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Power One (PWER) Smashes Estimates, Posts First Quarterly Profit In History, Up 23% AH
There’s reason to celebrate if you’re an employee of Power One (PWER) and certainly if you’ve been a shareholder since September. The company reported its first quarterly profit in company history after the bell today. The anticipation of this day has certainly been building in this stock as it vaulted from about 1.20 in September, hitting a peak at nearly 5 bucks just three months later. It’s since given some of that back and trades around 3, but traders are certainly beginning to catch on to this story.
Power-One (PWER) blew out Wall St EPS estimates of a -.03 loss by posting a .05 profit. Again, remind me why these so called analysts get paid the big bucks? Revenue also smashed estimates at $142 (analysts estimated $115).
Power One isn’t a renewable energy pure play, but it’s a growing portion of its portfolio at 48% vs just 14% a year ago. They offer power conversion and management products that make residential and commercial solar and wind installations more efficient. Essentially, they are a play on the smart grid and the company is excited about the opportunities. Here’s are some comments by the CEO:
“With the increasing demand for our renewable energy and power products, we look forward to a strong year in 2010. The successful implementation of cost controls and a focus on expanding our markets enabled us to generate greater cash flow on improving margins. In the coming year, we will capitalize on cash flow generation and value to our shareholders through better manufacturing efficiencies, new product introductions and growth initiatives.”
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