First Solar Warns of $40 Million Tax Matter as Profit Soars
- Third quarter net income almost quadruples on asset sale
- Company sold majority stake in Desert Stateline to Southern
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First Solar Inc. reported an almost fourfold increase in third-quarter profit thanks to an asset sale, but said the final number may be adjusted because of an unresolved tax matter that may trim $40 million from the earnings.
Net income rose to $346.2 million, or $3.38 a share, from $88.4 million, or 87 cents, a year earlier, the Tempe, Arizona-based company said in a statement Thursday. That compares to the $1.53 average of 12 analysts’ estimates compiled by Bloomberg.