PV inverter manufacturer, Advanced Energy Industries (AE) reported its inverter sales in the fourth quarter of 2014 were down 9.8% sequentially and down 27.9% on the prior year period.
The company reported PV inverter sales of US$46.8 million in the fourth quarter of 2014, compared to US$64.9 million in the fourth quarter of 2013.
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AE noted that sales were impacted by economic weakness in Europe, pricing pressure, changes in currency exchange rate and increased overall competition in the inverter market.
Yuval Wasserman, President and CEO of Advanced Energy said: “We are in the process of evaluating strategic alternatives for our solar inverter business given some of the near-term challenges facing the industry. With a strong pipeline of opportunities and choices for our business, we believe that we are well positioned for 2015.”
The company has made several recent acquisitions to support business diversification, including boosting its traditional semiconductor manufacturing product sector.
AE reported total fourth quarter sales of US$152.7 million compared with US$143.1 million in the third quarter of 2014. The company guided first quarter 2015 sales of US$137 million to US$147 million.
The company reported group full-year results of US$583 million, up from US$547 million in 2013.
Inverter sales in 2014 reached US$221.3 million, down from US$250.4 million in 2013. The company made an operating loss in its inverter segment of US$52.4 million in 2014, up from a loss of US$3.7 million in the previous year.
The PV inverter sector is undergoing a period of intense competition, driving pricing down, despite strong downstream market demand.