Advanced Energy Reports Fourth Quarter and Full Year 2023 Results
Advanced Energy Reports Fourth Quarter and Full Year 2023 Results
Feb 06, 2024 4:05 PM Eastern Standard Time
-
Q4 revenue was
$405 million , in line with the mid-point of guidance -
Q4 GAAP EPS from continuing operations was
$1.01 ; Q4 Non-GAAP EPS was$1.24 , above the mid-point of guidance -
2023 revenue was
$1.66 billion , with sales in the Industrial and Medical market growing 11% to a record$474 million -
2023 GAAP EPS from continuing operations was
$3.46 ; 2023 Non-GAAP EPS was$4.88 -
2023 cash flow from continuing operations was a record
$213 million
“Fourth quarter earnings were above the mid-point of guidance, and we delivered record operating cash flow. Our full year results included record Industrial and Medical revenue, partially offsetting corrections in the semiconductor market,” said
Quarter Results
Revenue was
GAAP net income from continuing operations was
Non-GAAP net income was
Advanced Energy generated a record
Full Year 2023 Results
2023 revenue was
GAAP net income from continuing operations was
The company generated
Also in 2023, Advanced Energy completed a private offering of
Non-GAAP net income was
A reconciliation of GAAP and non-GAAP measures is provided in the tables below.
First Quarter 2024 Guidance
Based on the Company’s current view, beliefs, and assumptions, guidance is within the following ranges:
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Q4 2023 |
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Revenue |
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GAAP EPS from continuing operations |
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Non-GAAP EPS |
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Conference Call
Management will host a conference call today,
About Advanced Energy
Advanced Energy | Precision. Power. Performance. Trust.
Non-GAAP Measures
This release includes GAAP and non-GAAP income and per-share earnings data and other GAAP and non-GAAP financial information. The non-GAAP results presented below exclude the impact of non-cash related charges, such as stock-based compensation, amortization of intangible assets, and long-term unrealized foreign exchange gains and losses. In addition, we exclude discontinued operations and other non-recurring items such as acquisition-related costs, facility expansion and related costs, restructuring, asset impairments, and other charges, as they are not indicative of future performance. The tax effect of our non-GAAP adjustments represents the anticipated annual tax rate applied to each non-GAAP adjustment after consideration of their respective book and tax treatments. In addition, the tax effect also includes a discrete tax benefit associated with the release of a portion of our deferred tax asset valuation allowance.
The non-GAAP measures included in this release are not in accordance with, or an alternative for, similar measures calculated under generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. We believe that these non-GAAP measures provide useful information to management and investors to evaluate business performance without the impacts of certain non-cash charges, non-economic foreign currency remeasurements, and other cash charges which are not part of our usual operations. We use these non-GAAP measures to assess performance against business objectives, make business decisions, develop budgets, forecast future periods, assess trends, and evaluate financial impacts of various scenarios. In addition, management’s incentive plans include these non-GAAP measures as criteria for achievements. Additionally, we believe that these non-GAAP measures, in combination with its financial results calculated in accordance with GAAP, provide investors with additional perspective. To gain a complete picture of all effects on our financial results from any and all events, management does (and investors should) rely upon the GAAP measures as well, as the items excluded from non-GAAP measures may contribute to not accurately reflecting the underlying performance of the company’s continuing operations for the period in which they are incurred. Furthermore, the use of non-GAAP measures has limitations in that such measures do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP, and these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures.
