First Solar Inc (Nasdaq: FSLR) reported a 1Q10 profit that topped Wall Street expectations and raised its full-year forecast.
Net income for the quarter was $172.3 million ($2.00 per share), up from $164.6 million ($1.99 per share) a year ago. Analysts had been expecting $1.63 per share in earnings, according to Thomson Reuters.
Quarterly revenue also rose higher than expected–36% to $568 million. Analysts expected $541 million.
First Solar said earnings for the year per fully diluted share are projected in the range of $6.80 to $7.30, and include $0.09-0.10 per share dilution for the pending acquisition of NextLight Renewable Power, LLC (announced yesterday).
First solar said the increased forecast is due to higher demand in Europe, particularly in Germany, where project developers are rushing to install solar systems before government subsidies are reduced in the second half of the year.
The strong results came in spite of a $73.3 million decline in 1Q10 net sales from 4Q09. First solar said the decline is primarily due to a shift from turnkey system sales to module sales.
First Solar shares were up 16% in Thursday morning trading to $148.64 per share.
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Read the full Reuters story at the link below.
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