First Solar, the largest US solar manufacturer by shipments, reported a first-quarter profit as sales from new power projects surged.

Net income was $US59.1 million, or 66 cents a share, compared with a year-earlier loss of $US449 million, or $US5.20 a share, the Tempe, Arizona-based company said today in a statement on Business Wire. Sales climbed 52 percent to $US755.2 million. Excluding some one-time expenses, earnings of 69 cents were six cents less than the average of 17 analysts' estimates compiled by Bloomberg.

Chief Executive Officer Jim Hughes, who joined the company a year ago, is seeking to expand its pipeline of utility-scale solar farms under development. First Solar's shift to building and selling large projects is driving profits while most of its competitors are losing money by focusing on selling panels.

“The existing project pipeline provides ample visibility on near-term numbers,” Sanjay Shrestha, an analyst at Lazard Capital Markets LLC in New York, said in a May 3 note to clients.

“Their strong balance sheet is the envy of every other manufacturer and that is helping them attract a lot of opportunities globally,” Shrestha said in an interview before the results were released. He raised his 12-month price target to $US60 from $US45 and has a buy rating on the shares.