US-based thin-film solar firm First Solar reported first-quarter 2013 net sales of US$755 million, lower than the US$1.1 billion reported in the fourth quarter of 2012 but higher than the US$497 million reported in the first quarter of 2012. The firm reported first-quarter 2013 net profits of US$59 million, lower compared to net profits of US$154 million in the fourth quarter of 2012.
According to the firm, the decrease in first-quarter revenues was due to "less revenue recognition (compared with the previous quarter) from the systems business projects primarily related to the Topaz project." The 550MW Topaz Solar Farm, located in San Luis Obispo, California is currently being constructed by First Solar and when finished will be among the world's four largest solar PV power plants.
First Solar is aiming to refill its pipeline and may obtain orders of 5.5GW in 2013, according to a report from Bloomberg. The report stated that according to Jim Hughes, CEO of First Solar, financial results in the second quarter are likely to outperform the first quarter.
According to Market Watch from The Wall Street Journal, First Solar shares has surged 77% since March 21. Its 12-month stock price increase reached 182%, according to the same report.
