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First Solar beats Street 2Q forecasts

TEMPE, Ariz. (AP) _ First Solar Inc. (FSLR) on Thursday reported second-quarter net income of $52 million.

The Tempe, Arizona-based company said it had profit of 50 cents per share. Earnings, adjusted for restructuring costs, were 64 cents per share.

The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 4 cents per share.

The largest U.S. solar company posted revenue of $623.3 million in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $535.5 million.

First Solar expects full-year earnings in the range of $2 to $2.50 per share, with revenue in the range of $3 billion to $3.1 billion.

First Solar shares have climbed 40 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 11 percent. In the final minutes of trading on Thursday, shares hit $44.79, a fall of almost 8 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FSLR at https://www.zacks.com/ap/FSLR

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Keywords: First Solar, Earnings Report