First Solar increases revenue and profit by 80 percent in Q2
Tempe, USA - First Solar announced its financial results for the second quarter of 2012.
Net sales were 957 Mio. USD, an increase of 80 percent compared to the second quarter in 2011. Earnings went up by 82 percent to 111 Mio. USD. The company raised its guidance on earnings per fully diluted share from 4.00-4.50 USD to 4.20-4.70 USD. The increases were primarily due to an increase in the number and size of projects under construction.
"Despite market uncertainties, First Solar delivered strong performance in the quarter," said Jim Hughes, CEO. "Looking forward, we are confident we have the right long-term strategy and the right platform to enable long-term growth and value creation. We believe that by executing our strategic roadmaps and completing our restructuring program we can achieve our targets of 2.6 to 3.0 GW of sales in sustainable markets, earning a return on invested capital of 13 to 17 percent by 2016."