First Solar triples profit; leader cuts his duties

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Alternative-energy firm First Solar Inc. said its net income more than tripled during the first quarter as revenues more than doubled, helped by rising demand, lower manufacturing costs and other factors.

Chairman and Chief Executive Officer Michael Ahearn, who also Wednesday announced he would relinquish the CEO role, said the company enjoyed strong demand for its solar-electric equipment, particularly in Europe.

"All in all, this is a very strong result in our view, particularly under the difficult financial and economic conditions that we've all been dealing with," he said.

The Tempe-based manufacturer of solar modules that use semiconductor technology earned $164.6 million, or $1.99 a share over the three months ending March 28. That's up from a profit of $46.6 million or 57 cents a share, in the first quarter of 2008. Revenue surged to $418.2 million from $196.9 million one year earlier.

First Solar stock rose $5.01 a share to close Wednesday at $151.67, as more than 5.5 million shares changed hands.

The company said its earnings improved from the fourth quarter of 2008 despite a dip in revenue related to planned price decreases. First Solar earned $132.8 million or $1.61 a share, on revenue of $433.7 million in the October-December period.

http://www.azcentral.com/business/articles...tSolar0430.html