Power-One Inc. increased its net income by 47 percent in the second quarter when compared to a year ago, helped by strong sales of its alternative energy inverters in Europe.
The Camarillo-based company reported a net income of $46.7 million, or $0.30 per diluted share, on revenue of $321.5 million for the quarter ending July 1. In the same period in 2011, the company reported net income of $31.7 million, or $0.21 per diluted share, on revenue of $260.3 million.
The commercial rooftop segment of the alternative energy market in Europe has driven company sales growth, said CEO Richard Thompson.
“The higher revenue along with reductions in materials cost enabled us to increase our operating income,” Thompson said in a prepared statement. “Improved profitability and working capital management added to our liquidity. This further strengthens Power-One's bankability in the renewable market.”
A highlight of the quarter was shipping 1.2 gigawatts of inverters – devices that changes direct current into alternating current – which was a company record, Thompson added.
Power-One anticipates demand for its products to moderate in Europe in the coming months resulting in a forecast of $260 million to $280 million in revenue in the third quarter.
Mark R. Madler