First Solar quarterly revenues double

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First Solar, Inc. (NasdaqGM:FSLR) saw third quarter revenues come in at
$159.0 million, up from $77.2 million in the second quarter of fiscal
2007 and up from $40.8 million in the third quarter of fiscal 2006. The
company sold 64.2 megawatts of modules at an average sales price of
$2.48 per watt.

Net income for the third quarter of fiscal 2007 was
$46.0 million compared to $44.4 million in the second quarter of fiscal
2007 and $4.3 million for the third quarter of fiscal 2006.

“The
third quarter of 2007 concludes another important milestone in our
mission towards grid parity. We successfully completed the ramp of our
German production facility well ahead of schedule, which afforded us
with highly leveraged growth during the quarter and provided our
customers with additional production volumes in a continued robust
demand environment,” said Mike Ahearn, Chief Executive Officer and
Chairman of First Solar.

In a conference call with financial analysts, Ahearn highlighted that:

“During
the third quarter, we more than doubled production sequentially over
the second quarter to 69.4 megawatts with the increase resulting from
the operation of all seven of our production lines at full capacity, or
substantially the entire quarter, and also from improvements in module
production throughput and conversion efficiencies. The third quarter
production volume implies an annual production rate of 39.6 megawatts
per line, which represents a substantial improvement over prior
periods.”

 

The
company reiterated that it was constructing two new factories in
Malaysia with four lines in total that would bring the number of lines
up to 16, with 600 MW of annual capacity. Equipment deliveries would
start this quarter, the company said.

“We
expect to be at full capacity with all four factories by the end of
2009, which will bring our total announced company-wide annual
production capacity to approximately 900 megawatts based on our third
quarter run rate,” remarked Ahearn.

 

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