Power-One, Inc. reports record revenue growth in Q4 2010 but provides weak Q1 2011 revenue guidance

Power-One, Inc. (NASDAQ:PWER) plunged 21.19% although the designer and manufacturer of power solutions reported record growth in its quarterly sales following a lower than expected revenue outlook for the coming quarter. The Company recorded a 157% growth in its fourth quarter revenues on an yearly basis to $366 million from $142 million reported in quarter ending January 2010.Total sales for the fiscal year increased by 143% to $1.05 billion as compared to the prior year total sales of $0.431 billion. The Company's Renewable Energy Solutions segment posted quarterly sales growth of 285% to $262.28 million from $68.154 million in the prior year period as it gained market share. The sales of the Power Solutions segment increased by 39% year-over-year, with revenue earned in the reported quarter being $103 million as compared to the fourth quarter 2010 revenues earned of $74 million. Sales from the Company's recently introduced inverter product line in U.S. and related products was record high at $263 million with the sales from the Company's Renewable Energy Solutions segment being nearly 72% of the company’s revenue as compared to 48% in the same quarter previous year. The Company had reportedly shipped 932 MW of inverters, bringing its 2010 total to 2.6 GW. The gross margin for the quarter increased to 41% approximately an increase of almost 12% from the margin of 29% reported by the Company in the same period year earlier. Income from operations reached a record high of $93.662 million in the quarter as compared to $13.227 million year ago while fiscal year income from operations reached $265.57 million from an operating loss incurred by Power-One in the same period last year. Net earning in the quarter was $53.5 million or $0.35 per diluted share an increase of 600% from the prior year period net earnings of $6.265 million or $0.05 per diluted share. Net earnings for the fiscal year was reportedly $147.856 million or $0.96 per diluted share as co pared to the net loss of $65.463 million or $-0.74 per diluted share in 2010. The expects revenues in the next quarter to grow by almost 80% to $260 million to $290 million while full year revenues are expected to be in the range of $1.1 billion and $1.3 billion as compared to the analysts expectation of revenues of $313 million in the first quarter of 2011 and of $1.3 billion in 2011. Power-One, Inc . (Public, NASDAQ:PWER) plunged 21.19% and trade closed at $9.26 on high volume trading of 35.55 million shares. The market capitalization of the Company stands at $987.78 million at the current market prices on 106.67 million shares outstanding.
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