First Solar’s quarterly sales rise nearly 26%: 1.2GW capacity target

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Continuing to demonstrate benchmark revenue growth in a difficult market for photovoltaic manufacturers, First Solar Inc has posted second-quarter revenue of US$525.9 million, up from US$418.2 million in the first quarter of fiscal 2009. In the same quarter of 2008, First Solar generated revenue of US$267 million. The company has now generated revenue of US$944.1 million in the first six months of fiscal 2009.

Net income for First Solar the second quarter was US$180.6 million, compared to US$69.7 million in the previous quarter. (Update continued below)

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First Solar said that module production had increased by 32% (290MW) from the previous quarter as all the lines at its manufacturing plants 1-4 in Malaysia reached full production. Total capacity for 2009 is expected to reach 1.2GW.

Annualized capacity per line reached 51.7MW, up 5% from the previous quarter. Module efficiency reached 10.9%, up slightly from 1Q09. Manufacturing cost was US$.87/watt, down 6.5% from the previous quarter and reflective of higher volume levels and improved production levels on a manufacturing line basis.

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