First Solar Reports 89% Surge In First-Quarter Net Profit

First Solar is continuing to do quite well, based on the most recent numbers released by the Arizona-based thin-film module manufacturer. An 89% boost (to $112 million dollars) in net profit as compared to the previous year, and a 26% year-on-year increase in net sales (up to $950.2 million dollars) ain’t too shabby.

The company has also reported 404 MW worth of new bookings during just the first three months of 2014. One of these bookings is the 53 MW Shams Ma’an project in Jordan.

Total revenue also rose significantly, up $182 million from the fourth quarter of 2013. The company has attributed much of the increase in revenue to the Campo Verde project.

The 139 MW Campo Verde Solar Project in California was sold last year to Southern Company subsidiary Southern Power and Turner Renewable Energy. Roughly 65% of the company’s revenue stems from the construction and sale of utility-scale solar farms.

Bloomberg provides more:

The company has identified 12.2 GW of potential new contracts over the next few years, with 59% coming from projects outside the US and “widespread utility scale interest in the US,” Hughes said yesterday during a conference call.

Net income in the first quarter rose to $112 million, or $1.10 a share, from $59.1 million, or 66 cents a share, a year earlier, the company said in a statement yesterday. That was more than double the 50-cent average of nine estimates compiled by Bloomberg.

First Solar CEO Jim Hughes stated: “We delivered strong earnings in the first quarter and are increasing our financial guidance for the year based on these results. We have also made significant progress in new bookings and continue to execute on our technology roadmap.”

In related news, First Solar just recently reported that it had set a new world record for cadmium-telluride (CdTe) photovoltaic (PV) module conversion efficiency, something which should further help the well-regarded solar company continue to be a market leader. The new record stands at 17% conversion efficiency — a pretty big boost from the previous record of 16.1%.