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First Solar's second-quarter earnings jumps on strong sales volumes

First Solar said on Tuesday its secondquarter earnings more than doubled, as the U.S. solar panel maker took advantage of stable demand for its items.

Numerous solar job designers prefer Very first Solar's cadmium telluride items because this technology does not depend upon polysilicon, a raw material largely produced in China and used in the majority of photovoltaic panels.

U.S. utilities are increasing infrastructure financial investments as power consumption in the world's biggest economy is predicted to reach record highs in 2024 and 2025.

This rise is driven by strong demand from data centers and electric vehicles, according to the U.S. Energy Info Administration.

First Solar's net sales increased by 24.6% to $1.01 billion driven by increase in the volume of modules sold along with an uptick in the market price.

The Biden administration enforced brand-new tariffs on foreign-made solar modules in May, benefiting U.S. companies like First Solar that produce locally.

The business, which was chosen as U.S. government's chosen green-label panel suppliers in June, stated its second-quarter production was a record 3.7 gigawatt.

The Tempe, Arizona-based business reported a net income of $ 349.4 million, or $3.25 per share, for the quarter ended June 30, compared to $170.6 million or $1.59 per share, last year.

(source: Reuters)