Advanced Energy building order backlog as shipments of 1MW PV inverter ramps

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Advanced Energy (AE) reported Solar Energy (PV inverter) segment sales of US$67.5 million in the third quarter of 2013, flat with the prior quarter, but ahead of a flagship new product launch that has helped boost its order backlog to US$45 million.

The company reported total third quarter sales of US$142.9 million, compared with US$139.7 million in the second quarter of 2013.

Income from continuing operations was $687,000, compared with a loss from continuing operations of US$9.8 million in the second quarter. Income from continuing operations was US$5.7 million.

Gordon Tredger, President of Solar Energy Business Unit at AE said, “I'm pleased to report that we returned to profitability and lowered our break-even point to the mid-$60 million range. We expect further improvement as our various restructuring and integration efforts take hold over the next year. We are also seeing our order backlog build nicely, as we prepare for the initial shipments of the AE 1000NX, known as the 1-megawatt in the fourth quarter.”

After several years of restructuring, which included outsourcing PV inverter assembly to China, AE is positioning itself for a period of growth with a suite of new product introductions and ramps in 2014 for both the commercial rooftop and utility-scale markets across a wider geographical footprint.

“Reducing cost is very important to us, but we are also focusing on growth initiatives. As part of our global expansion strategy, we see potential opportunities for us over the next few years in promising areas such as India, Japan, Canada, U.K., and South America. We have begun to optimize the 3-phase string products in these countries, and other products in our portfolio can be ideally suited. With our broad range of products for roof top, card port and larger ground mount applications, we believe AE is rapidly becoming the one-stop shop for commercial applications,” added Tredger in a conference call to discuss quarterly financial results.

Management guided fourth quarter sales in the range of US$145 million to US$155 million.

Leading PV inverter manufacturer, SMA Solar Technology recently guided lower full-year revenue expectation.

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