Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, announced strong financial results for the fourth quarter 2011. For the quarter ended January 1, 2012, Power-One recorded net sales of $267 million, with Renewable Energy Solutions contributing $191 million and Power Solutions posting $76 million. Net income attributable to common stockholders for the fourth quarter was $32 million, or $0.21 per diluted share.
"In 2011, Power-One again recorded over $1 billion in sales, highlighting our ability to execute and generate profits in difficult operating environments," said Richard Thompson, Chief Executive Officer of Power-One. "Both SBUs performed well in the fourth quarter, as Power-One generated $48 million of operating cash flow in the quarter and finished the year with over $200 million in cash. Further, during the quarter, Power-One shipped 829 MW of inverters, bringing the 2011 total to 2.9 GW, versus 2.6 GW in 2010."
"Power-One continues to expand in high growth solar markets, such as India and the United States," continued Mr. Thompson. "As we move forward in 2012, look for Power-One to provide innovative new products to meet our customers' demands for better yields, higher uptimes and greater control of their PV assets."
Renewable Energy Solutions
In the fourth quarter of 2011, Renewable Energy (RE) Solutions increased its penetration of North America and Asia-Pacific. These regions increased to 25% of RE revenue versus 17% in the third quarter. Inverter and related products generated sales of $191 million for the fourth quarter 2011, with a greater percentage of full-year 2011 sales achieved in the utility market, reflecting the current global trend of increasing ground mount and large-scale installations versus roof-top.
Power Solutions
Power Solutions recorded sales of $76 million in the fourth quarter 2011 and an operating margin of 5%. In the quarter, revenue was positively impacted in the Servers, Storage and Networking market, with Power Solutions' posting its fifth consecutive quarter of operating profit. This was driven by increased volume over the prior quarter and improved operating efficiencies.
Business Outlook
Due to uncertainty on feed-in-tariffs and other legislation, as well as the global macroeconomic uncertainty affecting end market demand in both SBUs, Power-One is not providing full-year guidance for 2012. For the first quarter of 2012, Power-One forecasts revenue of $190 million to $210 million, reflecting traditional seasonality in the first quarter.
Earnings Conference Call
Power-One will discuss its 2011 fourth quarter results today at 2:00 p.m. Pacific Time. The call will be available both via the telephone at (877) 390-5535 or (631) 291-4579, conference ID #42980217, or over the Internet through the Power-One investor relations Web site at //investor.power-one.com. To listen to the call, please log-in at least 10 minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, the webcast will be available on the investor relations section of the Power-One's web site at //investor.power-one.com throughout the current quarter.
