First Solar Earnings Miss; Revenue Beats
First Solar on Monday reported it swung to a profit in the first quarter, though that profit fell short of expectations. Revenue, however, came in higher than expected.
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The solar-panel manufacturer reported net income of $59.1 million, or 66 cents a share, compared with a loss of $449.4 million, or $5.20 a share, in the year-earlier period. Both quarters included restructuring charges.
Excluding items, the Tempe, Ariz., company earned 69 cents a share compared with a loss of 8 cents a share a year ago.
Revenue increased 52 percent to $755 million from $497 million in the 2012 first quarter.
Analysts had expected the company to report earnings excluding items of 75 cents a share on $725 million in revenue, according to a consensus estimate from Thomson Reuters.
The company also backed its first-quarter outlook. Analysts currently expect full-year earnings of $4.27 a share on revenue of $3.84 billion.