Arizona-based First Solar, Inc. (Nasdaq: FSLR) today announced strong third quarter results, despite market turmoil that has rocked global economies.
Quarterly revenues were $348.7 million, up from $267.0 million in 2Q08 and up from $159.0 million in 3Q07.
Net income for 3Q08 was $99.3 million or $1.20 per share on a fully diluted basis, compared to net income of $69.7 million or $0.85 per share on a fully diluted basis for 2Q08. Net income for 3Q07 was $46.0 million or $0.58 per share on a fully diluted basis.
In a conference call, the company raised its 2008 sales forecast to a range of $1.22 billion to $1.24 billion from a previous view of $1.175 billion to $1.225 billion. Executives also projected 2009 sales of $2 billion to $2.1 billion. This forecast matches analyst expectations, according to Reuters.
First Solar Chief Executive Mike Ahearn said the company was confident that 85% of its business in Europe will receive the funding it needs, according to a Reuters report.
However, financial concerns could impact about 15% to 20% of its volumes next year. Ahearn said the company has identified ways it could reallocate those volumes to other customers if needed.
After the completion of the conference call the company’s shares rose more than 16% to $135 in extended trade after closing at $115.75 on the Nasdaq, according to Reuters.
Yesterday, First Solar announced that it was entering the U.S. residential solar segment through an agreement with installer SolarCity.
About First Solar
First Solar, Inc. manufactures solar modules with thin film semiconductor technology. 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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