Renewable Energy Sales Strong for Power-One

Strong sales of power conversion and management products to the renewable energy market buoyed the earnings of Power-One Inc. in the first quarter. For the first time, renewable energy made up the most sales at 54 percent, the Camarillo-based company said. For the quarter ending April 4, Power-One reported net income of $3.8 million, or $0.04 per diluted share, on revenues of $152 million. For the same period in 2008, the company reported a net loss of $61 million, or $0.70 per diluted share, on revenues of $98 million. The strong sales in renewable energy and a restructuring if power products makes for good near-term opportunities, said CEO Richard Thompson. “We are expanding capacity for our renewable energy inverters, signing new licensing agreements with marquee customers for our digital power technology and recording significant wins across most product lines,” Thompson said. Mark R. Madler