First Solar reiterates 2013 revenue guidance as it plans major stock issue

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The leading PVEP (Photovoltaics energy provider) First Solar plans to offer over 9 million new shares to raise funds to build PV power plants.

Bolstered by the largest PV project pipeline and a share price that has rocketed over the last six months, the PVEP is seeking to issue at least 8,500,000 shares of its common stock, which will be underwritten by around nine major banks.

Included in the offer are a further 1.2 million shares in over-allotment, which could generate over US$500 million in funds for First Solar, based on current stock prices.

The same day, after the markets closed in New York, First Solar said that it stood behind its previously stated full-year revenue guidance, though due to the nature of PV power plant construction and customer acceptance, notably in Canada, delays were expected and so revenue expected in the second quarter would be pushed into the second half of the year.

The company reaffirmed this would not impact guidance for the year, which remained unchanged at net sales of US$3.8 billion to US$4 billion and earnings per share of US$4.00 to Us$4.50.

On a revenue basis, First Solar would remain the leading company in the PV market in 2013.
 

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