Advanced Energy Revises Its Outlook for the Second Quarter of 2011
July 05 2011 - 8:30AM
Advanced Energy Industries, Inc. (Nasdaq:AEIS) today updated its
outlook for the quarter ended June 30, 2011. Based on preliminary
financial data, the company now expects to report revenue between
$137 million and $140 million for the second quarter of 2011, below
the range of $148 million to $160 million it projected on May 2,
2011, and earnings at the low end of, or slightly lower than the
range it projected on May 2, 2011.
"The performance of our renewables business drove our lower than
expected second quarter revenue, while our thin film business
performed in-line with our expectations. Our results were primarily
impacted by changing solar market conditions driven by panel price
declines, short lead-times for components, and permitting and
financing delays. These trends are causing some customers to
push-out purchases until panel prices stabilize, leading to the
postponement of construction of their projects. Additionally,
changing incentive programs in certain regions, coupled with
increasing competition, affected the quarter and continue to be
ongoing industry dynamics. While we are disappointed in our
renewables results this quarter, our recently-announced large
project wins reinforce our confidence in our strategy of selling
based on LCOE (levelized cost of energy), which we believe will
continue to differentiate us from our competitors," said Dr. Hans
Betz, chief executive officer.
Second Quarter 2011 Conference Call
Advanced Energy will release its second quarter 2011 financial
results after market on July 25, 2011 and management's quarterly
company update will be held on July 26, 2011, beginning at 6:30
a.m. Mountain Time / 8:30 a.m. Eastern Time.
To participate in the live conference call, please dial
866-362-4820 approximately five minutes prior to the start of the
meeting, and an operator will connect you. International
participants can dial 617-597-5345. Participants will need to
provide the operator with the conference pass code, 76215669, which
has been reserved for this call.
A live and archived webcast of the call will also be available
on the company's website. To access the webcast, please visit the
Investor Relations section of Advanced Energy's corporate website
at http://ir.advanced-energy.com, and link to the Q2 2011 Webcast
on the Investor Relations Home Page. The archived webcast will be
available at the same location approximately two hours following
the end of the live event.
A telephone replay will also be available for 14 days following
the webcast. To access the replay, dial 888-286-8010 or
617-801-6888 and enter pass code 29763068.
About Advanced Energy
Advanced Energy (Nasdaq:AEIS) is a global leader in innovative
power and control technologies for thin-film manufacturing and
high-growth solar-power generation. Advanced Energy is
headquartered in Fort Collins, Colorado, with dedicated support and
service locations around the world. For more information, go to
www.advanced-energy.com.
Forward-Looking Language
The company's expectations with respect to the financial results
it expects to report for the second quarter ended June 30, 2011 and
other statements that are not historical information are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements are subject to known and
unknown risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by such
statements. Such risks and uncertainties include, but are not
limited to, confirmation of the timing of orders by and shipments
to our customers and adjustments that may be made as we close the
books and finalize our second quarter financial
statements. Other factors that could affect the ultimate
accuracy of our forward looking statements are described in
Advanced Energy's Form 10-K, Forms 10-Q and other reports and
statements filed with the Securities and Exchange
Commission. These reports and statements are available on the
SEC's website at www.sec.gov. Copies may also be obtained from
Advanced Energy's website at www.advancedenergy.com or by
contacting Advanced Energy's investor relations at 970-407-6555.
Forward-looking statements are made and based on information
available to the company on the date of this press release. The
company assumes no obligation to update the information in this
press release.
CONTACT: Danny Herron
Advanced Energy Industries, Inc.
970.407.6570
danny.herron@aei.com
Annie Leschin/Vanessa Lehr
Advanced Energy Industries, Inc.
970.407.6555
ir@aei.com
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