(Adds Wall Street estimates, stock activity, background)
May 6 First Solar Inc reported a
first-quarter profit after a loss in the previous year, helped
by higher sales of solar modules, and the company maintained its
The U.S. solar company posted a net profit of $59.1 million,
or 66 cents per share, for the first quarter. This compares with
a loss of $449.4 million, or $5.20 per share, in the year-ago
period, which included $444 million in restructuring charges and
costs in excess of normal warranty.
Excluding items, First Solar earned 69 cents a share, below
the 75 cents expected on average by analysts, according to
Thomson Reuters I/B/E/S.
Revenue rose 52 percent to $755.2 million, above Wall Street
expectations of $725.3 million.
"We remain on track for the year and reaffirm our full-year
2013 financial guidance," Chief Executive Jim Hughes said in a
First Solar shares, which have gained 55 percent this year,
rose a little more than 1 percent in extended trade. On April 9,
the stock notched its biggest single-day gain after the company
said revenue and earnings for the next three years will come in
well above Wall Street estimates at the time.
The company is based in Tempe, Arizona.
(Reporting By Kanika Sikka in Bangalore; Editing by Anthony
Kurian and Steve Orlofsky)