Advanced Energy expects continued sales growth from acquisition and US PV utility market

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PV inverter specialist, Advanced Energy (AE) reported better than expected second quarter PV inverter sales on the back of its recent acquisition 3-phase string inverter specialist REFUsol and increased PV utility-scale inverter orders.

The company reported its solar segment revenue of US$68 million in the second quarter of 2013, up 36% from the prior quarter on higher shipments of 318MW, compared to 217MW in the prior quarter before the REFUsol acquisition had been completed.

The company reiterated in a conference call to discuss financial results that the acquisition of the 3-phase string inverter product line, coupled to growing utility-scale orders driven by its recently launched AE 1000NX (1MW) central inverter would provide quarterly sales of around US$100 million in 2014.

The 3-phase string inverter products are designed commercial PV market and open up new market opportunities in the US and elsewhere, notably the ability to tap the booming Japanese market in the near future.

Due mainly to its restructuring and merger efforts, AE posted an operating loss for its Solar Energy business unit of US$1.8 million.

Gordon Tredger, President of AE’s Solar Energy Business Unit said in the conference call: “We are very excited of the prospects for the business as we position ourselves for 2014. We plan to complete the majority of our restructuring activities by the end of the third quarter, setting us up to achieve a breakeven in mid- to high $60 million. With a lower breakeven, new products well-suited to the utility and commercial markets and an expanding presence in large, new geographic markets, we have the potential for a record year in 2014, a year of strong revenue and earnings growth.”

AE reported total second quarter sales of US$139.7 million compared to US$111.8 million in the first quarter of 2013 and US$115.7 million in the second quarter of 2012.

The company guided third quarter total sales to be in the range of US$140 million to US$150 million, driven by growth in PV inverter sales.

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