July 30 (Reuters) - First Solar said on Tuesday its second-quarter profit more than doubled, as the U.S. solar panel maker benefited from stable demand for its products.
Many solar project developers favor First Solar's cadmium telluride products because this technology does not depend on polysilicon, a raw material largely produced in China and used in most solar panels.
U.S. utilities are increasing infrastructure investments as power consumption in the world's largest economy is projected to reach record highs in 2024 and 2025.
This surge is driven by strong demand from data centers and electric vehicles, according to the U.S. Energy Information Administration.
First Solar's net sales rose by 24.6% to $1.01 billion driven by increase in the volume of modules sold as well as an uptick in the selling price.
The Biden administration imposed new tariffs on foreign-made solar modules in May, benefiting U.S. companies like First Solar that produce domestically.
The company, which was chosen as U.S. government's preferred green-label panel vendors in June, said its second-quarter production was a record 3.7 gigawatt.
The Tempe, Arizona-based company reported a net income of $349.4 million, or $3.25 per share, for the quarter ended June 30, compared with $170.6 million or $1.59 per share, last year.
(Reporting by Sourasis Bose in Bengaluru; Editing by Tasim Zahid)
((Sourasis.Bose@thomsonreuters.com;))
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