Forward-Looking Statements
This release and statements we make on the above announced conference call contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this report that are not historical information are forward-looking statements. For example, statements relating to our beliefs, expectations and plans are forward-looking statements, as are statements that certain actions, conditions, or circumstances will continue. The inclusion of words such as "anticipate," "expect," "estimate," "can," "may," "might," "continue," "enables," "plan," "intend," "should," "could," "would," "likely," "potential," or "believe," as well as statements that events or circumstances "will" occur or continue, indicate forward-looking statements. 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: (a) supply chain disruptions and component shortages that may impact our ability to timely manufacture products and deliver to customers; (b) the effects of global macroeconomic conditions upon demand for our products and services, including supply chain cost increases, inflationary pressures, economic downturns, and volatility and cyclicality of the industries we serve; (c) the impact of political and geographical risks, including trade and export regulations, other effects of international disputes, war, terrorism, or geopolitical tensions; (d) managing backlog orders; (e) our ability to develop new products expeditiously and be successful in the design win process; (f) delays in capital spending by end-users in our served markets; (g) the risks and uncertainties related to the integration of acquired companies including
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) |
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Three Months Ended |
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Year Ended |
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|||||||||
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2023 |
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2022 |
|
2023 |
|
2023 |
|
2022 |
|
|||||
Revenue, net |
|
$ |
405,271 |
|
$ |
490,740 |
|
$ |
409,991 |
|
$ |
1,655,810 |
|
$ |
1,845,422 |
|
Cost of revenue |
|
|
262,405 |
|
|
312,926 |
|
|
262,650 |
|
|
1,063,412 |
|
|
1,169,916 |
|
Gross profit |
|
|
142,866 |
|
|
177,814 |
|
|
147,341 |
|
|
592,398 |
|
|
675,506 |
|
Gross margin % |
|
|
35.3 |
% |
|
36.2 |
% |
|
35.9 |
% |
|
35.8 |
% |
|
36.6 |
% |
|
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|
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|
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Operating expenses: |
|
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|
|
|
|
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|
|
|
|
|
|
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Research and development |
|
|
49,025 |
|
|
49,637 |
|
|
50,391 |
|
|
202,439 |
|
|
191,020 |
|
Selling, general, and administrative |
|
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54,932 |
|
|
57,407 |
|
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55,131 |
|
|
221,034 |
|
|
218,463 |
|
Amortization of intangible assets |
|
|
7,068 |
|
|
7,033 |
|
|
7,049 |
|
|
28,254 |
|
|
26,114 |
|
Restructuring, asset impairments, and other charges |
|
|
18,071 |
|
|
5,636 |
|
|
4,709 |
|
|
26,977 |
|
|
6,814 |
|
Total operating expenses |
|
|
129,096 |
|
|
119,713 |
|
|
117,280 |
|
|
478,704 |
|
|
442,411 |
|
Operating income |
|
|
13,770 |
|
|
58,101 |
|
|
30,061 |
|
|
113,694 |
|
|
233,095 |
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
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Interest income |
|
|
12,810 |
|
|
2,656 |
|
|
6,396 |
|
|
