3W Power Holdings/AEG Power Solutions Announces First Half 2010 Financial Results
3W Power Holdings, the holding company of AEG Power Solutions, announced its financial results for the first six months of 2010. First half orders were €153.7 million, up 30% from €118 million in the first-half of 2009. The company posted sales of €141 million, down 41% from the previous year, primarily due to an oversupply of poly silicon manufacturing impacting demand for its power control systems.
Second quarter orders were €85 million, up 23% over the first quarter and 55% over the second quarter of 2009. The strongest contributor to growth was solar orders worth €19.2 million vs. €7.7 million in the first quarter. Second quarter sales increased 18% over the first quarter but were down 33% on the second quarter of 2009 due to the weakness in the power control systems. However, two consecutive quarters of renewed orders together with exceptional demand for solar panels and rising spot price for poly silicon indicate a steadily eroding supply overhang that will lead to a resumed capacity expansion and growth for power control systems and modules.