BUSINESS BRIEF

First Solar profits rise 89% in 1st quarter 2014

5/7/2014

TEMPE, Ariz. — First Solar Inc., the largest U.S. solar manufacturer, reported first-quarter profit was up 89 percent, largely from higher revenue related to its 139-megawatt Campo Verde solar farm in California.

Net income rose to $112 million, or $1.10 a share, from $59.1 million, or 66 cents a share, a year earlier, the company said Tuesday after the market closed. Sales increased to $950.2 million from $755.2 million.

The company’s stock has gained 23 percent this year.

First Solar was born in Toledo. Its only U.S. manufacturing facility is in Perrysburg Township.