First Solar Inc.'s (FSLR) first-quarter net income more than tripled as the solar-power-module maker reported surging revenue and margins.
Following the strong results, which easily beat analysts' estimates, shares were up 6.3% to $161.16 in after-hours trading.
Many solar companies have been cutting production and lowering their outlooks recently amid lower demand. But First Solar has continued to post strong results on the strength of its thin-film solar panels, which are less efficient than silicon-based panels but also less expensive. In February, it detailed plans to provide financing as customers find it difficult to raise capital amid the credit crunch.
