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Thursday, Jun 8, 2023

Power-One Reports Fourth Quarter Loss

Camarillo solar power equipment company Power-One Inc. reported a dramatic fourth quarter loss due to lower-than-expected product demand in Europe. The company reported Thursday a net loss of $17.1 million (14 cents a share) compared to net income of $32 million (23 cents) in the same period a year earlier. Analysts had predicted that the company, which makes equipment that converts solar power from direct current to alternating current that is usable by customers, would report a profit of $11.2 million. Company executives attributed the loss to lowered demand in the European market, and shares fell nearly 10 percent Jan. 17 when the expected loss was announced. “In the fourth quarter of 2012, Power-One shipped 628 megawatts of inverters, lower than we initially expected and due to weakness in Germany and Italy,” said Chief Executive Richard Thompson in a statement. Thompson added that the company, which employs more than 3,000 people, expects to rebound based on the launch of several new products. On Thursday shares closed up 14 cents, or 3.6 percent, to $4.02 on the Nasdaq.

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