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News Breaks
January 17, 2013
07:03 EDTPWERPower-One lowers Q4 revenue to $190M-$190 from $210M-$230M, consensus $221.38M
Softer than expected market conditions in the Renewable Energy business, primarily in Italy and Germany, driven by reduced feed-in tariffs and a difficult financing environment, led to lower sales in the quarter. As a result, the company expects to report a net loss of $12M-$15M for the quarter due to lower than expected gross margins resulting from the revenue shortfall and new product ramp-up costs. Included in the expected results is a loss, net of tax, of approximately $6M on foreign currency remeasurement due to the strengthening of the Euro versus the dollar late in Q4.
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