Thursday, July 26, 2012 4:10:24 PM
http://www.streetinsider.com/Press+Releases/Power-One+Announces+Second+Quarter+2012+Results/7608190.html
EPS Growth %: -42.9% Exceeds revenue guidance with quarterly revenue of $322 million; up 24% year-over-year
A record 1,263 megawatts of inverters shipped in the quarter
Reports second quarter EPS of $0.30
Operating cash flow of $56 million in the quarter
CAMARILLO, Calif., July 26, 2012 (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 of 2012. For the quarter ended July 1, 2012, Power-One recorded net sales of $322 million with Renewable Energy Solutions contributing $255 million and Power Solutions posting $67 million. Net income attributable to common stockholders for the second quarter was $47 million, or $0.30 per diluted share. This includes a gain, net of tax, of $0.06 per share on foreign currency remeasurement due to the recent weakening of the Euro versus the dollar.
"In the second quarter of 2012, Power-One shipped over 1.2 gigawatts of inverters, a company record, primarily driven by strength in Europe, particularly in the commercial rooftop segment of the market," said Richard Thompson, Chief Executive Officer of Power-One, "Demand is very robust for our recently introduced TRIO 20/27.5KW inverters which have become our largest selling product line."
"The higher revenue along with reductions in material costs enabled us to increase our operating income in the second quarter to $60 million, or 19% of revenue," continued Mr. Thompson. "Improved profitability and working capital management added to our liquidity as cash and equivalents increased to $259 million. This further strengthens Power-One's bankability in the renewable market."
Renewable Energy Solutions
In the second quarter of 2012, Renewable Energy (RE) Solutions benefited from strength in the European region, particularly in Italy and Germany. Inverter and related products generated sales of $255 million and an operating margin of 26% for the second quarter of 2012. Operating margin doubled sequentially from the first quarter due to stable pricing, cost reductions in materials, and improved absorption on higher volumes. In the quarter, Power-One shipped 1,263 megawatts of inverters, up 88% sequentially and up 76% year-over-year.
Power Solutions
Power Solutions recorded sales of $67 million and an operating margin of 4% for the second quarter of 2012. In the quarter, the Servers, Storage and Networking segment faced weaker demand as some customers delayed their orders as a result of macroeconomic uncertainties. Power Solutions operating margin declined sequentially as a result of the reduced volumes and corresponding lower overhead absorption.
Balance Sheet
At July 1, 2012, Power-One had cash and cash equivalents of $259 million, as compared with $205 million at January 1, 2012. During the quarter, Power-One repurchased 1.1 million shares of common stock for approximately $5 million.
Business Outlook
As demand in Germany and Italy is expected to moderate, Power-One forecasts revenue of $260 million to $280 million in the third quarter of 2012. At the midpoint, this would represent a 10% increase over the revenue generated in the third quarter of 2011.
Balance sheet continued at:
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