Power-One’s Earnings Up More Than Fivefold

Power-One Inc. in Camarillo said second-quarter earnings jumped more than fivefold because of increased sales of devices that ensure a steady flow of electricity to telecommunications equipment.

Net income rose to $10.6 million or 28 cents a share from $1.86 million, or 6 cents, a year earlier. Sales more than doubled to $113.8 million from $51.7 million, with sales to telecommunications companies almost tripling to $74 million.

Power-One’s shares have more than quadrupled this year as makers of networking and phone equipment, such as Cisco Systems Inc. and Lucent Technologies Inc., turn to its products to prevent malfunctions caused by power surges or outages. To meet demand, Power-One plans to increase production at plants in California, Mexico, Norway and the Dominican Republic, and seek acquisitions or alliances in Asia and the United States.

“We have a variety of irons in the fire, [but] Asia is our priority,” Chief Executive Steven Goldman said.

Power-One said its order backlog was valued at about $196 million at quarter’s end, 81% higher than three months earlier.