First Solar doubles profits in '08

Sales nearly tripled and profits doubled last year at solar panel manufacturer First Solar Inc., of Tempe, Ariz., company officials said yesterday.

The Toledo-born firm, which has its lone U.S. plant and manufacturing re-
search operations in Perrysburg Township, reported revenues of $1.3 billion, up from $504 million in 2007. The firm had a profit of $348 million, or $4.24 a share, in 2008, compared with $158 million, or $2.03 a share, in 2007.

It also announced it had reduced the manufacturing cost for making solar modules to 98 cents per watt, breaking the under-$1 threshold that has been considered key to becoming more competitive with traditional electricity generating costs, according to a Feb. 25 Toledo Blade report.