Boston, MA 05/08/2014 (wallstreetpr) – The sun is shining bright on First Solar, Inc. (NASDAQ:FSLR). The company is the largest solar manufacturer in the US. It has posted an impressive net income in its first quarter results. The net income came much above the market expectations. The enhanced performance credit can be given to the revenue coming from its 139-megawatt power plant in California.
Performance is bright
First Solar, Inc. (NASDAQ:FSLR) major source of revenue is its building and selling utility scale solar farms. The company gets more than 655 of revenue from the solar farms. It is a significant gainer of the unique strategy under which it works to complete the projects already bought by the power companies. The company gets direct benefit from signing new deals. The company carefully plans its steps to attract more business and potential projects. It is right on the track to attain its objectives. As of now, the company is witnessing an increased interest from utilities in the other countries.
The contracts in hand
First Solar, Inc. (NASDAQ:FSLR) has the project pipelined filled for the coming time. It is positive to acquire potential new contracts of 12.2 gigawatts in the coming years. Out of this, the company expects to get more than 50% of the projects outside the US. Some of them will be generated from the new utility scale interest in the US. The company is optimistic to replace the pipeline into 2016 and the next coming years.
The sunshine in the first quarter results
First Solar reported a net income of $112 million in its first quarter results. It almost doubled from the figure of $59.1 million from a year before. It surpassed all the estimates of the analysts. The sales showed a rise of 26% to $950.2 million. A major part of the revenue came from Campo Verde Solar Farm. Also First Solar, Inc. (NASDAQ:FSLR) has changed its earnings forecast for the year and now have got the more optimistic forecast of $2.40 to $2.80 a share.
