FSLR First Solar Inc

First Solar Inc. on Wednesday reported a sharp drop in second-quarter profit tied to restructuring charges and cut its profit guidance for the year, citing higher projected operating expenses.

Still, shares, which have lost about one-quarter of their value this year, rose 4% to $51 in after-hours trading as the company's quarterly results beat expectations.

Over all, First Solar reported a profit of $13.4 million, or 13 cents a share, compared with $93.9 million, or 92 cents a share, a year earlier. Excluding charges largely tied to a previously announced shift in production capacity at a plant in Malaysia, profit was 87 cents a share.

Net sales rose 4% to $934.4 million.

Analysts surveyed by Thomson Reuters had projected 54 cents a share on $862.7 million in revenue.

Gross margin improved to 20.5% from 18.4% a year earlier.

For the year, the Tempe, Ariz., company now expects to make $3.65 to $3.90 a share, compared with its earlier view of $4.10 to $4.50 a share.

It again affirmed its sales and shipments guidance.

In 2015, First Solar made $5.37 a share on $3.58 billion in sales.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

August 03, 2016 17:15 ET (21:15 GMT)

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