CAMARILLO, Calif., Jan. 17, 2013 (GLOBE NEWSWIRE) -- Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, today provided an updated outlook for its fourth quarter 2012 financial results. The Company expects to report fourth quarter revenue of $190 million to $195 million, which is below the previously estimated range of $210 million to $230 million. Softer than expected market conditions in the Renewable Energy business, primarily in Italy and Germany, driven by reduced feed-in tariffs and a difficult financing environment, led to lower sales in the quarter. As a result, the Company expects to report a net loss of $12 million to $15 million for the quarter due to lower than expected gross margins resulting from the revenue shortfall and new product ramp-up costs. Included in the expected results is a loss, net of tax, of approximately $6 million on foreign currency remeasurement due to the strengthening of the Euro versus the dollar late in the fourth quarter.
"Greater than anticipated weakness in key European markets was the chief contributor to revenue being below our expectations," said Richard Thompson, Chief Executive Officer of Power-One. "We continue to believe that Europe will be a major market for solar power over the long-term, however, near-term demand will be more volatile as the market adjusts to the recent changes in PV incentives."
Power-One will report its fourth quarter 2012 financial results on Thursday, January 31, 2013. In conjunction with its financial results announcement, members of the public are invited to listen to the company's live quarterly conference call on the Internet on Thursday, January 31, 2013 at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time. The conference call will feature Richard Thompson, Chief Executive Officer and Gary Larsen, Chief Financial Officer.
Financial results will be released over the newswires after the market closes on Thursday, January 31, 2013. The press release will also be posted on Power-One's corporate website. The call will be available both via the telephone at (877) 390-5535 or (631) 291-4579, conference ID #88122939, or over the Internet through the Power-One investor relations website at: http://investor.power-one.com/events.cfm. To listen to the call, please log-in at least ten minutes early to register, download, and install any necessary audio software. An online re-broadcast of the call will also be available on the site.
Power-One is a leading provider of renewable energy and energy-efficient power conversion and power management solutions and is the world's second largest designer and manufacturer of photovoltaic inverters. Its renewable energy products enable the industry's highest yielding conversion of power from solar arrays for use by utilities, commercial enterprises and homes. Power-One has a 40 year history as the leader in high efficiency and high density power supply products for a variety of industries including Renewable Energy, Servers Storage & Networking, Industrial and Network Power Systems. The company is headquartered in Camarillo, CA and has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is traded on NASDAQ under the ticker symbol PWER. For more information, please visit www.Power-One.com.
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CONTACT: Investor Contact: Larry Clark Investor Relations for Power-One Investor.Relations@Power-One.com (310) 478-2700 ext. 29