27,092 |
|
|
4,147 |
|
Interest expense |
|
|
(7,198) |
|
|
(2,442) |
|
|
(3,780) |
|
|
(16,566) |
|
|
(7,325) |
|
Other income (expense), net |
|
|
(3,184) |
|
|
(2,915) |
|
|
1,848 |
|
|
(1,759) |
|
|
11,824 |
|
Income from continuing operations, before income tax |
|
|
16,198 |
|
|
55,400 |
|
|
34,525 |
|
|
122,461 |
|
|
241,741 |
|
Income tax provision (benefit) |
|
|
(21,693) |
|
|
10,055 |
|
|
874 |
|
|
(8,288) |
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|
39,850 |
|
Income from continuing operations |
|
|
37,891 |
|
|
45,345 |
|
|
33,651 |
|
|
130,749 |
|
|
201,891 |
|
Loss from discontinued operations, net of income tax |
|
|
(389) |
|
|
(1,600) |
|
|
(930) |
|
|
(2,465) |
|
|
(2,215) |
|
Net income |
|
|
37,502 |
|
|
43,745 |
|
|
32,721 |
|
|
128,284 |
|
|
199,676 |
|
Income from continuing operations attributable to noncontrolling interest |
|
|
— |
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— |
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— |
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— |
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16 |
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Net income attributable to |
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$ |
37,502 |
|
$ |
43,745 |
|
$ |
32,721 |
|
$ |
128,284 |
|
$ |
199,660 |
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Basic weighted-average common shares outstanding |
|
|
37,297 |
|
|
37,405 |
|
|
37,575 |
|
|
37,480 |
|
|
37,463 |
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Diluted weighted-average common shares outstanding |
|
|
37,585 |
|
|
37,683 |
|
|
37,854 |
|
|
37,750 |
|
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37,721 |
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Earnings per share attributable to |
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Continuing operations: |
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Basic earnings per share |
|
$ |
1.02 |
|
$ |
1.21 |
|
$ |
0.90 |
|
$ |
3.49 |
|
$ |
5.39 |
|
Diluted earnings per share |
|
$ |
1.01 |
|
$ |
1.20 |
|
$ |
0.89 |
|
$ |
3.46 |
|
$ |
5.35 |
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Discontinued operations: |
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Basic loss per share |
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$ |
(0.01) |
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$ |
(0.04) |
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$ |
(0.02) |
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$ |
(0.07) |
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$ |
(0.06) |
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Diluted loss per share |
|
$ |
(0.01) |
|
$ |
(0.04) |
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$ |
(0.02) |
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$ |
(0.07) |
|
$ |
(0.06) |
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Net income: |
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Basic earnings per share |
|
$ |
1.01 |
|
$ |
1.17 |
|
$ |
0.87 |
|
$ |
3.42 |
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$ |
5.33 |
|
Diluted earnings per share |
|
$ |
1.00 |
|
$ |
1.16 |
|
$ |
0.86 |
|
$ |
3.40 |
|
$ |
5.29 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands) |
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2023 |
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2022 |
ASSETS |
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Current assets: |
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Cash and cash equivalents |
|
$ |
1,044,556 |
|
$ |
458,818 |
Accounts and other receivables, net |
|
|
282,430 |
|
|
