 Earnings Miss Estimates, Revenues Fall Y/Y
Advanced Energy Industries AEIS reported non-GAAP earnings of 58 cents per share in first-quarter 2024, missing the Zacks Consensus Estimate by 18.31%. The bottom-line figure declined 53.2% on a year-over-year basis.Revenues of $327 million lagged the Zacks Consensus Estimate by 8.35% and declined 23% year over year, primarily due to the weakness across non-semi markets.
End Market in Detail
Semiconductor Equipment: Revenues (54.9% of total revenues) generated from the market fell 7.4% year over year to $179.9 million. The figure topped the Zacks Consensus Estimate by 7.94%.Sequentially, revenues decreased 6%. The upside was primarily due to the surge in value-added services within the semiconductor segment.