Photo: First Solar

First Solar triples Q4 profit as shares surge on yieldco

First Solar reported fourth quarter net income almost tripled to $191.9m, or $1.89 per fully diluted share share, from a year earlier, one day after revealing it was in “advanced negotiations” with SunPower about jointly forming and listing shares in a yieldco.

24 February 2015 22:47 GMT Updated 28 September 2016 9:42 GMT

By Richard A. Kessler

First Solar released its results after the close of trading in New York where the yieldco news sparked a rally Tuesday in company shares, which closed up 10.19% to $54.70.

Fourth quarter sales surged to $1bn versus $768.4m a year earlier. This resulted from the sale of the Solar Gen 2 project, initial revenue recognition on the Silver State South project and other projects under construction.

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