First Solar Profit Slumps as Power-Plant Revenue Declines

First Solar Inc., the largest U.S. solar-panel manufacturer, posted a 58 percent decline in profit as revenue slumped from the utility-scale power plants it’s building in the U.S. Southwest. The shares fell.

Fourth-quarter net income slid to $65.3 million, or 64 cents a share, from $154.2 million, or $1.74, a year earlier, Tempe, Arizona-based First Solar said yesterday in a statement. Excluding costs from writing down a plant in Vietnam and other items, earnings of 89 cents a share came in 14 cents below the average of 13 analysts’ estimates compiled by Bloomberg. Sales declined 29 percent to $768.4 million.