About 150 workers in First Solar, Inc.'s North America operations are expected to be laid off in the coming weeks as the company moves forward with a global restructuring plan. The restructuring plan was driven by a plummet in sales and an oversupply of solar panels in the global market. With the new set of layoffs, which are mostly in administration, the company expects to save about $30 million in operating expenses.

First Solar, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company's net sales were $755.2 million compared with $497.1 million for the first quarter of 2012. The increase over the first quarter of 2012 was primarily due to higher sales volumes for third-party module sales and an increase in revenue from systems projects. The company reported first quarter net income per fully diluted share of $0.66, compared to a loss of $5.20 in the first quarter of 2012. The sequential decrease in earnings was primarily due to higher revenue recognition for Topaz in the fourth quarter of 2012, temporary construction delays at the AVSR project, and previously planned lower manufacturing utilization as the company accelerated efforts to upgrade production lines, which is expected to enable the company to achieve near term targets on its module cost and efficiency improvement roadmaps. Cash flows from operations were $66 million in the first quarter, compared to $328 million for the fourth quarter of 2012. Operating income was $61.2 million compared with operating loss of $456.3 million a year ago. Income before income taxes was $66.2 million compared with loss before income taxes of $456.5 million a year ago. Net income was $59.1 million compared with net loss of $449.4 million a year ago. Non-GAAP income before income taxes was $68.5 million compared with $195.4 million a year ago. Non-GAAP net income was $61.5 million or $0.69 per diluted share compared with $180.4 million or $2.04 per diluted share a year ago.

First Solar, Inc. announced that they will report Q1, 2013 results at 5:00 PM, Eastern Standard Time on May 06, 2013