First Solar, Inc. (NASDAQ:FSLR) released its first-quarter results after closing bell today, and the stock continued its climb at the NASDAQ. Shares rose 3.67 percent during the trading day and as much as 2 percent in after-hours trading. The company’s first-quarter report held mixed results.
The solar panel maker’s net sales for the first three months of the year were $755 million, a 52 percent increase compared to the same quarter a year ago, although a 30 percent decline from the previous quarter. The company attributed falling net sales to less revenue recognition in their systems business projects.
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First Solar, Inc. (NASDAQ:FSLR) reported profits of $59.1 million 66 cents per fully diluted share in net income, compared to losses of $449.4 million or $5.20 in the same quarter a year ago. However, the first quarter of last year included $444 million in restructuring charges. The company said the first quarter of this year was affected by $2 million in restructuring charges, which reduced the company’s earnings per share by 3 cents.
Analysts had been expecting First Solar, Inc. (NASDAQ:FLSR) to report revenue of $726 million and earnings of 75 cents per share. The company’s gross margins were also up, rising to 22.4 percent from 15.4 percent.
First Solar Sees Increase In Power Plant Demand
First Solar, Inc. (NASDAQ:FSLR)’s revenue was especially helped by higher revenue from its power plants as demand for them was stronger than expected during the first quarter. It has been expanding into various emerging markets, including Australia, Chile, South Africa and other countries where the cost of liquid fuel is high and sunshine is plentiful.
First Solar, Inc. (NASDAQ:FSLR) maintained its financial guidance for the full year. The guidance was given in April at the company’s analyst day.