300,683 |
Inventories |
|
|
336,137 |
|
|
376,012 |
Other current assets |
|
|
48,771 |
|
|
53,001 |
Total current assets |
|
|
1,711,894 |
|
|
1,188,514 |
|
|
|
|
|
|
|
Property and equipment, net |
|
|
167,665 |
|
|
148,462 |
Operating lease right-of-use assets |
|
|
95,432 |
|
|
100,177 |
Other assets |
|
|
136,448 |
|
|
84,056 |
|
|
|
445,318 |
|
|
470,959 |
Total assets |
|
$ |
2,556,757 |
|
$ |
1,992,168 |
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|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
|
|
|
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|
|
Accounts payable |
|
$ |
141,850 |
|
$ |
170,467 |
Other accrued expenses |
|
|
156,254 |
|
|
185,805 |
Current portion of long-term debt |
|
|
20,000 |
|
|
20,000 |
Current portion of operating lease liabilities |
|
|
17,744 |
|
|
16,771 |
Total current liabilities |
|
|
335,848 |
|
|
393,043 |
|
|
|
|
|
|
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Long-term debt |
|
|
895,679 |
|
|
353,262 |
Other long-term liabilities |
|
|
181,048 |
|
|
179,596 |
Long-term liabilities |
|
|
1,076,727 |
|
|
532,858 |
|
|
|
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|
Total liabilities |
|
|
1,412,575 |
|
|
925,901 |
|
|
|
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|
Total stockholders' equity |
|
|
1,144,182 |
|
|
1,066,267 |
Total liabilities and stockholders’ equity |
|
$ |
2,556,757 |
|
$ |
1,992,168 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (in thousands) |
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Year Ended |
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|
2023 |
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2022 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
|
$ |
128,284 |
|
|
$ |
199,676 |
|
Less: loss from discontinued operations, net of income tax |
|
|
(2,465 |
) |
|
|
(2,215 |
) |
Income from continuing operations, net of income tax |
|
|
130,749 |
|
|
|
201,891 |
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Adjustments to reconcile net income to net cash from operating activities: |
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Depreciation and amortization |
|
|
66,533 |
|
|
|
60,296 |
|
Stock-based compensation |
|
|
31,001 |
|
|
|
19,849 |
|
Deferred income tax benefit |
|
|
(33,940 |
) |
|
|
(5,736 |
) |
Loss (gain) on disposal and sale of assets |
|
|
439 |
|
|
|
(3,962 |
) |
Changes in operating assets and liabilities, net of assets acquired |
|
|
18,143 |
|
|
|
(88,607 |
) |
Net cash from operating activities from continuing operations |
|
|
212,925 |
|
|
|
183,731 |
|
Net cash from operating activities from discontinued operations |
|
|
(3,988 |
) |
|
|
(144 |
) |
Net cash from operating activities |
|
|
208,937 |
|
|
|
183,587 |
|
|
|
|
|
|
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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|
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Purchases of long-term investments |
|
|
(3,746 |
) |
|
|
— |
|
Purchases of property and equipment |
|
|
(61,005 |
) |
|
|
(58,885 |
) |
Acquisitions, net of cash acquired |
|
|
— |
|
|
|
(149,387 |
) |
Net cash from investing activities |
|
|
(64,751 |
) |
|
|
(208,272 |
) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from long-term borrowings |
|
|
575,000 |
|
|
|
— |
|
Payment of fees for long-term borrowings |
|
|
(13,880 |
) |
|
|
— |
|
Payments on long-term borrowings |
|
|
(20,000 |
) |
|
|
(20,000 |
) |
Dividend payments |
|
|
(15,222 |
) |
|
|
(15,204 |
) |
Payment for purchase of note hedges |
|
|
(115,000 |
) |
|
|
— |
|
Proceeds from sale of warrants |
|
|
74,865 |
|
|
|
— |
|
Purchase and retirement of common stock |
