for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

UPDATE 1-Power One Q2 beats, sees strong Q3 sales, shares soar

* Q2 EPS $0.17 vs est. of $0.10

* Q2 revenue $214.5 mln vs est. of $185.7 mln

* Sees Q3 revenue $250-$270 mln vs est $199.5 mln

* Shares up 16 pct

July 29 (Reuters) - Power One Inc PWER.O posted strong second-quarter results on higher demand for its renewable energy products and capacity expansion and gave a strong third quarter revenue view, sending its shares up 16 percent.

“Orders were strong in the quarter, backlog increased and we expect to grow revenue again in the third quarter,” Chief Executive Richard Thompson said in a statement.

For the third quarter, the company forecast revenue in the range of $250 million to $270 million, above market estimates of $199.5 million, according to Thomson Reuters I/B/E/S.

In the latest quarter, the power-conversion and power-management products maker posted a net income of $24 million, or 17 cents a share, compared with a loss of $7 million, or 8 cents a share, a year ago.

Revenue for the quarter more than doubled to $214.5 million. Renewable energy sales soared to $142.3 million from $16.8 mln.

Analysts, on average, were looking for earnings of 10 cents a share, before items, on revenue of $185.7 million.

Shares of the company jumped 16 percent to $11.57 in extended trade, after closing at $9.96 Thursday on Nasdaq. (Reporting by Antonita Madonna Devotta in Bangalore)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up