85.7 F
San Fernando
Monday, May 29, 2023

Power-One Narrows Loss

Camarillo solar-power equipment company Power-One Inc. reported narrower first quarter losses on Thursday, which it attributed to higher-than-expected orders in Europe. The company reported a net loss of $7 million (-6 cents a share) in the quarter ended March 31, compared to net income of $5 million (3 cents) in the same period a year earlier. Revenue fell 9 percent to $205 million. Excluding a loss of 4 cents a share due to on-going litigation costs, the firm reported a loss of 2 cents a share. The 13 analysts polled by Thomson/First Call had predicted that the company would lose 5 cents a share. Power-One makes equipment that converts solar power from direct current to alternating current usable by customers. Company executives said after several poor quarters, there is higher European demand for its inverters in Europe, while it has introduced new products into the North America market. “In addition to the upturn in demand in Europe, our new liquid-cooled ULTRA central inverters are being well received in North America,” said Chief Executive Richard Thompson in a statement. “While revenue from ULTRA in North America for the first quarter was modest, bookings were string, giving us confidence that we are beginning to gain traction on this important new product.” In April, the company announced that it had agreed to a merger with Swiss engineering firm ABB Ltd., valued at nearly $1 billion. The deal is expected to be approved by shareholders and the U.S. Securities and Exchange Commission later this year. Power-One will operate as a subsidiary of ABB. Shares gained 4 cents, or less than 1 percent, to close at $6.36 on the Nasdaq.

Featured Articles

Related Articles