Advanced Energy Industries (AEIS) FY2024 results: revenue $1.5 billion, down 10.5% on the year

Advanced Energy Industries Inc. (AEIS) reported revenue of $1.5 billion for fiscal 2024, the year ended 31 December 2024, down 10.5% on the year before. Net income was $54 million, down 57.7%, and diluted earnings per share $1.43. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2025.

Revenue

$1.5 billion

-10.5% on the year

FY2017FY2024

Operating margin

2.5%

6.9% a year earlier

FY2017FY2024

Net income

$54 million

-57.7% on the year

FY2017FY2024

Diluted EPS

$1.43

-57.9% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,482	1,656	1,845	-10.5%
Cost of revenue	953	1,063	1,170	-10.4%
Gross profit	529	592	676	-10.6%
Gross margin	35.7%	35.8%	36.6%
Research and development	212	202	191	+4.6%
Selling, general and administrative	225	221	218	+1.6%
Operating income	36.6	114	233	-67.8%
Operating margin	2.5%	6.9%	12.6%
Interest expense	25.1	16.6	7.3	+51.2%
Pre-tax income	52.4	122	242	-57.2%
Income tax	-3.9	-8.3	39.9
Effective tax rate	-7.4%	-6.8%	16.5%
Net income	54.2	128	200	-57.7%
Net margin	3.7%	7.7%	10.8%
Diluted EPS	$1.43	$3.40	$5.29	-57.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	131	209	184	-37.4%
Capital expenditure	56.8	61.0	58.9	-6.9%
Free cash flow	74.0	148	125	-50.0%
Free cash flow margin	5.0%	8.9%	6.8%
Cash from investing	-73.5	-64.8	-208
Cash from financing	-377	446	-61.9
Depreciation and amortisation	68.5	66.5	60.3	+2.9%
Share-based compensation	45.9	31.0	19.8	+48.2%
Buybacks	1.8	40.0	26.6	-95.5%
Dividends paid	15.4	15.2	15.2	+1.2%
Dividend per share	$0.10	$0.10	$0.10	0.0%
Diluted shares, weighted	38m	38m	38m	+0.2%
Shares outstanding at period end	38m	37m	37m	+1.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,203	1,144	1,066	+5.2%
Debt	565	916	373	-38.3%
Operating lease liabilities	89.2	89.3	94.5	-0.2%
Other liabilities	405	408	458	-0.7%
Total liabilities and equity	2,262	2,557	1,992	-11.5%
Fixed assets	186	168	148	+10.7%
Goodwill	296	284	281	+4.3%
Intangible assets	139	161	190	-13.7%
Cash and equivalents	722	1,045	459	-30.9%
Receivables	265	282	301	-6.1%
Inventory	360	336	376	+7.2%
Other assets	293	281	237	+4.4%
Total assets	2,262	2,557	1,992	-11.5%

10-K for the year ended 31 December 2024, filed 18 February 2025: the filing.