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Utility-scale PV inverter specialist Advanced Energy Industries (AE) has reported record sales of US$60.7 million in Q3 2012, fuelled by growing demand from the North American large-scale commercial and utility markets.
Garry Rogerson, CEO of AE said: "The record performance of our Solar Energy business unit bolstered our results this quarter, driving higher sequential sales and profitability, and balancing out the cyclicality of our thin films business."
Solar energy segment sales were 20% above the previous quarter when sales topped US$50.8 million. The company also reported income of US$5.7 million.
Overall sales in Q3 totalled US$117.5 million, slightly higher than the US$115.7 million reported for Q2 2012.
The company said that it incurred a US$3.0 million charge related to restructuring, while the company completed the transfer of manufacturing of some of its solar inverter subcomponents to its factory in Shenzhen, China as part of its low-cost manufacturing strategy.
AE expects Q4 2012 sales to be in the range of US$105 million-US$115 million.