First Solar Q2 Profit Drops; Cuts FY13 Outlook

(RTTNews) - First Solar, Inc. (FSLR) reported second quarter net income of $33.6 million or $0.37 per share, compared to $111.0 million or $1.27 per share for the year-ago quarter.

Excluding items, adjusted net income for the latest quarter was $35.3 million or $0.39 per share.

Net sales for the second quarter fell to $519.76 million from $957.33 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.52 per share on revenue of $721.08 million for the second quarter.

For the full year 2013, the company now expects net sales of $3.6 billion to $3.8 billion and earnings of $3.75 to $4.25 per share. Previously, the company expected net sales of $3.8 billion to $4.0 billion and earnings of $4.00 to $4.50 per share.

Analysts currently expect the company to earn $4.14 per share on revenue of $3.83 billion for the full year 2013.