PV inverter sales at Advanced Energy (AE) remained strong in the fourth quarter of 2012 at US$59.6 million, down only 1.8% from US$60.7 million reported in the third quarter of 2012.
Despite the withdrawal of year-end tax credits and incentives in the US, AE noted that commercial and utility-scale PV project demand remained strong. The company expects to focus on revenue growth and new market opportunities for its inverters in 2013.
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“With the majority of our restructuring efforts successfully implemented and a strong financial and operational platform in place, we begin the year focused on driving revenue growth,” said Garry Rogerson, CEO. “Demand for our large scale inverters in the North American market remains strong, and we continue to look at expansion opportunities.”
AE reported total fourth quarter sales of US$113.0 million compared to US$117.5 million in the third quarter of 2012. The company took a US$2.0 million restructuring charge in the fourth quarter.
Guidance