TEMPE, Ariz. ? First Solar has surprised the market by releasing third-quarter earnings a week early, just one day after the company's stock plunged 24 percent on the sudden departure of its CEO.
The company said Wednesday that net income rose to $196.5 million, or $2.25 per share, from $176.9 million, or $2.04 per share, a year earlier. Revenue rose 26 percent.
First Solar Inc. would only say Tuesday that CEO Rob Gillette was no longer serving the company, but broadened its reasons Wednesday.
Founder and now acting CEO Mike Ahearn said the board believes the solar company "needed a leadership change to navigate through the industry turmoil."
Solar companies are threatened by overseas competition and falling prices. Several have failed.
Shares jumped 12 percent, or $5.09, to $48.36 when the market opened.
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