First Solar Quarterly Profit Drops as Module Prices Decline
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First Solar Inc., the world’s biggest maker of thin-film solar modules, said second-quarter profit fell more than analysts expected as panel prices slumped. The shares sank 5.3 percent in after-hours trading.
Net income fell to $61.1 million, or 70 cents a share, from $159 million, or $1.84 a share, a year earlier, the Tempe, Arizona-based company said in a statement today. First Solar was expected to earn 91 cents, the average of 26 analysts’ estimates compiled by Bloomberg. Sales fell 9.4 percent to $532.8 million.