Tempe-based First Solar Inc. saw its fourth-quarter and overall 2012 revenue rise as well as posting a quarterly profit, but the company still sees a bumpy road ahead.
The solar panel manufacturer (Nasdaq: FSLR) reported fourth-quarter income of $154 million, or $1.74 per share, on revenue of $1.08 billion.
That was better than last year’s loss of $413 million on revenue of $660 million.
For the year, First Solar reported a loss of $96.3 million, or $1.11 per share, on revenue of $3.37 billion. The revenue was up over 2011’s total of $2.77 billion, but income was down over the loss of $39.5 million for that year.
The company was able to turn a quarterly profit in part because of its reduction in system costs, better module efficiency and expanding through more markets, said Jim Hughes, First Solar’s CEO.
Despite the profitable quarter, the future is uncertain for the company.
It has a large pipeline of projects under way, which officials said would protect the company from trouble in the industry. But officials also declined to offer guidance beyond the first quarter of the year and begged off several questions from analysts until April, when they plan to present a more detailed look at finances.
Also: First Solar Reclaims CdTe PV Efficiency Record
Forecasting Finance in a Turbulent Renewables Industry
Information from Phoenix Business Journal and The Arizona Republic
If you’d like to discuss energy issues, contact Court Rich, Co-Chair of Rose Law Group’s Renewable Energy Department at crich@roselawgroup.com
