First Solar Inc., a maker of solar power modules, reported on Wednesday its net income in the first quarter of 2009 more than tripled, surpassing analysts' forecasts.

The Tempe, Arizona-based firm said it earned $164.6 million or $1.99 per share in the first quarter, compared to $46.6 million or 57 cents per share in the same period last year. Analysts estimated earnings of $1.50 per share, according to Reuters.

First Solar's revenue more than double to $418.2 million. Analysts expected $404 million in revenue according to Reuters.

The company released its earnings report today after regular trading hours.