First Solar Inc., the largest U.S. solar-panel manufacturer, climbed to a two-year high after the company boosted its profit forecast for the year.
First Solar rose 18 percent to $59.14 at the close in New York, the highest closing price for the Tempe, Arizona-based company’s shares since Oct. 10, 2011.
Sales of solar power plants First Solar built in Canada, and accelerated recognition of revenue from a plant under construction in California will boost per-share profit for the year to $4.25 to $4.50 a share, up from an August estimate of $3.75 to $4.25, Chief Executive Officer Jim Hughes said yesterday on a conference call with analysts and investors.
First Solar also reported third-quarter net income doubled to $195 million, or $1.94 a share, from $87.9 million, or $1, a year earlier. That beat the 95-cent average of 13 analysts’ estimates compiled by Bloomberg. Sales rose 51 percent to a record $1.27 billion.