An increase in revenue from the previous quarter, meant that Power-One’s second quarter results were better than many expected, considering the weak demand for solar installations in the first half of the year. PV inverter revenue has increased 27% compared to the same period a year ago and 18.7% from the first quarter of 2011, to US$180 million.
The company shipped 718MW of inverters in the second quarter, an increase of approximately 36% y-on-y and 18% q-on-q. First-quarter shipments had been 609MW, while shipments for the first half of 2011 totalled 1.3GW, up 64.0% from 809MW in the prior year.
“Power-One has made significant progress expanding into the fast growing solar markets in the United States, China and India, resulting in important customer wins and increased market share,” said CEO Richard Thompson. “Power-One continued to perform well in an uncertain marketplace, highlighting the strength of our products and global business model.”
“For the second half of 2011, we anticipate the solar market will begin to gain momentum in Europe and be bolstered by gains in new geographies, while the Power Solutions business continues to show improvements,” he added.
For the year, Power-One anticipates generating total revenue between US$1.05 billion and US$1.15 billion in 2011.