First Solar posts fourth-quarter profit

LOS ANGELES Tue Feb 26, 2013 4:18pm EST

LOS ANGELES Feb 26 (Reuters) - U.S. solar company First Solar Inc on Tuesday reported a quarterly profit, reversing a year-ago loss, due to fewer restructuring costs and strong sales related to a California utility-scale project.

Net income was $154.2 million, or $1.74 per share, compared with a loss of $485.3 million, or $4.78 per share, a year ago.

Excluding one-time items, First Solar earned $2.04 per share. Wall Street analysts, on average, had been expecting $1.75 per share, according to Thomson Reuters I/B/E/S.

Net sales were $1.08 billion, up from $660.4 million a year ago.

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