BUSINESS BRIEF

First Solar Inc. profits drop 87% for quarter

8/6/2014

First Solar Inc., the largest U.S. solar manufacturer and operator of a plant in Perrysburg Township, reported an 87 percent decline in second-quarter profit on delayed projects.

Net income slipped to $4.5 million, or 4 cents a share, from $33.6 million, or 37 cents, a year earlier, Tempe, Ariz.- based First Solar said Tuesday in a statement. That fell short of the 32-cent average of 12 analysts’ estimates compiled by Bloomberg News Service.

The company said delayed projects in the second quarter led to “deferring some earnings” until later this year, a statement said. First Solar rose 52 cents to $63.66 at the close in New York.