Oct 29, 2012 - Solar inverter maker Power-One Inc (NASDAQ:PWER) Thursday reported a net profit of USD 21.1 million (EUR 16.3m) for the third quarter of 2012, down from USD 40.6 million a year earlier.
Diluted earnings per share fell to USD 0.13 from USD 0.27, including a USD 0.03-per-share hit from foreign currency movements. Operating profit, however, improved to USD 43.1 million from USD 33.9 million. Revenues were up 16% at USD 283.6 million.
The renewable energy solutions segment generated USD 216.3 million in sales, compared with USD 174.3 million in the third quarter of 2011, and recorded an operating margin of 22%. It shipped 1,007 MW of inverters in the three months or 2.9 GW since the start of 2012. Chief executive Richard Thompson said shipments were driven mainly by continued strength in Europe as well as growth in domestic and commercial systems in North America and Asia-Pacific.
For the fourth quarter of 2012, the company projects revenues of between USD 210 million and USD 230 million due to expectations of softening demand in Germany and Italy.
Thompson said that the global photovoltaic (PV) market was seen to expand by 9% in 2013 on the back of growth in North America and Asia-Pacific, while Europe is to see a contraction. He added that the firm's renewable energy division was expected to boost the share of revenues derived outside of Europe to about 40% next year.
(USD 1.0 = EUR 0.774)
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