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First Solar sales rise 1.8 pct
May 2, 2017 / 8:21 PM / 7 months ago

First Solar sales rise 1.8 pct

May 2 (Reuters) - First Solar Inc, the largest U.S. solar equipment manufacturer, reported 1.8 percent rise in quarterly revenue as the sale of the Moapa project partially offset lower third-party module sales.

The company’s net profit slumped to $9.1 million, or 9 cents per share, in the first quarter ended March 31 from $195.6 million, or $1.90 per share, a year earlier.

The latest quarter was hurt by pre-tax restructuring and asset impairment charges of $20 million.

The company said net sales rose to $891.8 million from $876.1 million.

First Solar is bringing forward production of its Series 6 modules by a year to 2018 and abandoning plans for the Series 5 product. The company had initially expected the Series 5 and 6 products to be on the market at the same time. (Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)

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