Advanced Energy cuts Q2 view, shares fall

(Reuters) - Advanced Energy Industries Inc (AEIS.O), which makes and sells industrial power conversion products that transform power into various usable forms, lowered its second-quarter forecast to below market estimates, partly hurt by lower-than-expected performance at its renewables business.

Advanced Energy now expects to report second-quarter earnings at the lower end of, or slightly lower than previous forecast of 36-44 cents a share from continuing operations. It sees sales of $137-$140 million, compared with prior view of $148-$160 million.

Analysts on average were expecting the company to report earnings of 42 cents a share, before special items on sales of $154 million, according to Thomson Reuters I/B/E/S.

The results for the quarter-ended June 30 were hurt by changing solar market conditions driven by factors such as panel price declines as well as permitting and financing delays.

"These trends are causing some customers to push-out purchases until panel prices stabilize, leading to the postponement of construction of their projects," said Advanced Energy, which has a market value of about $654 million, in a statement.

Shares of the Fort Collins, Colorado-based company were trading down 11 percent at $13.32 after falling to a low of $13.14 on Tuesday on Nasdaq.

(Reporting by Fareha Khan in Bangalore; Editing by Sriraj Kalluvila)