AEIS - Advanced Energy Industries Inc. (AEIS) Q1 2024 Earnings Call Transcript

2024-05-01 21:59:08 ET

Advanced Energy Industries, Inc. (AEIS)

Q1 2024 Earnings Conference Call

May 01, 2024 04:30 PM ET

Company Participants

Edwin Mok - Vice President, Strategic Marketing & Investor Relations

Steve Kelley - President & Chief Executive Officer

Paul Oldham - Executive Vice President & Chief Financial Officer

Conference Call Participants

Joe Quatrochi - Wells Fargo

Steve Barger - KeyBanc Capital Markets

Krish Sankar - TD Cowen

James Ricchiuti - Needham & Co.

Scott Graham - Seaport Research

Mark Miller - Benchmark

Krish Sankar - TD Cowen

Presentation

Operator

Greetings and welcome to Advanced Energy's First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] And as a reminder, this conference is being recorded.

It is now my pleasure to introduce to you, Edwin Mok, Vice President, Strategic Marketing and Investor Relations. Thank you, Edwin. You may begin.

Edwin Mok

Thank you, operator. Good afternoon, everyone. Welcome to Advanced Energy first quarter 2024 earnings conference call. With me today are Steve Kelley, our President and CEO; and Paul Oldham, our Executive Vice President and CFO. You can find our earnings press release and presentation on our website at ir.advancedenergy.com.

Let me remind you that today's call contains forward-looking statements. They are subject to risks and uncertainties that could cause actual results to differ materially and are not guarantees of future performance. Information concerning these risks can be found in our SEC filings. All forward-looking statements are based on management's estimates as of today, May 1, 2024 and the company assumes no obligation to update them.

Any targets beyond the current quarter presented today should not be interpreted as guidance. On today's call, our financial results are presented on a non-GAAP financial basis unless otherwise specified. Excluded from non-GAAP results are stock compensation, amortization, acquisition-related costs, restructuring and impairment charges and unrealized foreign exchange gains or losses. A detailed reconciliation between GAAP and non-GAAP measures can be found in today's press release.

With that let me pass the call to our President and CEO, Steve Kelley.

Steve Kelley

Thanks, Edwin. Good afternoon, everyone and thanks for joining the call. We had a challenging first quarter. Although, semiconductor revenue was stronger than expected, revenue in our other markets was weaker than forecasted....

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