Only a few weeks before releasing third-quarter 2011 financial results on October 27, 2011, inverter supplier, Power-One has reduced guidance for the quarter. Power-One expects revenue to be in the range of US$240-US$245 million, down from previous guidance of US$265 million-US$280 million. The company cited-weaker-than expected demand for lower revenue expectation. Sales in the second quarter were US$180 million.
“We are revising our guidance due to slower than anticipated demand as global macroeconomic uncertainty affected both the Power Conversion and Renewable Energy SBUs,” said Richard Thompson, Chief Executive Officer of Power-One. “Power revenue was down approximately 10% sequentially, while Renewable Energy revenue was modestly lower.”
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Thompson reiterated that a range of new products, especially within the small commercial sector and greater geographical diversification into emerging markets was an ongoing strategy to grow the business.
However, the company said that it would provide updated guidance for the full year when it reports Q3 results. Previously, Power-One expected total revenue of between US$1.05 billion and US$1.15 billion in 2011.