First Solar enjoys strong Q1

US PV giant First Solar raised its full-year financial guidance after a better-than-expected first quarter of 2014.

First Solar posted a Q1 net profit of $112m, up from $59m at the same stage in 2013.

Sales were $950m, up $182m on the preceding fourth quarter of 2013, mainly thanks to revenue from the 139MW Campo Verde project in California.

The result led First Solar to boost 2014 gross margin expectations to 17%-18%, from a previous 16%-17%, and for operating income to $290m-$340m, adding $20m at both ends of the range.

Jim Hughes, CEO of First Solar said: "We delivered strong earnings in the first quarter and are increasing our financial guidance for the year based on these results. We have also made significant progress in new bookings and continue to execute on our technology roadmap."