First Solar quarterly profit rises on higher module sales
First Solar quarterly profit rises on higher module sales July 30 (Reuters) - First Solar FSLR.O, the biggest U.S.-based solar panel maker, on Thursday posted a rise in second-quarter profit, helped by higher volume of modules sold to third parties.
Shares of the company were up over 3% in extended trading.
Solar power has become one of the fastest-expanding sectors of the U.S. energy industry, fueled by growing demand from businesses and governments seeking cleaner energy and urgent action on climate change.
First Solar's net sales for the quarter came in at $1.06 billion, down from $1.10 billion a year ago, but in line with analysts' average estimates, according to data compiled by LSEG.
Net sales dropped primarily due to lower revenue following customer contract terminations.
The company expects module sales to be between 3.9 GW and 4.5 GW in the third quarter.
It reported a quarterly net income of $422.5 million, or $3.92 per share, compared with $341.9 million, or $3.18 per share, from the year-ago period.
(Reporting by Pranav Mathur in Bengaluru; Editing by Shailesh Kuber and Sahal Muhammed)
((Pranav.Mathur@thomsonreuters.com;))
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