First Solar profit slips but beats expectations

7/30/2010

First Solar Inc., an Arizona solar-panel maker whose only North American factory is in Perrysburg Township, on Thursday reported higher-than-expected second-quarter profits and raised its full-year earnings forecast.

Its profit fell to $159 million, or $1.84 a share, from $181 million, or $2.11 a share, for the same period a year ago. Revenue rose 12 percent to $588 million. Analysts had expected earnings of $1.61 a share, on revenue of $545 million, according to Thomson Reuters I/B/E/S.

The decline in earnings from a year ago was largely because of lower selling prices for its modules, the company said, as well as weakness in the euro versus the U.S. dollar.

The company raised its full-year profit forecast for the second time in three months, saying it now expects earnings per share of $7 to $7.40, up from $6.80 to $7.30 it had expected.