Despite PV module manufacturing overcapacity issues, Advanced Energy reported sales from its Solar Energy Business Unit had increased 26.7% from US$40.8 million in the second quarter of 2011 to US$51.7 million in the third quarter. Its central inverter sales to utility-scale projects, particularly in the US were responsible for the sales growth, according to the company. AE posted total third quarter sales of US$128.5 million, below previous guidance levels.
“We continue to see revenue growth in our Solar Energy business as orders increased and the deployment of our previously announced utility scale projects continued,” said Garry Rogerson, chief executive officer. “By taking pro-active measures to re-align our resources and cost structure, Advanced Energy will be better positioned to make strategic investments that we expect will extend our leadership and improve profitability in the future.”
AE had previously released notification that it was restructuring operations. Management will host a conference call on November 2, 2011.
