According to reports, Power-One Inc. (Camarillo, California, U.S.) released third quarter 2011 financial results, reporting revenues of USD 174 million from its renewable energy division, a 3% decrease from the previous quarter.
Overall, Power-One reported total sales of USD 245 million, a 19% operating margin and a net income of 41.4 million. The company futher forecasts revenues between USD 220 and 250 million in the fourth quarter of 2011.
“Power-One gained significant customer wins in the third quarter, as we expanded revenue in high growth solar markets, such as India and other regions in Asia ,” said Power-One CEO Richard Thompson.
“Despite difficult global macroeconomic conditions that impacted both SBUs, we generated $59 million of operating cash flow and ended the quarter with $183 million of cash and cash equivalents.”