|
|
(40,000 |
) |
|
|
(26,635 |
) |
Net payments related to stock-based awards |
|
|
(79 |
) |
|
|
(26 |
) |
Net cash from financing activities |
|
|
445,684 |
|
|
|
(61,865 |
) |
|
|
|
|
|
|
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EFFECT OF CURRENCY TRANSLATION ON CASH |
|
|
(4,132 |
) |
|
|
996 |
|
|
|
|
|
|
|
|
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NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
|
585,738 |
|
|
|
(85,554 |
) |
CASH AND CASH EQUIVALENTS, beginning of period |
|
|
458,818 |
|
|
|
544,372 |
|
CASH AND CASH EQUIVALENTS, end of period |
|
$ |
1,044,556 |
|
|
$ |
458,818 |
|
SUPPLEMENTAL INFORMATION (UNAUDITED) (in thousands) |
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Net Revenue by Market |
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Three Months Ended |
|
Year Ended |
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|
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|
2023 |
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|||||
Semiconductor Equipment |
|
$ |
191,375 |
|
$ |
232,455 |
|
$ |
185,033 |
|
$ |
743,794 |
|
$ |
930,809 |
Industrial and Medical |
|
|
108,600 |
|
|
119,327 |
|
|
115,226 |
|
|
474,449 |
|
|
426,763 |
Data Center Computing |
|
|
62,853 |
|
|
94,525 |
|
|
68,286 |
|
|
249,874 |
|
|
327,466 |
Telecom and Networking |
|
|
42,443 |
|
|
44,433 |
|
|
41,446 |
|
|
187,693 |
|
|
160,384 |
Total |
|
$ |
405,271 |
|
$ |
490,740 |
|
$ |
409,991 |
|
$ |
1,655,810 |
|
$ |
1,845,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue by |
|
Three Months Ended |
|
Year Ended |
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|
|
|
|
|
|
|
|||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|||||
|
|
$ |
187,240 |
|
$ |
230,461 |
|
$ |
184,783 |
|
$ |
724,481 |
|
$ |
857,490 |
|
|
|
169,700 |
|
|
197,368 |
|
|
178,190 |
|
|
713,571 |
|
|
754,997 |
|
|
|
47,501 |
|
|
61,146 |
|
|
46,088 |
|
|
212,368 |
|
|
219,119 |
Other |
|
|
830 |
|
|
1,765 |
|
|
930 |
|
|
5,390 |
|
|
13,816 |
Total |
|
$ |
405,271 |
|
$ |
490,740 |
|
$ |
409,991 |
|
$ |
1,655,810 |
|
$ |
1,845,422 |
SELECTED OTHER DATA (UNAUDITED) (in thousands) |
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|||||
Reconciliation of Non-GAAP measure - operating expenses and operating income, excluding certain items |
|
Three Months Ended |
|
Year Ended |
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|
|
|
|
|
|
|
||||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|||||
Gross profit from continuing operations, as reported |
|
$ |
142,866 |
|
|
$ |
177,814 |
|
|
$ |
147,341 |
|
|
$ |
592,398 |
|
|
$ |
675,506 |
|
Adjustments to gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stock-based compensation |
|
|
472 |
|
|
|
391 |
|
|
|
615 |
|
|
|
2,059 |
|
|
|
1,478 |
|
Facility expansion, relocation costs and other |
|
|
1,146 |
|
|
|
1,162 |
|
|
|
171 |
|
|
|
2,334 |
|
|
|
5,295 |
|
Acquisition-related costs |
|
|
44 |
|
|
|
73 |
|
|
|
44 |
|
|
|
238 |
|
|
|
(299 |
) |
Non-GAAP gross profit |
|
|
144,528 |
|
|
|
179,440 |
|
|
|
148,171 |
|
|
|
597,029 |
|
|
|
681,980 |
|
Non-GAAP gross margin |
|
|
35.7 |
% |
|
|
36.6 |
% |
|
|
36.1 |
% |
|
|
36.1 |
% |
|
|
37.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating expenses from continuing operations, as reported |
|
|
129,096 |
|
|
|
119,713 |
|
|
|
117,280 |
|
|
|
478,704 |
|
|
|
442,411 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Amortization of intangible assets |
|
|
(7,068 |
) |
|
|
(7,033 |
) |
|
|
(7,049 |
) |
|
|
(28,254 |
) |
|
|
(26,114 |
) |
Stock-based compensation |
|
|
(7,716 |
) |
|
|
(4,450 |
) |
|
|
(7,460 |
) |
|
|
