First Solar Swings To Profit In Q2

(RTTNews) - First Solar Inc. (FSLR) Thursday reported second-quarter net income of $36.9 million or $0.35 per share, compared to last year's loss of $18.5 million or $0.18 per share last year.

Net sales rose to $642.4 million from $585.0 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.23 per share on revenues of $493.34 million for the quarter.

Separately, First Solar said it has agreed to sell its North American Operations and Maintenance business to NovaSource Power Services, a portfolio company of Toronto-based private equity firm Clairvest Group Inc.

Upon closing of the transaction, around 220 First Solar O&M associates are expected to be transferred with the acquired business. Financial terms of the transaction were not disclosed.