Advanced Energy revenue rises 50% as chip-equipment demand grows

Advanced Energy Industries reported third-quarter revenue of $696 million, up 50% year over year, Yahoo Finance reported. Semiconductor equipment revenue rose 64% to $322 million, while data-center computing revenue increased 49%. Its GAAP operating margin reached 20.6%, compared with 10.6% a year earlier. Operating expenses rose 17%, allowing sales to grow faster than costs. But inventory increased 57% since December as the company prepared for demand and ramped its Thailand factory, tying up cash. Operating cash flow covered only a little more than half of quarterly net income. Fourth-quarter revenue guidance is $710 million to $760 million.