Power-One, Inc., a provider of renewable energy and energy-efficient power conversion and management solutions, has updated its financial outlook.
For the period ended April 3, 2011, the company expects to report revenue between $240 million and $245 million, below its previously announced range of $260 million to $290 million, due to market conditions and near-term feed-in-tariff uncertainty in Italy and Germany.
"Although we expect to post a nearly 60 percent increase in revenue in the first quarter of 2011 compared to 2010, we've revised our guidance for the quarter due to recent adverse conditions in the European solar market," said Richard Thompson, Chief Executive Officer of Power-One. "Based on current developments, we still anticipate European countries such as Italy and Germany will continue to support solar adoption to reduce reliance on non-renewable sources of power. Further, for the remainder of 2011 and 2012, we believe we are better positioned to handle similar regional anomalies due to our expanded product line and focus on developing new markets, including the United States, China and India."
Power-One will provide further information on its first quarter 2011 performance when it reports earnings on May 5, 2011, after the market close.
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