Benzinga | Feb 10, 2021 11:00AM EST

Advanced Energy Beats On Q4 Earnings, Names New CEO

* Advanced Energy Industries, Inc. (NASDAQ: AEIS) appointed semiconductor industry veteran and former CEO of Amkor Technology, Inc. (NASDAQ: AMKR) Steve Kelley as the CEO and director effective March 1, 2021, upon Yuval Wasserman's retirement.

* Wasserman will remain as an executive advisor till March 31, 2022.

* The company reported fourth-quarter revenue growth of 9.67% year-on-year to $370.969 million, exceeding the consensus estimate of $364.660 million.

* EPS rose 71.26% to $1.49, above, analyst estimate of $1.35. Operating cash flow for the quarter was $67.1 million.

* The revenue outlook for the first quarter of FY21 stands between $335 million and $365 million, in-line compared to the analyst estimate of $350.86 million. The EPS guidance lies between $1.10 and $1.40, higher versus the consensus estimate of $1.19.

* Price Action: AEIS shares are trading lower by 5% at $109.1 on the last check Wednesday