Power One (PWER) reported relatively strong results after the bell today beating analyst estimates on both the EPS and revenue side.  The company reported an EPS of .21/share on revenues of $267 million vs the analyst estimates of .14/share on revenue of $239 million.  However, the numbers are still significantly below the year ago quarter of .38 in EPS and $366 in revenue.

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“In 2011, Power-One again recorded over $1 billion in sales, highlighting our ability to execute and generate profits in difficult operating environments,” said Richard Thompson, Chief Executive Officer of Power-One. “Both SBUs performed well in the fourth quarter, as Power-One generated $48 million of operating cash flow in the quarter and finished the year with over $200 million in cash. Further, during the quarter, Power-One shipped 829 MW of inverters, bringing the 2011 total to 2.9 GW, versus 2.6 GW in 2010.”

“Power-One continues to expand in high growth solar markets, such as India and the United States,” continued Mr. Thompson. “As we move forward in 2012, look for Power-One to provide innovative new products to meet our customers’ demands for better yields, higher uptimes and greater control of their PV assets.”

While the company beat this quarter, next quarter’s estimate isn’t so rosy so shares could come under pressure despite the beat tomorrow morning.  The company is forecasting revenue of only $190 – $210 million vs the analyst estimate of $226 million due to uncertainty on feed-in-tariffs and other legislation, as well as global macroeconomic uncertainty.

Technically, PWER has improved in recent weeks and may be a good bottoming out play depending on how it holds up after this earnings report.  The stock surged above the 50 day moving average and has been able to hold what is a new level of support there.