First Solar quarterly profit tops Street, shares soar

First Solar's Solar City in San Rafael, California, is seen in this undated handout photo.

LOS ANGELES (Reuters) - U.S. solar company First Solar Inc on Thursday said net income more than doubled in the second quarter, topping Wall Street estimates and sending its shares up more than 10 percent in extended trade.

Second-quarter net income was $180.6 million, or $2.11 per share, compared with $69.7 million, or 85 cents per share, a year ago.

Wall Street analysts, on average, had been expecting earnings of $1.65 per share, according to Reuters Estimates.

Canaccord Adams analyst Jed Dorsheimer said the company's results looked "stellar."

"They beat expectations widely. They continue to outperform in a market that's had mixed results," Dorsheimer said, adding that the results indicate that "Germany is still strong. Most of their exposure is in the German market... clearly they are taking market share in the German market."

First Solar has been a favorite among alternative-energy investors since it went public in 2006. Its cadmium telluride photovoltaic solar panels are cheaper to produce than the silicon-based panels that dominate the market, and as a result the company has weathered the current downturn better than many of its solar peers.

The Tempe, Arizona company's revenue rose 97 percent during the quarter to $525.9 million from $267 million last year. Analysts had been expecting revenue of about $458.1 million, according to Reuters Estimates.

First Solar shares rose to $191.80 after closing at $173.55 Thursday on the Nasdaq.

The stock has gained about 26 percent this year, though it is still down 45 percent from its lifetime high of $317 reached in May of 2008.

(Additional reporting by Laura Isensee)

(Reporting by Nichola Groom; Editing by Steve Orlofsky, Bernard Orr)