Power-One, Inc. (Nasdaq:PWER), a provider of renewable energy and energy-efficient power conversion and power management solutions, announced financial results for the first quarter of 2012. For the quarter ended April 1, 2012, Power-One recorded net sales of $226 million, with Renewable Energy Solutions contributing $149 million and Power Solutions posting $77 million. Net income attributable to common stockholders for the first quarter was $5 million, or $0.03 per diluted share. This includes a loss, net of tax, of $0.04 per share on foreign currency remeasurement due to the recent strengthening of the Euro versus the dollar.
"In the first quarter of 2012, Power-One was able to exceed its revenue guidance forecast as a result of higher demand for residential and commercial inverters in Europe," said Richard Thompson, Chief Executive Officer of Power-One. "We anticipate these trends will continue into the second quarter as customers commission PV assets ahead of announced or expected reductions in subsidies."
"In addition to the upturn in demand in Europe, our new TRIO family of 3-phase inverters is being well received, particularly in Northern Europe," continued Mr. Thompson. "Further, there is a high degree of interest for our liquid-cooled ULTRA central inverters, which are in beta testing with three large EPC companies and will begin shipping in volume quantities in the second half of 2012."
Renewable Energy Solutions
In the first quarter of 2012, Renewable Energy (RE) Solutions saw strength from the European region that exceeded its forecast. Power-One also continues to build its footprint in newer regions, including the United States and Asia Pacific. Inverter and related products generated sales of $149 million and an operating margin of 13% for the first quarter of 2012. In the quarter, Power-One shipped 672 MW of inverters, up 10% year-over-year.
Power Solutions
Power Solutions recorded sales of $77 million and an operating margin of 9% for the first quarter of 2012, showing continued improvement in margins. In the quarter, revenue was positively impacted by increased demand in the Industrials segment. Power Solutions posted its sixth consecutive quarter of operating profit, which was driven by improved operating efficiencies.
Business Outlook
Due to near-term strength in the photovoltaic market in advance of anticipated reductions in feed-in-tariffs, Power-One expects demand to be stronger and forecasts revenue of $240 million to $260 million in the second quarter of 2012, a sequential increase of 6% to 15%.
Earnings Conference Call
Power-One will discuss its 2012 first 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 #72132591, 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 web site at //investor.power-one.com/events.cfm throughout the current quarter.
