First Solar profit surges on construction activity

First Solar, one of the world's biggest solar panel manufacturers and developers, reported an 82 percent jump in net income as the construction of major solar projects in the U.S. Southwest ramped up.

First Solar and other panel makers have been pummeled in recent months by plummeting prices caused by a worldwide glut of panels. But First Solar benefited this quarter from a surge in development and construction activity. Low panel prices make manufacturing operations less profitable, but they reduce the cost of solar energy and make new projects more attractive to utilities.

The company announced Wednesday that it earned $111 million, or $1.27 per share, on revenue of $957 million. In the year-earlier quarter, it earned $61 million, or 70 cents per share, on revenue of $533 million.

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- Posted: 2012-08-01 17:37:40

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