First Solar profit down 60 percent in fourth quarter

By Hayley Ringle | Phoenix Business Journal

First Solar Inc.’s fourth-quarter revenue of $768 million was lower than forecast, with profits declining almost 60 percent from the previous quarter. However, the Tempe-based solar panel manufacturer said it set a new world record for solar efficiency.

CEO Jim Hughes said the lower numbers are primarily due to several solar projects not completed as planned in 2013.

“In summary, in spite of the lumpiness of the results we have seen on a quarterly basis, this has been a tremendous result overall for the year,” Hughes said in the call.

First Solar (Nasdaq: FSLR) reported fourth-quarter income of $65.3 million, or 64 cents per share, on revenue of $768 million, for the quarter that ended Dec. 31.

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February 27, 2014

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First Solar profit down 60 percent in fourth quarter

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