First Solar Inc.’s sales in the second quarter rose by 12 percent year on year from $525.9 million to $587.9 million on the back of higher production volumes and revenues from its solar systems business.
The global thin-film PV leader added though that growth in second quarter net sales was partially offset by lower pricing and unfavorable euro exchange rates. Sales were also higher by $19.9 million from the previous quarter.
But First Solar’s net income per fully diluted share went down from $2.11 last year to $1.84 and from $2.00 in the previous quarter.
First Solar said the year-on-year declines were primarily due to the cheaper average selling price of photovoltaic modules, as well as larger operational expenses, which were compensated for by higher module production and reduced module cost per watt.
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The company said the cost of module manufacturing dropped by 13 percent from 2009 to $0.76 per watt.
On a quarterly basis, First Solar’s annual output per product line went up by 6 percent to 59 megawatts. The increase is projected to bring the company’s operating capacity from 2.1 gigawatts to 2.2 GW by 2012.
First Solar expects to reach net sales of $2.5 billion to $2.6 billion this year by reallocating their module capacity to meet stronger demand in Europe. The company also forecasts its income per diluted share to reach $7.00 to $7.40.
In July, First Solar acquired NextLight, a solar development firm founded by Energy Capital Partners, through an all-cash transaction worth about $297 million. First Solar will build NextLight’s first project, the 290-MW Agua Caliente solar project in Yuma County in southwestern Arizona.
The acquisition is part of the company’s strategy to expand its utility-scale power market in the United States. The company also got hold of Edison Mission Group this year, OptiSolar in 2009 and Turner Renewable Energy in 2007.
Arizona-based First Solar (Nasdaq:FSLR) made $2.06 billion in 2009, nearly twice the $1.2 billion it generated.
