First Solar Profit Surges 81% on Shift to Sales of Power Plants

First Solar Profit Surges 81% on Shift to Sales of Power Plants | Renewable Energy News Article

renewableenergyworld.com 02 Aug '12, 2pm

First Solar Profit Surges 81% on Shift to Sales of Power Plants

Net income was $111 million, or $1.27 a share, compared with $61.1 million, or 70 cents, a year earlier, the Tempe, Arizona-based company said in a statement yesterday. Excluding restructuring charges, earnings were $1.65 a share, 71 cents more than the average of 27 analysts’ estimates compiled by Bloomberg. Sales climbed 80 percent to $957.3 million, largely from selling utility-scale power projects to companies such as Exelon Corp. and Enbridge Inc. While rivals are focused on selling panels to developers and distributors, most of First Solar’s growth will come from its internal development unit, a strategy that’s insulating it from falling panel prices, according to Chief Executive Officer Jim Hughes. “We’re in discussions for a whole series of joint-venture relationships” with companies that will buy First Solar’s projects, Hughes said during a conference call with an...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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First Solar Profit Surges 81% on Shift to Sales of Power Plants | Renewable Energy News Article - [link]
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First Solar Profit Surges 81% on Shift to Sales of Power Plants [link]