Solar module manufacturer First Solar, Inc. (NASQAQ: FSLR) today announced a year-over-year doubling of both profit and revenue for the quarter ending, December 27, 2008.
Quarterly revenues were $433.7 million, up from $348.7 million in 3Q08 and up from $200.8 million in 4Q07.
Revenues for the fiscal year were $1,246.3 million, up from $504.0 million in fiscal year 2007.
Net income for 4Q08 was $132.8 million or $1.61, beating analysts’ estimates of $1.30 per share, according to Reuters Estimates. Net income for 3Q08 was $99.3 million or $1.20 per share. Net income for 4Q07 was $62.9 million or $0.77 per share.
Net income for fiscal 2008 was $348.3 million or $4.24 per share compared to net income of $158.4 million for fiscal 2007 or $2.03 per share.
Despite an expected pullback in the solar industry, First Solar is in an enviable position due to its size and cash reserves of around $700 million.
Cost Reduction Milestone
In a separate announcement, First Solar said it reduced its manufacturing cost for solar modules in the fourth quarter to 98 cents per watt, breaking the $1 per watt price barrier.
“This achievement marks a milestone in the solar industry’s evolution toward providing truly sustainable energy solutions,” said Mike Ahearn, First Solar CEO.
First Solar began full commercial operation of its initial manufacturing line in late 2004. From 2004 through today, manufacturing capacity has grown 2,500 percent to more than 500 megawatts in 2008. First Solar said its annual production capacity will double in 2009 to more than 1 gigawatt, the equivalent of an average-sized nuclear power plant.
These escalating volumes have been accompanied by a rapid reduction in manufacturing costs. From 2004 through today, First Solar’s manufacturing costs have declined two-thirds from over $3 per watt to less than $1 per watt. First Solar said it is confident that further significant cost reductions are possible based on the yet untapped potential of its technology and manufacturing process.
Loading...