Wednesday, Advanced Energy Industries, Inc. (AEIS), a power conversion product maker, reported a turn to loss in the third quarter from last year, on lower gross margins and a 38.8% decline in revenues. Going forward, the company provided its guidance for the fourth quarter.
The Fort Collins, Colorado-based company posted a third-quarter net loss of $8.43 million or $0.20 per share, compared to a profit of $5.37 million or $0.13 per share in the year earlier period. On average, five analysts polled by Thomson Reuters expected loss of $0.28 per share for the quarter. Analysts' estimate typically excludes one-time items.
Quarterly sales dropped 38.8% to $51.76 million from $84.51 million in the comparable period. Three analysts estimated revenues of $45.47 million for the quarter.
Gross margin was 30.1% in the quarter, down from 41.7% for the same period last year.
The company ended the quarter with $177.3 million in cash, cash equivalents, and marketable securities, a $2.0 million increase sequentially.
Year-to-date, the company posted a net loss of $104.23 million or $2.48 per share, compared to net income of $17.19 million or $0.40 per share in the same period last year. Revenues declined sharply to $119.96 million from $261.39 million last year.
Looking forward to the fourth quarter of 2009, the company anticipates loss in the range of $0.07 - $0.14 per share on sales ranging between $56.0 million and $62.0 million. Analysts expect loss of $0.15 per share, on revenues of $57.45 million.
AEIS is trading at $12.11, down $0.66 or 5.17%, on a volume of about 345 thousand shares.
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