First Solar posts quarterly profit

Reuters

First Solar Inc reported a first-quarter profit compared to a loss in the previous year, helped by higher sales of third-party solar modules, and the company backed its full-year outlook.

The company posted a net profit of $59.1 million, or 66 cents per share for the first quarter. This compares to a loss of $449.4 million, or $5.20 per share, in the year-ago period, which included $444 million in restructuring charges and costs in excess of normal warranty.

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Revenue rose 52 percent to $755.2 million.

"We remain on track for the year and reaffirm our full-year 2013 financial guidance," Chief Executive Jim Hughes said.

Shares of the company rose as much as 3 percent in after-market trade.

(Reporting By Kanika Sikka in Bangalore; Editing by Anthony Kurian)