(28,942 |
) |
|
|
(18,371 |
) |
Acquisition-related costs |
|
|
(1,372 |
) |
|
|
(1,660 |
) |
|
|
(611 |
) |
|
|
(4,026 |
) |
|
|
(8,637 |
) |
Facility expansion, relocation costs and other |
|
|
— |
|
|
|
— |
|
|
|
(189 |
) |
|
|
(189 |
) |
|
|
— |
|
Restructuring, asset impairments, and other charges |
|
|
(18,071 |
) |
|
|
(5,636 |
) |
|
|
(4,709 |
) |
|
|
(26,977 |
) |
|
|
(6,814 |
) |
Non-GAAP operating expenses |
|
|
94,869 |
|
|
|
100,934 |
|
|
|
97,262 |
|
|
|
390,316 |
|
|
|
382,475 |
|
Non-GAAP operating income |
|
$ |
49,659 |
|
|
$ |
78,506 |
|
|
$ |
50,909 |
|
|
$ |
206,713 |
|
|
$ |
299,505 |
|
Non-GAAP operating margin |
|
|
12.3 |
% |
|
|
16.0 |
% |
|
|
12.4 |
% |
|
|
12.5 |
% |
|
|
16.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliation of Non-GAAP measure - income excluding certain items |
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|||||
Income from continuing operations, less non-controlling interest, net of income tax |
|
$ |
37,891 |
|
|
$ |
45,345 |
|
|
$ |
33,651 |
|
|
$ |
130,749 |
|
|
$ |
201,875 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Amortization of intangible assets |
|
|
7,068 |
|
|
|
7,033 |
|
|
|
7,049 |
|
|
|
28,254 |
|
|
|
26,114 |
|
Acquisition-related costs |
|
|
1,416 |
|
|
|
1,733 |
|
|
|
655 |
|
|
|
4,264 |
|
|
|
8,338 |
|
Facility expansion, relocation costs, and other |
|
|
1,146 |
|
|
|
1,162 |
|
|
|
360 |
|
|
|
2,523 |
|
|
|
5,295 |
|
Restructuring, asset impairments, and other charges |
|
|
18,071 |
|
|
|
5,636 |
|
|
|
4,709 |
|
|
|
26,977 |
|
|
|
6,814 |
|
Unrealized foreign currency gain |
|
|
2,728 |
|
|
|
5,378 |
|
|
|
(1,604 |
) |
|
|
(89 |
) |
|
|
(7,645 |
) |
Acquisition-related costs and other included in other income (expense), net |
|
|
— |
|
|
|
(3,817 |
) |
|
|
(1,516 |
) |
|
|
(1,516 |
) |
|
|
(8,417 |
) |
Tax effect of non-GAAP adjustments, including certain discrete tax benefits |
|
|
(28,030 |
) |
|
|
(2,042 |
) |
|
|
(1,101 |
) |
|
|
(31,303 |
) |
|
|
(3,008 |
) |
Non-GAAP income, net of income tax, excluding stock-based compensation |
|
|
40,290 |
|
|
|
60,428 |
|
|
|
42,203 |
|
|
|
159,859 |
|
|
|
229,366 |
|
Stock-based compensation, net of tax |
|
|
6,387 |
|
|
|
3,776 |
|
|
|
6,299 |
|
|
|
24,181 |
|
|
|
15,444 |
|
Non-GAAP income, net of income tax |
|
$ |
46,677 |
|
|
$ |
64,204 |
|
|
$ |
48,502 |
|
|
$ |
184,040 |
|
|
$ |
244,810 |
|
SELECTED OTHER DATA (UNAUDITED) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP measure - per share earnings excluding certain items |
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
|
|
|
|
|
|
|||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|||||
Diluted earnings per share from continuing operations, as reported |
|
$ |
1.01 |
|
$ |
1.20 |
|
$ |
0.89 |
|
$ |
3.46 |
|
$ |
5.35 |
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share impact of non-GAAP adjustments, net of tax |
|
|
0.23 |
|
|
0.50 |
|
|
0.39 |
|
|
1.42 |
|
|
1.14 |
Non-GAAP earnings per share |
|
$ |
1.24 |
|
$ |
1.70 |
|
$ |
1.28 |
|
$ |
4.88 |
|
$ |
6.49 |
Reconciliation of Q1 2024 Guidance |
||||||||
Low End |
High End |
|||||||
Revenue |
|
|
|
|
||||
Reconciliation of non-GAAP earnings per share |
|
|
|
|
||||
GAAP earnings per share |
$ |
0.09 |
|
$ |
0.49 |
|
||
Stock-based compensation |
|
0.24 |
|
|
0.24 |
|
||
Amortization of intangible assets |
|
0.19 |
|
|
0.19 |
|
||
Restructuring, asset impairments, and other charges |
|
0.06 |
|
|
0.06 |
|
||
Tax effects of excluded items |
|
(0.08 |
) |
|
(0.08 |
) |
||
Non-GAAP earnings per share |
$ |
0.50 |
|
$ |
0.90 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240206704744/en/
970-407-6555
ir@aei.com
Source: