First Solar net loss widens to USD 96.4m in 2012

Feb 27, 2013 - US solar module maker First Solar Inc (NASDAQ:FSLR) said Tuesday its 2012 net loss had widened to USD 96.4 million (EUR 73.8m) from USD 39.5 million in 2011.

Loss per share was USD 1.11, compared with USD 0.46 in 2011. The rise in net loss was attributed to restructuring costs and expenses in excess of normal warranty.

Still, in 2012 the company’s sales increased to USD 3.37 billion from USD 2.77 billion in 2011 thanks largely to an increase in revenue recognition for the 550-MW Topaz solar farms project in California, and a rise in third-party module sales.

In the fourth quarter of 2012, First Solar swung into net profit of USD 154 million against a net loss of USD 413 million in the same period of 2011. Revenues for the period were USD 1.08 billion, up from USD 660 million in the fourth quarter of 2011.

The company predicted net sales for the first quarter of 2013 between USD 650 million and USD 750 million and a gross margin of between 25% and 27%. Earnings per share are forecasted at between USD 0.70 and USD 0.90 in the first quarter of 2013.

(USD 1 = EUR 0.766)

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