Q2 profit up 57 percent
Last modified on Thursday, 31 July 2008 07:42
First Solar, Inc., a manufacturer of solar cells, announced a jump in its quarterly profits for the second quarter of 57 percent, flabbergasting Wall Street analysts with its performance. After the announcement its shares rose 7.5 percent.
First Solar produces thin-film photovoltaic solar cells, which turn sunlight into electricity. These types of solar cells cost much less to produce than the traditional silicon-based cells that currently dominate the solar market.
First Solar, based in Phoenix, Arizona has manufacturing plants in the U.S. and Germany and another plant under construction in Malaysia that is scheduled to begin production in 2009. The new plant will have annual production capacity of 120 Megawatts, and once completed will bring First Solar’s total annual nameplate production capacity to 570 Megawatts by the end of 2009.
The company’s revenue totaled $267 million for Q2, while analysts were expecting about $217.3 million. This quarter’s revenue is about 3.5 times its revenue of $77.2 million for the same time period last year. Net income for Q2 increased to $69.7, up from $44.4 million one year ago.
First Solar announced earlier that it would supply the first two megawatts of Southern California Edison's 250-Megawatt rooftop solar generation project.