First Solar, SunPower See 2012 Gains After First-Quarter Losses

First Solar Inc. and SunPower Corp., the two largest U.S. solar companies, said restructuring efforts this quarter will improve 2012 results after posting first-quarter losses that exceeded analyst’s estimates.

First Solar raised its 2012 earning forecast, due to cost savings it expects from firing 30 percent of its workforce, the company said yesterday in a statement. SunPower said its average cost of producing solar panels will drop after it closes an older plant in the Philippines this year. First Solar also promoted James Hughes to chief executive officer.