First Solar's Q3 profit, sales surge

First Solar’s third quarter profit more than doubled from a year earlier to $195m, or $1.94 per share, on surging sales and initial revenue recognition from the 550MW Desert Sunlight project in California.

Profit was $87.9m, or $1 per share in third quarter 2012.

Revenue was $1.3bn, up $427m from a year earlier.

Third quarter results were also helped by First Solar’s sale in August of three solar PV projects in Ontario, Canada, totaling 50MWac to an investment partnership led by General Electric Energy Financial Services, and higher sales volume to third-party module-only customers

"During the quarter we delivered on several key objectives, including additional bookings of 860MWdc, significant reductions to our module manufacturing cost, and strong financial performance,” says chief executive Jim Hughes.

“With these encouraging Log in to read complete article.

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