MANHASSET, N.Y. Power supplier Power-One Inc. reported a net loss of $14.8 million, or 17 cents per share on sales of $63.4 million in the second quarter ended June, compared with a net loss of $3.9 million, or 5 cents per share on sales of $72.5 million in the year-ago quarter.
The second-quarter loss included $4.7 million, or 6 cents per share, of restructuring and asset impairment charges related to the previously announced consolidation of company operations. Results also included $1.9 million, or 2 cents per share of inventory charges related to excess and obsolete inventory.
Analysts expected Power-One (Camarillo, Calif.) to lose 6 cents per share on sales of $68.1 million.
"While we are disappointed that our second quarter sales volume came in a little under expectations primarily due to lower turns business than previously forecasted and some customer delays, we are nonetheless pleased with the remarkable progress we're continuing to make with our restructuring plan," said Steve Goldman, chief executive of Power-One, in a statement.
For the third quarter, Power-One expects net sales of $66 million to $69 million, and breakeven bottom line results.