First Solar 1Q earnings spike as revenue more than doubles

For the first quarter ended March 29, earnings surged to $46.6 million, or 57 cents per share, from $5 million, or 7 cents per share, in the prior year.

Quarterly revenue more than doubled to $196.9 million, from $66.9 million in the first quarter of fiscal 2007.

Analysts surveyed by Thomson Financial forecast first-quarter earnings of 47 cents per share on revenue of $183.6 million.

Operating expenses jumped 83 percent to $46.2 million as selling, general and administrative expenses more than doubled.

The company's foreign sales benefited from the weaker U.S. dollar.

First Solar shares fell $6.72, or 2.4 percent, to $278.20 in premarket trading, after closing Tuesday at $284.92.