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Power-One Management Discusses Q2 2012 Results - Earnings Call Transcript

Additionally, in adherence with Regulation FD, we have opened up this call so that all interested investors are free to listen in. The press release and this conference call will be our only forum to answer your questions regarding our estimated performance going forward. Consequently, should you have any questions regarding our estimates of sales and profits or other financial matters for the upcoming quarter, as well as how they may affect our income statement models and balance sheet, this is the time that we are able to respond to those questions.

I will now turn the call over to Richard Thompson, Power-One's Chief Executive Officer. Please go ahead, Rich.

Richard J. Thompson

Thank you, Larry. Good afternoon. I'll begin today's call with a recap of our exceptional second quarter performance and a review of our progress on a recent initiatives, as well as industry dynamics. I will then discuss key operating metrics and drivers for our Renewable Energy and Power Solution business units. After my remarks, Gary Larsen, our Chief Financial Officer, will provide greater detail on the financial statements, including results for the quarter in third quarter guidance. After our prepared remarks, we will answer your questions.

In the second quarter, we've recorded total revenue of $322 million, up 24% year-over-year. Our Renewable Energy business achieve record performance in shipping 1.3 gigawatts of inverters in the quarter and we moved quickly to take advantage to higher demand in Europe based on anticipated changes in feed-in tariffs in both Germany and Italy. Our Renewable Energy business generated $255 million or 79% of total revenues and our Power Solutions business shipped $67 million or 21% of total revenue. We also generated strong cash flow and earnings per share in the quarter, higher revenue, coupled with reduction in material cost, results in operating income of $60 million or 19% of revenue. And net income of $47 million or $0.30 per share, which includes an after-tax gain of $0.06 per share on foreign currency remeasurement.

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