First Solar profit surges

First Solar Inc. reported a surge in profits for the second quarter, helped by the sale of majority interests in two projects and by increased revenue recognition from a third project, along with cost improvements and a tax benefit.

The Tempe maker of solar-power modules said Tuesday it earned $94.5 million, or 93 cents a share, in the period ending June 30 on net sales of $896.2 million.

That compares with a profit of $4.5 million, or 4 cents a share, on revenue of $544.4 million for the same period in 2014.

The company’s stock closed at $44.50, up 81 cents, or almost 1.9 percent, for the day.

Net sales more than doubled from $427 million in the first quarter, helped by increased revenue recognition on the Silver State South project and the sale of majority interests in the North Star and Lost Hills-Blackwell projects.

The company also said it benefited from higher systems project revenue, project cost improvements and a second-quarter tax benefit of $42 million.