Advanced Energy Industries Falls 11% On Earnings Miss (AEIS)

Shares of Advanced Energy Industries, Inc AEIS are trading down 11.6% at $12.69 per share during the Monday afternoon trading session. The day's trading range for shares of Advanced Energy Industries, Inc has been between $12.57 and $14.53 per share. Analysts covering the company's stock give it a consensus price target of $18.43 per share. Volume of 2 million shares is more than triple the daily average volume of 624,000 shares. Advanced Energy Industries, Inc (AEIS) announced on Monday morning that it missed consensus Wall Street earnings expectations. Advanced Energy Industries, Inc reported 3rd quarter earnings from continuing operations of 40 cents per share, on revenue of $141 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 42 cents per share, on revenue of $137.27 million. Advanced Energy Industries forecast 4th quarter earnings in the range of 36 cents to 42 cents per share on revenue in the range of $140 million to $150 million. CEO Hans Betz said, “The aggressive capacity additions and investment in our inverter business have proven very successful, as Advanced Energy was recently ranked #1 in the 3-phase North America solar PV inverter market, according to IMS Research. With the diversification of Advanced Energy into high growth power conversion markets, particularly inverters, we are well positioned to capitalize on future opportunities and expand our business." Read more from Benzinga's Company news.