First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the third quarter of 2012. Net sales were $839 million in the quarter, a decrease of $118 million from the second quarter of 2012 and $167 million from the third quarter of 2011. The decrease in net sales from the second quarter of 2012 was primarily due to project-specific decreases including Silver State North, which was completed in the second quarter, and reduced construction activity at Agua Caliente, consistent with the Company's planned construction schedule. The decrease was partially offset by initial revenue recognition for the 550-megawattac Topaz Solar Farms project, which began construction in late 2011.
“Our quarterly performance coupled with our recent project wins in sustainable markets demonstrates we are making meaningful progress in achieving our strategic plan for long-term growth and value creation.”
The Company reported third quarter net income of $1.00 per fully diluted share, compared to net income of $1.27 per fully diluted share in the second quarter of 2012 and net income of $2.25 per fully diluted share in the third quarter of 2011. The third quarter of 2012 was impacted by pre-tax charges of $24.2 million (reducing EPS by $0.27), relating to previously announced restructuring actions.
Source: Business Wire