First Solar Profit Climbs on Higher Demand for Panels BusinessWeek
(Adds company raised 2010 net income guidance in first paragraph.)
By Christopher Martin
April 28 (Bloomberg) -- First Solar Inc., the world’s largest manufacturer of thin-film solar power modules, said first-quarter profit rose 4.7 percent on stronger demand and increased production. The company raised its full-year profit forecast.
Net income rose to $172.3 million, or $2 a share, from $164.6 million, or $1.99, a year earlier, Tempe, Arizona-based First Solar said in a statement today. That beat the $1.67-a- share average estimate of 18 analysts compiled by Bloomberg. Sales rose 36 percent to $568 million.
To boost sales amid declining government incentives in Europe, Chief Executive Officer Robert Gillette has been buying project developers in the U.S. The company today agreed to acquire closely held NextLight Renewable Power for $285 million in cash to gain their 570 megawatts of utility contracts.
