Perhaps all the concerns about a renewable energy slowdown and concerns in Europe were priced in because despite missing analyst estimates of .21/share by posting .20/share, shares of Power One (PWER) are popping today about 10% with heavy volume.  The company did beat analyst estimates on the revenue side with $244.5 million (vs the estimate for $241.8 million).

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CEO Richard Thompson commented on his new found optimism for the once uncertain Europe markets and the growth potential in the North and Asia:

"We anticipate the solar market will begin to gain momentum as Italy recently passed its legislation and the German market is showing signs of heightened activity," continued Mr. Thompson. "Further, we expect our focus on new geographies, particularly North America and Asia, will add revenue in renewables and lead to improving profitability in both our Power Solutions and Renewable Energy Solutions SBUs."

Looking ahead, the company is forecasting revenues for $250 – $270 million (analysts expect $272)  for this quarter and for the full year $1.1 – $1.25 billion (analysts expect $1.12 billion).

So in terms of quarter over quarter growth it was a great quarter for PWER with EPS and revenue growth of 400% and 60% respectively.  I’m not surprised PWER is up given how beaten down it’s been, just surprised by how much considering the EPS miss and lukewarm guidance at best.