Solar modules maker First Solar, Inc. (FSLR), Thursday reported a second- quarter profit that more than doubled year-over-year, as revenues surged. Both earnings and revenues came in well ahead of Street estimates. First Solar shares , however, dropped more than 4% in the after-hours trading.
The Tempe, Arizona-based company's net income for the second quarter surged to $180.60 million or $2.11 per share from $69.70 million or $0.85 per share in the prior-year quarter.
On average, 33 analysts polled by Thomson Reuters expected the company to earn $1.62 per share for the second quarter. Analysts' estimates typically exclude special items.
In the previous first quarter, First Solar reported reported a profit that more than tripled year-over-year, as revenues doubled. The company's net income for the first quarter soared to $164.60 million or $1.99 per share from $46.62 million or $0.57 per share from the prior-year quarter.
Net sales for the second quarter under review increased to $525.90 million from $267.04 million, surpassing Street estimates of $459.12 million.
For the preceding first quarter, sales increased to $418.21 million from $196.92 million.
Operating income for the second quarter rose to $204.04 million from $88.73 million in the corresponding quarter a year ago. Total operating expenses for the quarter increased to $94.06 million from $56.00 million in the same quarter last year.
Amongst others in the sector, Wuxi, China - based Suntech Power Holdings Co. Ltd. is slated to report its financial results for the second quarter on August 20, 2009. Analysts expect the company to report earnings of $0.03 per share on revenues of $344.62 million for the quarter.
For the six-month period, First Solar's net income rose to $345.20 million or $4.10 per share from $116.30 million or $1.42 per share last year. Net sales for six months surged to $944.10 million from $464.00 million in the year-ago period.
FSLR closed Thursday's trading at $173.55, up $5.56 or 3.31%, on a volume of 6.24 million shares on the Nasdaq. In after hours, the stock lost $7.45 or 4.29%, trading at $166.10. In the past 52 weeks, the stock trended in a broad range of $85.28 - $301.30, with a three-month average volume of 3.45 million shares.
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