First Solar, Inc. (Nasdaq: FSLR) on Thursday of last week announced 2Q09 profits that exceeded industry expectations. Nonetheless, the company’s share price fell on news that it would offer rebates in Germany and maintain, rather than raise, its full-year outlook.
Net income for 2Q09 was $180.6 million or $2.11 per share, up from
$164.6 million or $1.99 per share for 1Q09 and up from $69.7 million or
$0.85 per share for 2Q08.
For the quarter ending June 27, 2009 revenues were $525.9 million, up from $418.2 million in 1Q09 and up from $267.0 million in 2Q08. Revenues for the first six months of fiscal 2009 were $944.1 million compared to $464.0 million for the first six months of fiscal 2008.
Shares of First Solar–an SB20 List company–fell 10% Friday afternoon, pulling the rest of the sector with it. A decrease in silicon prices has caused First Solar to loose some of its competitive edge. Read Reuters coverage at the link below.
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