First Solar Profit Climbs 15% on Sales in Germany, Canada
First Solar Inc., the world’s biggest maker of solar power panels, said third-quarter profit climbed 15 percent on higher sales in Germany and Canada.
Net income rose to $176.8 million, or $2.04 a share, from $153.3 million, or $1.79 a share, a year earlier, the Tempe, Arizona-based company said today in a statement. Profit was expected to be $1.69 a share, the average of 27 analysts’ estimates compiled by Bloomberg. Sales increased to $797.9 million from $480.9 million.
First Solar plans to almost double global production capacity to 2,700 megawatts in 2012 from about 1,400 megawatts this year as its lowest-cost technology wins orders from Germany to Vietnam.
First Solar climbed 85 cents to $151.15 as of 4:22 p.m. on the Nasdaq Stock Market. The shares have gained 12 percent this year.
(First Solar scheduled a conference call with analysts and investors at 4:30 p.m. in New York. To listen, go to the company’s web site at http://www.firstsolar.com)
To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net.
To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.
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