First Solar Sees First Profit in 20 Years

Toledo-born First Solar Inc. was in the black for the first time in its two-decade history last year, with profits of $4 million, or 7 cents a share.

The Phoenix solar panel manufacturer, which has its sole factory in Perrysburg Township, had sales of $135 million last year. That was an increase of 181 percent from 2005, when sales were $48.1 million and the firm had a loss of $6.5 million. The company was able to make a profit last year as it sold its first public stock and began constructing a smaller plant in Germany. The European factory will open in the second half of this year. "In 2007, we're building on those successes," Michael Ahearn, chief executive, told analysts and investors during a conference call yesterday. First Solar expects to have $310 million to $340 million in sales this year, but profitability will depend on start-up costs in Germany, the company warned. A Malaysian factory also is under way and will be open by mid-2008 to produce solar panels used to generate electricity. Stock in the rapidly expanding company closed at $34.28 a share on the Nasdaq market yesterday, up $1.18 a share. Germany has been a market for the firm since 2003, and Spain emerged last year as another possibility, Mr. Ahearn said. Other countries where First Solar could sell its solar panels include Italy, Greece, France, Canada, and South Korea, and potential U.S. customers include utility, commercial, and industrial operations, he said...read more