First Solar Profit Up 54%; Expands Into Installation

Written by Ucilia Wang

First Solar (FSLR Quote) on Wednesday reported a 54 percent jump in the third-quarter profit and sought to assure investors that most of its customers should do okay in 2009.

The thin-film solar panel maker posted a profit of $99.3 million, or $1.20 per share, compared with $46 million, or $0.58 per share, in the same period a year ago. The Tempe, Ariz., company also posted a third-quarter revenue of $348.7 million, up 54.4 percent from $159 million in the year-ago period.

The company expects to generate $2 billion to $2.1 billion in sales in 2009. First Solar is now able to make panels at $1.08 per watt. In August, Lazard Capital Markets said the company was producing at $1.09 per watt, giving First Solar the highest profit margins in the industry. While discussing its second-quarter earnings in July, First Solar said it had reached $1.18 per watt. ...