FIRST SOLAR FIRST IN THE MARKET

First Solar results outshine rivals
Nicola Groom (w/Richard Solem, Matt Daily, Adveith Nair and Bernard Orr), April 29, 2009 (Reuters)

"First Solar Inc outshined rivals in the struggling solar power industry [in the first quarter of 2009]…with [increased margins and] earnings and [doubled] revenue that blew past Wall Street estimates and sent its shares up more than 13 percent…

"First Solar, whose cadmium telluride solar panels are cheaper to make than the silicon-based cells that dominate the market, said its profit more than tripled in the first quarter as it was able to cut manufacturing costs and expand margins."

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"Prices on First Solar solar panels have also not experienced the dramatic declines seen in silicon-based panels, whose makers have struggled with falling margins. A flood of solar panels in the market due to the credit crisis and a pullback in solar subsidies in Spain has driven selling prices on silicon-based panels down markedly since late last year…

"Meanwhile, Norway's REC posted a 29 percent drop in quarterly core earnings…The solar-grade silicon maker also said it did not expect global solar markets to pick up until the economy recovered…REC shares rose 8.9 percent, however, after Chief Executive Ole Enger told a presentation that the company would find financing solutions despite the challenging market…"

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"… U.S. solar systems installer Akeena Solar posted a wider-than-expected quarterly loss and said it expected second-quarter revenue to be flat to down slightly from last year.
Akeena shares fell 4 cents to close at $1.06 on the Nasdaq.

"First Solar's results were markedly different from those of U.S. rival SunPower Corp, which last week reported an unexpected quarterly net loss and slashed its 2009 outlook…First Solar has been a favorite among alternative energy investors since it went public in 2006…[Though its] stock has lost more than 52 percent of its value since hitting a lifetime high of $317 last May…"