First Solar shares rise 12 percent after company raises guidance

The company reported quarterly profit and sales that topped Wall Street estimates and raised its revenue and earnings outlook for the year due to lower costs, strong demand for its solar products and systems and a tax benefit.

The company posted a second-quarter net profit of $52 million, or 50 cents per share, compared with a net loss of $11.4 million, or 11 cents per share, a year ago.

The company’s stock has gained 75 percent since hitting a 52-week low of $25.56 in April.

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