Power-One, Inc. (PWER)

[eastunder]

Power-One Announces Second Quarter 2011 Results

Thursday , July 28, 2011 16:05ET


-- Quarterly revenue grows 21 percent year-over-year to $260 million
-- Second quarter diluted EPS reaches $0.21 on operating income of $53
million
-- Customer wins and share gains in the United States, China and India spur
renewable energy sales


CAMARILLO, Calif., July 28, 2011 (GLOBE NEWSWIRE) -- Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, today announced financial results for the second quarter 2011. For the quarter ended July 3, 2011, Power-One recorded net sales of $260 million, an increase of 21 percent from the second quarter 2010. Net income attributable to common stockholders for the second quarter was $31 million, or $0.21 per diluted share, compared to $24 million, or $0.17 per share for the same period last year.

"Power-One has made significant progress expanding into the fast growing solar markets in the United States, China and India, resulting in important customer wins and increased market share," said Richard Thompson, Chief Executive Officer of Power-One. "Power-One continued to perform well in an uncertain marketplace, highlighting the strength of our products and global business model."

"For the second half of 2011, we anticipate the solar market will begin to gain momentum in Europe and be bolstered by gains in new geographies, while the Power Solutions business continues to show improvements," continued Mr. Thompson.

Renewable Energy Solutions

During the second quarter of 2011, Renewable Energy Solutions posted a 27 percent revenue increase versus the same period last year, as Power-One showed continued momentum in the photovoltaic (PV) inverter market. The Company gained new customers in the United States, China and India which contributed to the increase in Renewable Energy revenue in North American and Asia Pacific, as these regions increased from 4% of total revenue last quarter to 18% in the second quarter of 2011.

Inverter and related products generated sales of $180 million for the second quarter 2011. During the quarter, Power-One shipped 718 MW of inverters, bringing the 2011 year-to-date total to 1.3 gigawatts, versus 800 megawatts during the same period in 2010.

Power Solutions

Power Solutions increased sales by 11 percent year-over-year, with revenue of $80 million in the second quarter 2011 versus $72 million in the same period of 2010. During the second quarter, Power Solutions' profitable performance was driven by continued operating efficiencies, including better absorption and reduced delinquencies. The unit continues to focus on reducing operating expenses and will continue to develop and implement plans to achieve its objectives.

Business Outlook

Power-One continues to expand its reach into new customers and geographies. For the third quarter of 2011, Power-One forecasts revenue of $265 million to $280 million, indicating increasing revenue versus the second quarter of 2011. Third quarter revenue is expected to be positively impacted by increased Renewable Energy sales to regions such as North America and Asia, as well as a stabilizing to improving market in the European region. For the year, Power-One anticipates generating revenue between $1.05 billion and $1.15 billion.


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