First Solar expects improvement of results in 2011

(ADPnews) - Dec 16, 2010 - US thin-film solar panel maker First Solar (NASDAQ:FSLR) on Tuesday presented its outlook for 2011, expecting better earnings and revenue compared to 2010.

"We are benefiting from diversifying global partner demand and an increase in revenue from utility-scale projects," First Solar CEO Rob Gillette said.

The company guides for diluted earnings per share (EPS) of USD 8.75-9.50 (EUR 6.58-7.14) and an operating profit of USD 875 million-975 million. Revenue is expected to grow 46% on the year to USD 3.7 billion-3.9 billion, including USD 2.8 billion-2.9 billion of module sales and USD 900 million-1 billion of project development sales.

At the end of October, First Solar revised upward its projections for the whole 2010, forecasting diluted EPS of USD 7.50-7.65 and revenue of USD 2.58 billion-2.61 billion.

First Solar plans to spend USD 80 million-85 million on manufacturing start-ups and USD 15 million-20 million on factory and plant expansions next year. The company will also dedicate between USD 1 billion and USD 1.1 billion to almost double its output capacity by the end of 2012.

The company anticipates to have cash from operations of USD 1 billion-1.1 billion at the end of 2011.

(USD 1.0 = EUR 0.752)

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