First Solar Q2 net profit rises to USD 111m, lifts guidance

Aug 2, 2012 - US solar module maker First Solar Inc (NASDAQ:FSLR) on Wednesday reported a jump in second-quarter net profits to USD 111 million (EUR 90.2m) from USD 61.1 million a year ago and lifted its 2012 guidance.

Earnings per share rose to USD 1.27 from USD 0.70, even as they were reduced by USD 0.39 as a result of USD 36 million in pre-tax charges stemming from restructuring measures and costs above normal warranty.

Revenues grew to USD 957.3 million from USD 532.8 million a year earlier as more and larger projects under construction met the criteria for revenue recognition. Chief executive Jim Hughes said the company had shown strong performance in the period in spite of the uncertain market environment and expressed confidence it had the right long-term strategy.

The company said that on the back of reductions in its cost structure it now expected to book earnings of USD 4.20-4.70 per share for the full year, up from the USD 4.00-4.50 forecast previously. The estimates exclude restructuring and impairment charges, as well as certain costs above normal warranty expense.

First Solar also raised its annual sales guidance to USD 3.6 billion-3.9 billion from USD 3.5 billion-3.8 billion.

In the first six months of 2012, First Solar recorded a net loss of USD 338.4 million, against a profit of USD 177.1 million a year back and sales of USD 1.5 billion, up from USD 1.1 billion in 2011.

(USD 1.0 = EUR 0.813)

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