Power-One (PWER) Cuts Q4 Outlook; Cites Softness in End Markets
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Price: $46.66 +2.50%
Financial Fact:
Total expenses: 42.05M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Total expenses: 42.05M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Power-One, Inc. (Nasdaq: PWER) provided an updated outlook for its fourth quarter 2012 financial results.
The Company expects to report fourth quarter revenue of $190 million to $195 million, which is below the previously estimated range of $210 million to $230 million. 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 $12 million to $15 million 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 $6 million on foreign currency remeasurement due to the strengthening of the Euro versus the dollar late in the fourth quarter.
*** The Street sees Q4 EPS of 7 cents and revs of $221.4 million.
The Company expects to report fourth quarter revenue of $190 million to $195 million, which is below the previously estimated range of $210 million to $230 million. 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 $12 million to $15 million 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 $6 million on foreign currency remeasurement due to the strengthening of the Euro versus the dollar late in the fourth quarter.
*** The Street sees Q4 EPS of 7 cents and revs of $221.4 million.
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