DENVER (AP) 鈥� DENVER (AP) 鈥� Advanced Energy Industries Inc. (AEIS) on Monday reported second-quarter net income of $54.1 million.
The Denver-based company said it had profit of $1.28 per share. Earnings, adjusted for one-time gains and costs, came to $2.74 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.19 per share.
The maker of power-conversion products posted revenue of $574.1 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $544.3 million.
For the current quarter ending in September, Advanced Energy said it expects revenue in the range of $620 million to $660 million.
Advanced Energy shares have increased 42% since the beginning of the year. In the final minutes of trading on Monday, shares hit $296.97, more than doubling in the last 12 months.
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