First Solar notches $59m Q1 profit

First Solar increased its first-quarter sales to $755m, a 52% rise on last year, as its enormous projects business leaves it one of the few profitable PV module manufacturers.

First Solar reported a net profit of $59m or $0.68 per share – its fourth consecutive quarter of profitability.

The company swallowed a net loss of $449.4m during the same period last year, including a $402m one-off charge related to its restructuring programme.

Despite the big year-on-year jump, sales fell steeply compared to the final quarter of last year, when a significant amount of revenue was recorded from the 550MW Topaz project the company is building for Warren Buffett’s MidAmerican Solar.

First Solar's enormous downstream pipeline gives it significantly more visibility in the mid-term, but its focus on Log in to read complete article.

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