First Solar, Inc. (Nasdaq: FSLR) announced a large increase in revenues for the second quarter ending June 28, 2008. Quarterly revenues were $267.0 million, up from $196.9 million in 1Q08 and up from $77.2 million in 2Q07.
Net income for the quarter was $69.7 million or $0.85 per share, surpassing analyst expectations of $0.54 per share, according to Reuters. Net income for 1Q08 was $46.6 million or $0.57 per share. Net income for 2Q07 was $44.4 million or $0.58 per share on a fully diluted basis, which included a one-time income tax benefit of $39.2 million that resulted from the reversal of valuation allowances against previously established U.S. deferred income tax assets.
The company’s new manufacturing facility in Malaysia accounted for $47.4 million in sales during the period, according to Chief Executive Mike Ahearn
Ahearn said the first two production lines in Malaysia (out of four planned lines) were progressing faster than expected, leading the company to raise its forecast for solar module output to between 470 megawatts (MW) and 485 MW–up from a projection of 420 MW to 460MW.
About First Solar, Inc.
First Solar, Inc. manufactures solar modules with an advanced thin film semiconductor technology and provides comprehensive photovoltaic (PV) solutions that significantly reduce solar electricity costs. By enabling clean, renewable electricity at competitive prices, First Solar provides an economic and environmentally responsible alternative to peaking fossil-fuel electric generation. First Solar PV power plants operate with no water, air emissions or waste stream. First Solar set the benchmark for environmentally responsible product life cycle management by introducing the industry’s first comprehensive collection and recycling program for solar modules. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating cost-effective renewable energy solutions that protect and enhance the environment.
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