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Saturday, Feb 4, 2023

Weak Sales Hurts Power-One

A weakening demand for power conversion products contributed to Power-One Inc. posting a net loss for the second quarter. The Camarillo-based company reported a loss of $6.3 million, or $0.08 per diluted share, on revenues of $91.2 million for the quarter ending June 28. For the same period a year ago, the company had a net loss of $3.9 million, or $0.04 per diluted share, on revenues of $149.3 million. Power-One reduced costs during the second quarter by cutting 300 employees and announcing the closure of its Dominican Republic plant, which will bring an annual savings between $14 million and $15 million. Shares in Power-One closed down at $1.20. Mark R. Madler

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