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First Solar releases positive Q1 results

Firm records $59.1m net profit on higher sales of solar modules

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First Solar is already working on a 13MW solar PV plant in Dubai.
First Solar is already working on a 13MW solar PV plant in Dubai.

First Solar has released its first quarter results for 2013, showing net profits of US $59.1 million, which compares with a loss of $449 million in the same period last year. The firm’s net sales were up to $755.2 million from $497 million in 2012.

“We demonstrated progress on several fronts during the first quarter, including continued strengthening of our balance sheet and additions to our pipeline. We remain on track for the year and reaffirm our full-year 2013 financial guidance and are focused on achieving our goal of new bookings to shipment ratio of one-to-one,” said First Solar CEO, Jim Hughes.

The firm has attributed the rising fortunes to higher sales volumes for third-party modules sales and a jump in revenue from systems projects.

First Solar recently won a contract to build a 13MW solar PV plant in Dubai, and also recently opened up a Middle East office within the Emirate. The firm has said that the Middle East region is expected to become a major market for solar power in the near-future, and has spoken of its own technology’s performance within the specific climatic conditions the region faces.

Net income per fully diluted share was $0.66, whilst cash flows from operations were $66 million, compared to $328 million in Q4 2012. Shares in the firm have been a big riser this year – gaining around 55% since the start of 2013.
 

 

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