First Solar sales and profit plunge in 2Q

AP News
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Posted: Aug 04, 2011 4:42 PM
First Solar sales and profit plunge in 2Q

FirstSolar says it posted a 62 percent drop in second quarter net income, as lower panel prices ate into profits.

The company earned $61.1 million on $532.7 million in revenue, down from $159 million in net income on $587.8 million in sales.

First Solar, based in Tempe, Ariz., is one of the world's largest solar panel makers. It sold more panels in the second quarter than it did in the same period last year, but a glut of panels drove prices down across the industry.

On a per share basis, First Solar earned 70 cents. Analysts expected First Solar to earn 92 cents per share on $589.7 million in revenue, according to FactSet. In the same period last year, First Solar earned $1.84 per share.