Power-One beats estimates, forecasts strong 3rd-qtr sales

Thu Jul 26, 2012 5:02pm EDT

* Q2 EPS $0.30 vs est $0.12

* Q2 rev $322 mln vs est $249.9 mln

* Sees Q3 sales $260-$280 mln vs est $238.9 mln

* Shares up 16 pct after market close

July 26 (Reuters) - Power-One Inc, the world's second-biggest maker of inverters for the solar power market, posted better-than-expected quarterly results on higher demand in Europe and forecast strong third-quarter sales.

The company forecast revenue of $260 million to $280 million for the third quarter. Analysts were expecting sales of $238.9 million, according to Thomson Reuters I/B/E/S.

Net income for the second quarter rose to $47 million, or 30 cents per share, compared with $31 million, or 21 cents per share, a year earlier.

Sales rose 24 percent to $322 million.

Analysts on average had expected a profit of 12 cents per share on revenue of $249.9 million.

The company's inverter shipments rose 76 percent to 1,263 megawatts in the second quarter.

Shares of the Camarillo, California-based company rose about 16 percent after the bell. They closed at $4.88 on Thursday on the Nasdaq.