First Solar announces $62 million loss in its first quarter

First-Solar-300x225By Hayley Ringle | Phoenix Business Journal

First Solar Inc. lost more than $62 million during its first quarter because of project delays and keeping projects that would have retained revenue in anticipation of the company’s plans to launch a new company.

First Solar (Nasdaq: FSLR), a Tempe-based solar panel maker, reported a net loss of $62.3 million, or a 62 cents loss per share, on $469 million in sales for the quarter that ended March 31.

This compares with $112 million in income, or $1.10 per share, on $950 million in sales for the same quarter a year ago.

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