First Solar swings to Q4 profit, shares fall

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By Richard A. Kessler

 Wednesday, February 27 2013

Updated: Wednesday, February 27 2013

First Solar swung to $154.2m net income in the fourth quarter, or $1.74 per share, compared with a $413.1m net loss, or $4.74 per share, a year earlier, but investors dumped the stock in extended trading on the Nasdaq after the company did not provide 2013 financial guidance.

Excluding costs related mainly to restructuring, the leading thin-film solar panel maker earned $2.04 per share. Fourth quarter sales increased to $1.08m from $660.4m, primarily due to greater revenue recognition for the 550MW Topaz project, the world’s largest solar plant, and an increase in third party module sales. Topaz, owned by MidAmerican Energy, is due fully online in 2015.

First Solar chief executive Jim Hughes warns that the solar market will remain “turbulent for some months to come.” But the company detects some evidence of improvement, and he believes First Solar has…

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