First Solar posts surprise net profit on lower costs, project sale in March 2017
First Solar Inc, the largest U.S. solar equipment manufacturer, posted a surprise profit, helped by the sale of the Moapa project and cost-cutting. Shares of the company, which also raised its full-year revenue forecast, rose 6.7 percent in extended trading on Tuesday.
First Solar also said it expected a larger adjusted profit, citing increased visibility into some upcoming project sales.
The company said in March it sold the 250-megawatt Moapa project, located northeast of Las Vegas, to global private asset manager Capital Dynamics.
Total operating expenses fell 5.6 percent to $92.2 million in the first quarter ended March 31.
The company said it expects full-year revenue of $2.85 billion-$2.95 billion, slightly above its previous forecast of $2.8 billion-$2.9 billion.
First Solar said it now sees adjusted profit between 25-75 cents per share, well above its previous forecast of breakeven to 50 cents.
The company's net profit slumped to $9.1 million, or 9 cents per share, in the first quarter from $195.6 million, or $1.90 per share, a year earlier.
The latest quarter was hurt by pre-tax restructuring and asset impairment charges of $20 million.
Source : Reuters